Business
Yunhong CTI Ltd. Reports Fourth Quarter and Full Year 2022 Results
Financial Highlights (unaudited)Net sales in the fourth quarter were $5.6 million, as compared to $6.6 million in the prior year periodFull year 2022 net
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"Financial Highlights (unaudited)Net sales in the fourth quarter were $5.6 million, as compared to $6.6 million in the prior year periodFull year 2022 net sales were $18.0 million, as compared to $24.1 million for the comparable period of 2021Lower revenues in 2022 primarily attributable to high price of helium, which negatively impacted foil-balloon salesHelium prices declined during the second half of 2022 and in early 2023Despite 25% lower revenue for the full year, gross margins improved to 17.4% in 2022, compared to 15.6% in 2021Increased sales of products which do not require helium, such as our candy and balloon gift combinations, mitigated the impact of elevated helium prices during 2022 and led to a significant sequential revenue increase from Q3 to Q4 2022Net loss improved to $0.01 per share for the fourth quarter of 2022 and $0.22 for the full year, as compared to a loss of $2.01 per share in 2021Adjusted EBITDA was $0.1 million for 2022, compared to $1.0 million in the prior year comparable period (as noted below, the latter excludes a one-time $3 million gain on the sale of a building and a $10 million non-cash loss related to the sale of Flexo Universal)Business HighlightsFourth quarter sales, led by candy and balloon gift items, more than doubled third quarter sales in 2022Despite $1 million in higher sales during the fourth quarter of 2021 ($6.6 million), gross margin in the fourth quarter 2022 was $1.1 million (18.9%), vs. $0.8 million (12.6%) in the same period of 2021With continued moderation in helium pricing in 2023 and improved customer demand for foil balloons, the Company expects to realize improving profitability due to the structural, operating and balance sheet improvements made to its business over the past two years.LAKE BARRINGTON, IL / ACCESSWIRE / February 22, 2023 / Yunhong CTI Ltd. (Nasdaq:CTIB) (\"Yunhong CTI\" or the \"Company\"), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, today announced its financial results for the fourth quarter and year ended December 31, 2022. Management will host a conference call to discuss these results and other matters on Thursday, February 23, 2023, at 9:00 a.m. Central Time / 10:00 a.m. Eastern Time.Management Commentary\"The fourth quarter highlighted what our business transformation has brough...