Business
Yunhong Green CTI Ltd. Reports Fourth Quarter and Full Year 2023 Financial Results
Double digit fourth quarter revenue growth on broad-based strength across the company's product linesRevenue of $6.8 million for the fourth quarter, up 21.4%
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"Double digit fourth quarter revenue growth on broad-based strength across the company's product linesRevenue of $6.8 million for the fourth quarter, up 21.4% from the prior year periodNet income of $0.5 million for the fourth quarter, compared to a net loss of $0.1 million for the prior year periodRevenue for the full year ended December 31 of $17.8 million compared to $18 million in 2022Net loss improved to $0.2 million for 2023 as compared to a net loss of $1.5 million in 2022Diluted earnings per share improved to ($0.01) from ($0.22) for the same periodsLAKE BARRINGTON, IL / ACCESSWIRE / February 21, 2024 / Yunhong Green CTI Ltd. (Nasdaq:YHGJ) (\"Yunhong CTI\" or the \"Company\"), a leading manufacturer of custom film packaging products, novelty balloons, candy and balloon-inspired gift solutions, and continued development of compostable material solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2023. Management will host a conference call to discuss these results and other matters on Thursday, February 22, 2024, at 9:00 a.m. Central Time / 10:00 a.m. Eastern Time.Select Financial Highlights (unaudited) - Fourth Quarter 2023 and 2022Net sales were $6.8 million in the fourth quarter 2023, compared with $5.6 million in the fourth quarter 2022All product areas exceeded prior year salesGross margin 24% compared to 19% in the prior year quarterNet income for the fourth quarter of 2023 was $0.5 million, as compared to a loss in 2022 of $0.1 million, respectivelyDiluted Earnings Per Share (EPS) improved to $0.02 from a loss of ($0.01) in 2022Adjusted EBITDA (a non-GAAP measure) was $0.8 million, compared to $0.3 million in the fourth 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) - full year ended December 31, 2023 and 2022Net sales were $17.8 million in 2023, compared with $18.0 million in the same period of 2022Increase in balloon sales offset by reduction of film products revenueGross margin 18% compared to 17% in the prior year period.Net loss improved to ($0.2) million in 2023, compared to net loss of ($1.5) million in 2022Diluted Earnings Per Share (EPS) improved to a loss of ($0.01) from a loss of ($0.22) in 2022Adjusted EBITDA (a non-GAAP me...