Northern Technologies International Corporation Reports Financial Results for Fourth Quarter and Full Year Fiscal 2024

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[{"type":"text","content":"MINNEAPOLIS, Nov. 19, 2024 (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, 2024. Full year fiscal 2024 financial and operating highlights include (with growth rates on a fiscal year-over-year basis): Consolidated net sales increased 6.5% to a record $85,060,000ZERUST® industrial net sales decreased 0.1% to $53,863,000ZERUST® oil and gas net sales increased 18.3% to a record $9,229,000Natur-Tec® product net sales increased 20.9% to a record of $21,967,000NTIC China net sales increased 5.8% to $14,245,000Gross profit, as a percent of net sales, increased 490 basis points to 39.7%Joint venture operating income decreased 18.6% to $9,475,000Net income attributable to NTIC increased 85.7% to $5,409,000, compared to $2,912,000Net income per diluted share attributable to NTIC was $0.55, compared to $0.30Cash provided by operating activities increased 6.2% to $5,883,000 for the full fiscal year 2024Consolidated balance sheet as of August 31, 2024 remained strong with working capital of $23,682,000 “We closed fiscal 2024 with robust sales growth in both our ZERUST® oil and gas and Natur-Tec® businesses. Furthermore, thanks to the continued successful execution of certain quality system improvement initiatives, NTIC was also able to achieve another year of significantly improved profitability. Our fiscal 2024 results continue to demonstrate the value we bring to our global customers, as well as our resilience amidst ongoing economic challenges,” said G. Patrick Lynch, President and CEO of NTIC. “Higher sales of ZERUST® oil and gas and Natur-Tec® products along with improved gross profits, contributed to a $5,983,000, or 21.5%, year-over-year increase in gross profit for fiscal 2024. This expanded gross profit allowed NTIC to offset a $2,167,000 reduction in joint venture operating income, primarily resulting from a one-time gain of nearly $2,000,000 last fiscal year tied to the liquidation of our former joint venture in China, as well as challenging market conditions, including higher energy prices and other regional economic pressures, that affected sales and profitability across var...

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