Northern Technologies International Corporation Reports Financial Results for Third Quarter Fiscal 2023

About this update from Northern Technologies International Corporation

[{"type":"text","content":"MINNEAPOLIS, July 13, 2023 (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 2023. Third quarter fiscal 2023 highlights include (with growth rates compared to third quarter of fiscal 2022): Consolidated net sales increased 10.6% to a quarterly record of $20,970,000ZERUST® industrial net sales increased 9.0% to a quarterly record of $14,103,000ZERUST® oil and gas net sales increased 32.7% to a quarterly record of $1,997,000Natur-Tec® product net sales increased 7.8% to a quarterly record of $4,869,000NTIC China net sales decreased 8.4% to $3,318,000Joint venture operating income increased 0.5% to $2,708,000Net income attributable to NTIC increased 52.5% to $1,526,000, compared to $1,000,000 during prior year periodNet income per diluted share attributable to NTIC was $0.16, compared to $0.11 during prior year periodConsolidated balance sheet as of May 31, 2023 is strong with working capital of $23,739,000 “Positive momentum across virtually every segment of our business is propelling us forward, as we have capitalized on favorable global demand trends for our corrosion inhibiting products and services and our bioplastic solutions. Therefore, net sales for the quarter ended May 31, 2023 set a new quarterly record, which included record top-line results across our ZERUST® Industrial, ZERUST® oil and gas, and Natur-Tec® segments,” said G. Patrick Lynch, President and CEO of NTIC. Mr. Lynch continued, “Our third quarter results also reflect the success of the countermeasures we’ve put in place against supply chain issues, significant raw material cost increases, and challenges across our European and Asian markets. Consequently, we have made considerable progress rebuilding our gross margins on both a sequential and year-over-year basis to 36.7%. In addition, for the three months ended May 31, 2023, we generated $1,301,000 of operating cash flow driven primarily with stronger profitability and waning inventory levels. We believe we remain well positioned for a strong finish to fiscal 2023 and we are excited by the direction our business is headed as a result of the successful long-term growth strategies ...

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