Northern Technologies International Corporation Reports Financial Results For First Quarter Fiscal 2021

About this update from Northern Technologies International Corporation

[{"type":"text","content":"MINNEAPOLIS, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (NASDAQ: NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today reported its financial results for the first quarter of fiscal 2021. First quarter fiscal 2021 financial and operating highlights include (with growth rates compared to first quarter of fiscal 2020, except as otherwise noted): Consolidated net sales decreased 12.7% to $12,779,000, and up 27.4% over fourth quarter of fiscal 2020ZERUST® net sales increased 2.7% to $9,078,000ZERUST® oil and gas net sales increased 8.0% to $563,000NTIC China net sales increased 17.7% to a quarterly record $4,544,000Natur-Tec® product net sales decreased 45.4% to $2,559,000Joint venture operating income increased 19.2% to $3,162,000Net income attributable to NTIC increased 4.1% to $1,262,000Net income per diluted share attributable to NTIC was $0.13, in line with the prior year periodNet cash provided by operating activities was $1,601,000, compared to net cash used in operating activities of $1,567,000Consolidated balance sheet at November 30, 2020 was strong with no debt and total cash and cash equivalents and available for sale securities of $13,336,000 “Our fiscal 2021 first quarter results reflect an encouraging increase in global demand from our core ZERUST® industrial market. NTIC China came in particularly strong with orders from new and existing customers for both our ZERUST® and Natur-Tec® products, causing a year-over-year jump in NTIC China net sales of 17.7%, to a quarterly record of $4,544,000. Furthermore, sales at NTIC’s joint ventures increased 5.2% year-over-year and were up 44.8% from the fiscal 2020 fourth quarter,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC. “Since the onset of the COVID-19 crisis, we have proactively focused on continuing to supply our worldwide customers while operating safely, controlling operating expenses, maintaining our strong balance sheet, and investing in our long-term growth strategies. Facing challenging circumstances, we were still able to slightly increase net income over the prior fiscal year period, despite a 12.7% year-over-year reduction in consolidated net sales. Furthermore, we ended the fiscal 2021 first quarter with no deb...

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