Northern Technologies International Corporation Reports Financial Results for Fiscal 2021

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[{"type":"text","content":"MINNEAPOLIS, Nov. 17, 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 fourth quarter and fiscal year ended August 31, 2021. Full year fiscal 2021 financial and operating highlights include (with growth rates on a fiscal year-over-year basis): Consolidated net sales increased 18.6% to a record $56,494,000ZERUST® net sales increased 32.1% to $45,554,000ZERUST® oil and gas net sales increased 36.3% to $3,793,000NTIC China net sales increased 29.3% to a record $17,344,000Natur-Tec® product net sales decreased 16.9% to $10,939,000Joint venture operating income increased 51.2% to $13,429,000Net income attributable to NTIC increased to $6,281,000, compared to a net loss of $1,338,000 last yearNet income per diluted share attributable to NTIC increased to $0.64, from a net loss of $(0.15) per share last yearConsolidated balance sheet at August 30, 2021 was strong with no debt and total cash and cash equivalents of $7,680,000 “We closed fiscal 2021 with record quarterly and annual sales, as well as strong profitability. During the fourth quarter, consolidated sales increased 54.7% year-over-year, while sales at NTIC’s joint ventures increased 79.3% year-over-year,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC. “Throughout fiscal 2021 we focused on safely serving our customers, supporting our employees, and investing in our long-term growth opportunities. I am proud of the progress we made during the course of fiscal 2021, and the positive momentum has kept right on going into the new fiscal year. This includes the recently announced expansion in China into a new NTIC-owned facility and the purchase of the remaining 50% ownership interest in our Indian joint venture. Furthermore, we continued investing in our Natur-Tec and ZERUST oil and gas business units to take advantage of long-term trends within these markets. All signs so far, are leading us to expect that fiscal 2022 will be another strong year of sales growth and higher profitability,” concluded Mr. Lynch. NTIC’s consolidated net sales increased 54.7% to $15,513,000 during the three months ended August 31, 2021, compared to $10,029,000 for the ...

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