Northern Technologies International Corporation Reports Financial Results for Fourth Quarter and Full Year Fiscal 2022

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[{"type":"text","content":"MINNEAPOLIS, Nov. 14, 2022 (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, 2022. Full year fiscal 2022 financial and operating highlights include (with growth rates on a fiscal year-over-year basis): Consolidated net sales increased 31.3% to a record $74,159,000Consolidated net sales increased 13.6%, excluding sales as a result of the September 2021 acquisition of the remaining 50% ownership in NTIC’s Indian Joint VentureZERUST® net sales increased 26.1% to $57,459,000ZERUST® oil and gas net sales increased 21.5% to $4,608,000NTIC China net sales decreased 9.2% to $15,754,000Natur-Tec® product net sales increased 52.7% to $16,700,000Joint venture operating income decreased 21.9% to $10,494,000Net income attributable to NTIC increased to $6,325,000, compared to $6,281,000 last yearNet income per diluted share attributable to NTIC was $0.66, compared to $0.64 per share last yearNTIC’s cash and cash equivalents were $5,334,000 as of August 31, 2022 “NTIC achieved record sales in fiscal 2022, thanks to strong demand for Zerust Industrial products and services in North America, as well as for Natur-Tec and Zerust Oil & Gas products both in the U.S. and abroad. It’s important to also note the benefit NTIC received from acquiring our remaining 50% ownership interest of Zerust India at the start of fiscal 2022. These positives helped NTIC successfully navigate an otherwise very complex business environment throughout fiscal 2022, which brought supply chain issues, significant raw material cost increases, and challenges across our European and Asian markets. In turn, we believe positive market momentum will continue to be favorable in fiscal 2023, and that our long-term growth strategies, focused on providing our customers innovative solutions and global services, while diversifying our end markets, are being properly executed,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC. “As we enter fiscal 2023, momentum remains strong across our North American Zerust Industrial market, as well as global Zerust Oil & Gas and Natur-Tec markets, which we expect will help NT...

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