Northern Technologies International Corporation Reports Financial Results For Second Quarter Fiscal 2019

About this update from Northern Technologies International Corporation

[{"type":"text","content":"MINNEAPOLIS, April 05, 2019 (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 second quarter of fiscal 2019.Second quarter fiscal 2019 highlights include (with growth rates compared to second quarter fiscal 2018):Consolidated net sales increased 9.0% to $13,315,000ZERUST® product net sales decreased 10.6% to $9,108,000ZERUST® oil and gas sales decreased 38.3% to $357,000Natur-Tec® product net sales increased 108.0% to a quarterly record $4,207,000Natur-Tec ® sales represent 31.6% of second quarter sales, compared to 16.6% for the same period last fiscal yearJoint venture operating income decreased 7.7% to $3,152,000Net income attributable to NTIC increased 5.2% to $1,402,000Net income attributable to NTIC was $0.30 per diluted share, an increase of 3.9%\"North American ZERUST® industrial and NTIC China sales continued to be soft during our fiscal 2019 second quarter, due to a decelerating global economy compounded by ongoing high-profile trade disputes like the one between the U.S. and China,\" said G. Patrick Lynch, President and Chief Executive Officer of NTIC. \"Nevertheless, net sales grew 9.0% thanks to the record contribution and growth of Natur-Tec sales. Natur-Tec benefitted from strong global demand for alternatives to conventional plastics, and year-to-date Natur-Tec represented 32% of our total sales, compared to 17% last fiscal year. Our second quarter financial results demonstrate the strength of the diversified foundation we have created spanning products, end markets and geography.\"\"The slower than expected start to fiscal 2019, caused by economic uncertainty during the first half of our fiscal year, is causing us to adjust our full-year guidance for fiscal 2019. As a result, we now expect fiscal 2019 sales to be between $58 million and $60 million and earnings to be between $1.70 and $1.80 per diluted share. We are closely monitoring our markets for any further signs of weakness, but currently expect the second half of our fiscal year will show accelerating sales and earnings as a result of better global demand for our ZERUST® industrial products and our strong pipeline of ZERUST® oil & gas projects. We al...

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