Northern Technologies International Corporation Reports Financial Results for First Quarter Fiscal 2023

About this update from Northern Technologies International Corporation

[{"type":"text","content":"MINNEAPOLIS, Jan. 12, 2023 (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 2023. First quarter fiscal 2023 financial and operating highlights include (with growth rates on a fiscal quarter year-over-year basis): Consolidated net sales increased 9.7% to a first quarter record of $19,953,000ZERUST® net sales increased 6.6% to $15,370,000ZERUST® Oil & Gas net sales increased 66.9% to $1,622,000NTIC China net sales decreased 7.7% to $3,747,000Natur-Tec® product net sales increased 21.6% to $4,583,000Joint venture operating income decreased 10.0% to $2,371,000Net income attributable to NTIC decreased to $502,000, or $0.05 per diluted share, compared to $4,494,000, or $0.46 per diluted share; non-GAAP adjusted net income, excluding the gain on the acquisition of the remaining ownership interest ZERUST® India and other adjustments as set forth in the reconciliation below, was $608,000, or $0.06 per diluted share, compared to $781,000, or $0.08 per diluted shareConsolidated balance sheet as of November 30, 2022 was strong, with net cash and cash equivalents of $6,072,000 “Demand continues to be stable from new and existing customers in North America for our ZERUST® Industrial products and services, while strengthening for our Natur-Tec and ZERUST® Oil & Gas products both in the U.S. and abroad. As the world continues to reopen from COVID-19, we are building new customer relationships and enjoying strong global demand for our leading compostable plastic solutions. Additionally, the expanding adoption of our solutions within the oil and gas industry is supporting larger opportunities for our ZERUST® Oil & Gas products and technologies. Despite a more challenging operating environment across several of our ZERUST® Industrial joint ventures, we expect to achieve record Natur-Tec and Zerust Oil & Gas sales in fiscal 2023,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC. “We continue to focus on controlling operating expenses, enhancing gross margins and, thereby, improving overall profitability. Consequently, we expect our annualized profitability to improve for fiscal 2023 compared to fi...

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