Business
Yunhong Green CTI Ltd. Reports Third Quarter 2023 Financial Results
Revenue of $1.9 million and net loss of $1.0 million (similar to prior year and seasonal low point)Revenue for the nine months ending September 30 of $11.0
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"Revenue of $1.9 million and net loss of $1.0 million (similar to prior year and seasonal low point)Revenue for the nine months ending September 30 of $11.0 million and net income improved to ($0.7) million as Company enters its strongest quarter with Valentine's Day shipmentsEPS improved to ($0.04) from ($0.28) for the nine months ended September 30LAKE BARRINGTON, IL / ACCESSWIRE / November 1, 2023 / 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 newly created material solutions offering, today announced its financial results for the third quarter and nine months ended September 30, 2023. Management will host a conference call to discuss these results and other matters on Thursday, November 2, 2023, at 9:00 a.m. Central Time / 10:00 a.m. Eastern Time.Select Financial Highlights (unaudited) - Third Quarter 2023 and 2022Net sales were $1.9 million in the third quarter 2023, compared with $2.3 million in the third quarter 2022Third quarter traditionally the weakest of the year, following by the strongest in the fourth quarter as the Company ships its Valentine's Day productsElevated helium pricing remains a challenge for everyday order flow but holiday order interest has been strongerNet loss for the third quarter of 2023 and 2022 was $1.0 million, respectivelyAdjusted EBITDA (a non-GAAP measure) was ($0.7) million, compared to ($0.6) million in the third 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) - Nine Months ended September 30, 2023 and 2022Net sales were $11.0 million in the first nine months of 2023, compared with $12.5 million in the same period of 2022The spike in helium pricing occurred during the first half of 2022, impacting a portion of 2022 and all of 2023, albeit less so over timeFilm product revenues, which can vary greatly from period to period, were $1.1 million higher during the first nine months of 2022 vs. the same period of 2023Gross margins were 17% and 15% during the first nine months of 2022 and 2023, respectively, as lower volumes offset improved efficiencies including automation in the manufacturing processNet income improve...