Northern Technologies International Corporation Reports Financial Results for Second Quarter Fiscal 2021

About this update from Northern Technologies International Corporation

[{"type":"text","content":"MINNEAPOLIS, April 08, 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 second quarter of fiscal 2021. Second quarter fiscal 2021 highlights include (with growth rates compared to second quarter of fiscal 2020, except as otherwise noted): Consolidated net sales decreased 3.4% to $12,783,000ZERUST® net sales increased 14.1% to $10,284,000NTIC China net sales increased 46.9% to $4,444,000Natur-Tec® product net sales decreased 40.8% to $2,499,000Joint venture operating income increased 29.3% to $3,383,000Net income attributable to NTIC increased 629.9% to $1,313,000Net income per diluted share attributable to NTIC increased 550.0% to $0.13Consolidated balance sheet at February 28, 2021, was strong with no debt and total cash and cash equivalents and available for sale securities of $12,702,000 “ZERUST® set a new quarterly industrial sales record during the fiscal 2021 second quarter, due to a resurgence in global demand. I’m also happy to note that second quarter fiscal 2021 NTIC China net sales increased 46.9% over the prior year period, which had been dampened by the initial COVID-19 shutdowns last year, and NTIC continued to enjoy robust growth from new and existing customers for both our ZERUST® and Natur-Tec® products. Furthermore, sales at NTIC’s joint ventures also accelerated during the second quarter and increased 8.5% from the fiscal 2021 first quarter and 19.6% year-over-year,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC. “Core ZERUST® industrial sales are benefitting from significant global growth in industrial production. This, in turn, has helped offset continued challenges in our ZERUST® oil and gas and Natur-Tec® markets. Natur-Tec® sales should return to pre-pandemic levels in the coming quarters as the large users of compostable bioplastics re-open. ZERUST® oil and gas results, however, are likely to remain volatile over the near-term. Overall, we are encouraged by our performance, and we expect to continue to see higher year-over-year sales and earnings growth throughout the remainder of fiscal 2021,” concluded Mr. Lynch. NTIC’s consolidated net sales decreased 3.4% to $12,783...

More updates from Northern Technologies International Corporation