Northern Technologies International Corporation Reports Financial Results for Third Quarter Fiscal 2022

About this update from Northern Technologies International Corporation

[{"type":"text","content":"MINNEAPOLIS, July 07, 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 third quarter of fiscal 2022. Third quarter fiscal 2022 highlights include (with growth rates compared to third quarter of fiscal 2021): Consolidated net sales increased 23.0% to a quarterly record of $18,965,000ZERUST® net sales increased 16.7% to $14,447,000ZERUST® oil and gas net sales increased 47.0% to a third quarter record of $1,505,000NTIC China net sales decreased 10.2% to $3,624,000Natur-Tec® product net sales increased 48.6% to $4,518,000Joint venture operating income decreased 25.6% to $2,695,000Net income attributable to NTIC decreased to $1,000,000, compared to $2,054,000 during prior year periodNet income per diluted share attributable to NTIC was $0.11, compared to $0.21 during prior year periodNon-GAAP adjusted net income was $1,106,000, or $0.12 per diluted shareNTIC’s cash and cash equivalents were $6,129,000 as of May 31, 2022 “Strong demand across all product categories and the majority of our global markets, in combination with the contribution made by the newly acquired Zerust India, drove quarterly sales to a new record just short of $19 million. Even after excluding incremental sales attributable to Zerust India, total quarterly net sales increased 6.3%, reflecting strong organic growth across many aspects of our business. Third quarter sales and profitability would have been even stronger had it not been for the impact extended COVID-19 related lockdowns had on NTIC China’s results. We are closely watching market conditions in China, and we believe recent government actions to ease COVID-19 restrictions will benefit sales and profitability in the coming quarters. Zerust® oil and gas net sales increased to a third quarter record, driven by higher sales to new and existing customers. Furthermore, our Natur-Tec bioplastics business has returned to pre-COVID levels, even while certain customers in North America and India have yet to fully reopen, in part due to additional raw materials increasingly being made available to us thanks to our close relationships with key suppliers,” said G. Patrick Lynch, President and Chief Exec...

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