Business
Yunhong CTI Ltd. Reports Second Quarter 2023 Revenue of $4.1 Million and Net Loss of $0.1 Million; Year to Date Revenue of $9.1 Million and Net Income of $0.2 Million
Select Financial Highlights (unaudited) - Second Quarter 2023 and 2022Net sales were $4.1 million in the second quarter 2023, compared with $4.4 million in
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"Select Financial Highlights (unaudited) - Second Quarter 2023 and 2022Net sales were $4.1 million in the second quarter 2023, compared with $4.4 million in the second quarter 2022While helium pricing continued to moderate after the significant spike in 2022, it negatively impacted foil-balloon sales in Q2 2023Foil balloon sales improved by $0.3 million sequentiallyNet loss for the second quarter 2023 improved to $0.1 million, compared to net loss of less than $0.4 million in the second quarter 2022Adjusted EBITDA (a non-GAAP measure) was $0.2 million, compared to $0.0 million in the second quarter of 2022. Please refer to the table accompanying this press release for a reconciliation of the Company's GAAP and non-GAAP results.Select Financial Highlights (unaudited) - Six Months ended June 30, 2023 and 2022Net sales were $9.1 million in the first six months of 2023, compared with $10.2 million in the same period for 2022The spike in helium pricing happened during the first half of 2022, impacting a portion of the first half 2022 and all of the first half 2023Film product revenues, which can vary greatly from quarter to quarter, were $0.7 million higher during the first half of 2022 vs. the same period of 2023Gross margins were 18% in the first half of each year, as lower revenues for the first half of 2023 were partially offset by improved efficiencies including automation in the manufacturing processNet income was $0.2 million in the first half of 2023, compared to net loss of $0.4 million in the first half of 2022Adjusted EBITDA (a non-GAAP measure) was $0.9 million in the first half of 2023, compared to $0.3 million in the first half of 2022. Please refer to the table accompanying this press release for a reconciliation of the Company's GAAP and non-GAAP results.Business Highlights First Six-Months 2023Sales of balloons rebounded slightly during the second quarter, offsetting some of the first quarter weakness in commercial filmsSales from commercial films improved during the second quarterOrders for balloon-inspired gift items have been growing, a trend we expect to continueThe reduction in helium pricing is expected to generate increased balloon sales during remainder of 2023 vs. 2022Continued investment in robotic technology to enhance operational efficiencies - second manufacturing line install expected to be completed imm...