Business
Yunhong CTI Ltd. Reports Third Quarter 2022 Results
Third Quarter and Nine-Month 2022 Financial HighlightsNet sales of $2.3 million, as compared to $5.2 million in the prior year period, while for the
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"Third Quarter and Nine-Month 2022 Financial HighlightsNet sales of $2.3 million, as compared to $5.2 million in the prior year period, while for the nine-months of 2022 net sales were $12.5 million, as compared to $17.5 million for the comparable period of 2021Lower revenues for three-and nine-month period in 2022 primarily attributable to high price of heliumHelium pricing has moderated downward during the third quarter although it remains a challenge on everyday order volumesNet loss improved to $0.12 per share for the third quarter of 2022, as compared to a loss of $0.14 per share in the prior year comparable periodAdjusted EBITDA was negative $0.6 million for the third quarter of 2022, compared to negative $0.2 million in the prior year comparable periodAdjusted EBITDA for the nine-months of 2022 was negative $0.2 million compared to negative $0.6 million in the prior year comparable periodBusiness HighlightsThe fourth quarter traditionally has been strong as the Company ships product for its largest holiday, Valentine's Day, and its Candy Blossoms product which are immune from helium pricingGross margins are comparable despite the drop in revenue from the prior year, highlighting cost reduction steps that have been implemented2022 Financial GuidanceWhile improving from three months ago, helium prices remain elevated which has led to lower-than-expected foil balloon sales, the Company's top selling product line. The Company therefore can no longer support a full year expectation of $1.2 million of Adjusted EBITDA.LAKE BARRINGTON, IL / ACCESSWIRE / November 15, 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 third quarter ended September 30, 2022. Management will host a conference call to discuss these results and other matters on Thursday, November 16, 2022, at 9:00 a.m. Central Time / 10:00 a.m. Eastern Time.Management Commentary\"Without seasonal candy blossom sales, our third-quarter performance highlighted the impact of the elevated market price for helium on our foil balloon business,\" said Frank Cesario, Chief Executive Officer, Yunhong CTI. \"As we discussed previously, our strongest product area is foil balloons, and most are fille...