Business
Yunhong CTI Ltd. Reports First Quarter 2023 Revenue of $5.1 Million and Net Income of $0.4 Million
Financial Highlights (unaudited)Net sales were $5.1 million in the first quarter, compared with $5.8 million in the first quarter of 2022While helium pricing
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"Financial Highlights (unaudited)Net sales were $5.1 million in the first quarter, compared with $5.8 million in the first quarter of 2022While helium pricing continued to moderate after the significant 2022 spike, it continued to negatively impact foil-balloon salesNet income was $0.4 million, compared to net loss of less than $0.1 million in the first quarter of 2022Adjusted EBITDA (a non-GAAP measure) was $0.7 million, compared to $0.3 million in the first quarter of 2022. Please refer to the table accompanying this press release for a reconciliation of the Company's GAAP and non-GAAP results.Business HighlightsSales of candy and balloon gift items continued to climb, offsetting some of the weakness in commercial filmsThe reduction in helium pricing is expected to drive more normalized balloon sales during remainder of 2023Continued investment in robotic technology to enhance operational efficienciesOngoing prototype development of Yunhong Biotech's compostable material solutionsLAKE BARRINGTON, IL / ACCESSWIRE / April 26, 2023 / Yunhong CTI Ltd. (NASDAQ:CTIB) (\"Yunhong CTI\" or the \"Company\"), a leading manufacturer of custom film packaging products, novelty balloons, and candy and balloon gift solutions, today announced its financial results for the first quarter ended March 31, 2023. Management will host a conference call to discuss these results and other matters on Thursday, April 27, 2023, at 9:00 a.m. Central Time / 10:00 a.m. Eastern Time.Management Commentary\"While our revenue results were lower quarter-over-quarter, our overall improved financial results demonstrate the success of the transformation we undertook over the last 18 month to realign operations, increase operating efficiencies, and strengthen our balance sheet. Our profitability showed sequential improvement, despite lower revenue during the quarter and our team overcame carryover headwinds from lower sales of foil balloon products which are sensitive to helium pricing. With the continued moderation in helium pricing, we expect to see an improvement in foil balloon sales in 2023,\" said Frank Cesario, Chief Executive Officer, Yunhong CTI.\"Our first quarter balloon sales improved markedly from the third quarter 2022, and our candy and balloon gift solutions continue to grow,\" Cesario added. \"While our commercial films sales disappointed, this produc...