Business
Yunhong CTI Ltd. Reports s First Quarter 2022 Results; Provides Preliminary 2022 Financial Guidance
First Quarter 2022 Financial HighlightsNet sales of $5.8 million, as compared to $6.6 million in the prior year periodNet sales affected by timing of a
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"First Quarter 2022 Financial HighlightsNet sales of $5.8 million, as compared to $6.6 million in the prior year periodNet sales affected by timing of a portion of Mother's Day product shipments which shipped in early April this year instead of late March last yearNet loss of $0.04 per share, as compared to a loss of $0.36 per share in the prior year period, which includes the loss attributable to the Company's Flexo Universal (\"Flexo\") subsidiary. The Company disposed of its Flexo subsidiary during October 2021.Adjusted EBITDA was approximately $340,000 compared to $92,000 in the prior year period, again, including the loss posted by the former subsidiaryBusiness HighlightsContinuing strong underlying demandRobotic arms on first balloon converting line operating as expected; roll out to additional lines expected throughout 2022 and 2023Financial and operational benefit from the disposition of Flexo in October 20212022 Financial GuidanceThe Company expects full year 2022 Adjusted EBITDA of more than $1.2 millionLAKE BARRINGTON, IL / ACCESSWIRE / May 18, 2022 / 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 first quarter ended March 31, 2022. Management will host a conference call to discuss these results and other matters on Thursday, May 19, 2022, at 9:00 a.m. Central Time / 10:00 a.m. Eastern Time.Management Commentary\"Overall, we are pleased with our first quarter results driven by solid demand across product lines. Later than expected Mother's Day shipments pushed some first quarter business into the second quarter, with an increase in inventory from the end of 2021 that is now gone. Despite these timing issues, the Company generated cash and expects to continue to do so. Managing material and labor availability remains a daily priority across our business and during the quarter we made steady progress on addressing these challenges, most notably with our robotic arms initiative,\" said Frank Cesario, Chief Executive Officer, Yunhong CTI.Commenting further on Q1 2022 financial results, Cesario stated, \"Without Flexo in the fold, during the first quarter of 2022, we generated Adjusted EBITDA of $340,000. Our Adjusted EBITDA in Q1 2021 of $92,00...