Northern Technologies International Corporation Reports Financial Results for Fourth Quarter and Full Year Fiscal 2024
Northern Technologies International (NTIC) reported financial results for Q4 and fiscal year 2024. Full-year consolidated net sales increased 6.5% to $85,060,000, with record sales in ZERUST® oil and gas (+18.3%) and Natur-Tec® products (+20.9%). Gross profit margin improved by 490 basis points to 39.7%. Net income attributable to NTIC increased 85.7% to $5,409,000, with earnings per diluted share of $0.55. The company maintained a strong balance sheet with working capital of $23,682,000. Joint venture operating income decreased 18.6% to $9,475,000, primarily due to challenging European market conditions.
Northern Technologies International (NTIC) ha riportato i risultati finanziari per il quarto trimestre e l'anno fiscale 2024. Le vendite nette consolidate dell'intero anno sono aumentate del 6,5% a 85.060.000 $, con vendite record nei prodotti ZERUST® per il settore oil & gas (+18,3%) e Natur-Tec® (+20,9%). Il margine di profitto lordo è migliorato di 490 punti base, raggiungendo il 39,7%. Il reddito netto attribuibile a NTIC è aumentato dell'85,7% a 5.409.000 $, con utili per azione diluiti di 0,55 $. L'azienda ha mantenuto un solido bilancio con capitale circolante di 23.682.000 $. I profitti di joint venture sono diminuiti del 18,6% a 9.475.000 $, principalmente a causa delle difficili condizioni del mercato europeo.
Northern Technologies International (NTIC) informó sobre los resultados financieros del cuarto trimestre y del año fiscal 2024. Las ventas netas consolidadas del año completo aumentaron un 6,5% alcanzando los 85.060.000 $, con ventas récord en productos de ZERUST® para el sector de petróleo y gas (+18,3%) y productos de Natur-Tec® (+20,9%). El margen de utilidad bruta mejoró en 490 puntos base, alcanzando el 39,7%. El ingreso neto atribuible a NTIC aumentó un 85,7% a 5.409.000 $, con ganancias por acción diluidas de 0,55 $. La compañía mantuvo un balance sólido con un capital de trabajo de 23.682.000 $. Los ingresos de la empresa conjunta disminuyeron un 18,6% a 9.475.000 $, principalmente debido a las desafiantes condiciones del mercado europeo.
노던 테크놀로지스 인터내셔널(NTIC)이 2024년 4분기 및 회계 연도 재무 결과를 발표했습니다. 전체 연간 연결 순매출은 6.5% 증가하여 85,060,000달러에 달했으며, ZERUST® 석유 및 가스 제품(+18.3%)과 Natur-Tec® 제품(+20.9%)에서 기록적인 판매를 기록했습니다. 총 이익률은 490베이시스 포인트 개선되어 39.7%에 도달했습니다. NTIC에 귀속되는 순이익은 85.7% 증가하여 5,409,000달러였으며, 희석 주당순이익은 0.55달러였습니다. 회사는 23,682,000달러의 운영 자본을 유지하며 견고한 재무 상태를 유지했습니다. 조인트 벤처 운영 이익은 주로 유럽 시장의 어려운 조건으로 인해 18.6% 감소하여 9,475,000달러에 달했습니다.
Northern Technologies International (NTIC) a publié les résultats financiers du quatrième trimestre et de l'année fiscale 2024. Les ventes nettes consolidées pour l'ensemble de l'année ont augmenté de 6,5% pour atteindre 85.060.000 $, avec des ventes record dans les produits ZERUST® pour le secteur pétrolier et gazier (+18,3%) et les produits Natur-Tec® (+20,9%). La marge brute a augmenté de 490 points de base pour atteindre 39,7%. Le revenu net attribuable à NTIC a augmenté de 85,7% pour atteindre 5.409.000 $, avec un bénéfice par action dilué de 0,55 $. L'entreprise a maintenu un bilan solide avec un fonds de roulement de 23.682.000 $. Les revenus des coentreprises ont chuté de 18,6% pour s'établir à 9.475.000 $, principalement en raison des conditions difficiles du marché européen.
Northern Technologies International (NTIC) hat die finanziellen Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 bekannt gegeben. Der konsolidierte Nettoumsatz für das ganze Jahr stieg um 6,5% auf 85.060.000 $, mit Rekordverkäufen von ZERUST®-Produkten im Öl- und Gasbereich (+18,3%) sowie Natur-Tec®-Produkten (+20,9%). Die Bruttogewinnmarge verbesserte sich um 490 Basispunkte auf 39,7%. Der auf NTIC entfallende Nettogewinn stieg um 85,7% auf 5.409.000 $, mit einem verwässerten Gewinn pro Aktie von 0,55 $. Das Unternehmen hielt eine starke Bilanz mit einem Working Capital von 23.682.000 $. Das Betriebsergebnis aus Joint Ventures sank um 18,6% auf 9.475.000 $, hauptsächlich aufgrund der herausfordernden Bedingungen auf dem europäischen Markt.
- Record consolidated net sales of $85.06M, up 6.5% YoY
- ZERUST® oil and gas sales increased 18.3% to $9.23M
- Natur-Tec® sales grew 20.9% to $21.97M
- Gross profit margin improved 490 basis points to 39.7%
- Net income increased 85.7% to $5.41M
- EPS increased to $0.55 from $0.30 YoY
- Joint venture operating income decreased 18.6% to $9.48M
- ZERUST® industrial net sales decreased 0.1% to $53.86M
- Joint venture net sales declined 4.7% to $95.94M
- Operating expenses remained high at 41.6% of net sales
Insights
The Q4 and FY2024 results demonstrate significant financial improvements for NTIC. Net sales increased by
The company's gross profit margin expanded by 490 basis points to
NTIC's strategic positioning in eco-friendly solutions and corrosion prevention shows promising market alignment. The
Despite challenges in European markets, the company's geographic diversification, particularly in China with
MINNEAPOLIS, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (NASDAQ: NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today reported its financial results for the fourth quarter and fiscal year ended August 31, 2024.
Full year fiscal 2024 financial and operating highlights include (with growth rates on a fiscal year-over-year basis):
- Consolidated net sales increased
6.5% to a record$85,060,000 - ZERUST® industrial net sales decreased
0.1% to$53,863,000 - ZERUST® oil and gas net sales increased
18.3% to a record$9,229,000 - Natur-Tec® product net sales increased
20.9% to a record of$21,967,000 - NTIC China net sales increased
5.8% to$14,245,000 - Gross profit, as a percent of net sales, increased 490 basis points to
39.7% - Joint venture operating income decreased
18.6% to$9,475,000 - Net income attributable to NTIC increased
85.7% to$5,409,000 , compared to$2,912,000 - Net income per diluted share attributable to NTIC was
$0.55 , compared to$0.30 - Cash provided by operating activities increased
6.2% to$5,883,000 for the full fiscal year 2024 - Consolidated balance sheet as of August 31, 2024 remained strong with working capital of
$23,682,000
“We closed fiscal 2024 with robust sales growth in both our ZERUST® oil and gas and Natur-Tec® businesses. Furthermore, thanks to the continued successful execution of certain quality system improvement initiatives, NTIC was also able to achieve another year of significantly improved profitability. Our fiscal 2024 results continue to demonstrate the value we bring to our global customers, as well as our resilience amidst ongoing economic challenges,” said G. Patrick Lynch, President and CEO of NTIC.
“Higher sales of ZERUST® oil and gas and Natur-Tec® products along with improved gross profits, contributed to a
“As anticipated, ZERUST® oil and gas had a record-breaking fourth quarter, with revenues reaching
NTIC’s consolidated net sales increased
The following tables set forth NTIC’s net sales by product category for the three months and fiscal year ended August 31, 2024, and August 31, 2023, by segment:
Three Months Ended | ||||||||||||||
August 31, 2024 | % of Net Sales | August 31, 2023 | % of Net Sales | % Change | ||||||||||
ZERUST® industrial net sales | $ | 13,431,917 | 57.5 | % | $ | 13,421,470 | 64.8 | % | 0.1 | % | ||||
ZERUST® oil & gas net sales | 4,199,583 | 18.0 | % | 2,377,472 | 11.5 | % | 76.6 | % | ||||||
Total ZERUST® net sales | $ | 17,631,500 | 75.5 | % | $ | 15,798,942 | 76.3 | % | 11.6 | % | ||||
Total Natur-Tec® net sales | 5,717,607 | 24.5 | % | 4,910,693 | 23.7 | % | 16.4 | % | ||||||
Total net sales | $ | 23,349,107 | 100.0 | % | $ | 20,709,635 | 100.0 | % | 12.7 | % |
Fiscal Year Ended | ||||||||||||||
August 31, 2024 | % of Net Sales | August 31, 2023 | % of Net Sales | % Change | ||||||||||
ZERUST® industrial net sales | $ | 53,863,296 | 63.3 | % | $ | 53,926,378 | 67.5 | % | (0.1 | )% | ||||
ZERUST® oil & gas net sales | 9,229,279 | 10.9 | % | 7,801,986 | 9.8 | % | 18.3 | % | ||||||
Total ZERUST® net sales | $ | 63,092,575 | 74.2 | % | $ | 61,728,364 | 77.3 | % | 2.2 | % | ||||
Total Natur-Tec® net sales | 21,966,942 | 25.8 | % | 18,174,588 | 22.7 | % | 20.9 | % | ||||||
Total net sales | $ | 85,059,517 | 100.0 | % | $ | 79,902,952 | 100.0 | % | 6.5 | % | ||||
NTIC’s joint venture operating income decreased
For fiscal 2024, NTIC’s joint venture operating income decreased
Operating expenses, as a percent of net sales, for the fourth quarter of fiscal 2024 were
Net income attributable to NTIC for the fourth quarter of fiscal 2024 increased to
NTIC’s non-GAAP adjusted net income, as set forth in the GAAP reconciliation at the end of this release, was
NTIC’s consolidated balance sheet remains strong, with working capital of
At August 31, 2024, the Company had
Conference Call and Webcast
NTIC will host a conference call today at 8:00 a.m. Central Time to review its results of operations for the fourth quarter and full fiscal year of 2024 and its outlook, followed by a question-and-answer session. The conference call will be available to interested parties through a webcast. To join the live call and ask a question, a participant must register using the URL below.
https://register.vevent.com/register/BI94efa9d07ecd4f65ba310b421438c061
Once registered, the participant will receive a dial-in number and unique PIN number to access the call.
The audio-only webcast can be accessed at the following link: https://edge.media-server.com/mmc/p/ko5w3bye. A link to the webcast is also available on the Investor Relations section of NTIC’s webpage. Participants are advised to go to the website at least 15 minutes early to register, download and install any necessary audio software. For those unable to participate in the live webcast, a replay of the webcast will be archived and accessible for approximately one year on the Investor Relations section of NTIC’s webpage.
About Northern Technologies International Corporation
Northern Technologies International Corporation develops and markets proprietary, environmentally beneficial products and services in over 65 countries either directly or via a network of subsidiaries, joint ventures, independent distributors and agents. NTIC’s primary business is corrosion prevention marketed mainly under the ZERUST® brand. NTIC has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for almost 50 years and more recently has also targeted and expanded into the oil and gas industry. NTIC offers worldwide on-site technical consulting for rust and corrosion prevention issues. NTIC’s technical service consultants work directly with the end users of NTIC’s products to analyze their specific needs and develop systems to meet their technical requirements. NTIC also markets and sells a portfolio of bio-based and biodegradable polymer resin compounds and finished products marketed under the Natur-Tec® brand.
Forward-Looking Statements
Statements contained in this release that are not historical information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include NTIC’s beliefs that demand and profitability in Europe will begin to improve in fiscal 2025, seasonal ordering patterns will drive fluctuations in ZERUST® oil and gas sales, global demand for Natur-Tec® compostable plastic solutions will drive sustained revenue growth, strategic investments in NTIC’s workforce and infrastructure will support growth opportunities across global markets, fiscal 2025 will bring further sales growth and improved profitability, and other statements that can be identified by words such as “believes,” “continues,” “expects,” “anticipates,” “intends,” “potential,” “outlook,” “will,” “may,” “would,” “should,” “guidance” or words of similar meaning, and the use of future dates. Such forward-looking statements are based upon the current beliefs and expectations of NTIC’s management and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Such potential risks and uncertainties include, but are not limited to, in no particular order: the health of the U.S. and worldwide economies, including in particular the U.S. automotive industry and its evolution towards electric vehicles; the effect of economic uncertainty, recessionary indicators, inflation, increased interest rates and turmoil in the global credit, financial and banking markets or perception thereof; effect of supply chain disruptions; dependence on joint ventures, relationships with joint venture partners and their success, including fees and dividend distributions; risks associated with international operations, including NTIC China, exposure to exchange rate fluctuations, tariffs and trade disputes; effect of economic slowdown and political unrest, including the wars between Russia and Ukraine and Israel and Hamas; the level of growth in NTIC’s markets; NTIC’s investments in research and development efforts; acceptance of existing and new products; timing of purchase orders under supply contracts; variability in sales to oil and gas customers and effect on quarterly financial results; increased competition; costs and effects of complying with changes in tax, fiscal, government and other regulatory policies, and rules relating to environmental, health and safety matters; and NTIC’s reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others. More detailed information on these and additional factors which could affect NTIC’s operating and financial results is described in NTIC’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the fiscal year ended August 31, 2024 and subsequent quarterly reports on Form 10-Q. NTIC urges all interested parties to read these reports to gain a better understanding of the many business and other risks that it faces. Additionally, NTIC undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this release contains non-GAAP financial measures, including adjusted net income attributable to NTIC and adjusted net income attributable to NTIC per diluted share. NTIC’s reasons for use of these measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and other information are included at the end of this release. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for NTIC’s financial results prepared in accordance with GAAP.
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - AUGUST 31, 2024 AND 2023
August 31, 2024 | August 31, 2023 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 4,952,184 | $ | 5,406,173 | ||||
Receivables: | ||||||||
Trade excluding joint ventures, less allowance for credit losses | ||||||||
of | 18,798,067 | 15,645,130 | ||||||
Trade, joint ventures | 389,012 | 187,912 | ||||||
Fees for services provided to joint ventures | 1,235,016 | 1,296,594 | ||||||
Dividend receivable from joint venture | — | 1,986,027 | ||||||
Income taxes | 392,293 | 325,233 | ||||||
Inventories, net | 14,390,844 | 13,096,489 | ||||||
Prepaid expenses | 1,421,803 | 1,727,998 | ||||||
Total current assets | $ | 41,579,219 | $ | 39,671,556 | ||||
PROPERTY AND EQUIPMENT, NET | 16,265,653 | 14,065,354 | ||||||
OTHER ASSETS: | ||||||||
Investments in joint ventures | 25,397,287 | 23,705,714 | ||||||
Deferred income tax, net | 544,464 | 530,944 | ||||||
Intangible assets, net | 5,682,945 | 6,159,485 | ||||||
Goodwill | 4,782,376 | 4,782,376 | ||||||
Operating lease right of use assets | 424,558 | 428,874 | ||||||
Total other assets | 36,831,630 | 35,607,393 | ||||||
Total assets | $ | 94,676,502 | $ | 89,344,303 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Line of credit | $ | 4,291,608 | $ | 3,600,000 | ||||
Term loan | 2,820,835 | 2,757,176 | ||||||
Accounts payable | 6,393,355 | 6,056,329 | ||||||
Income taxes payable | 327,781 | 501,379 | ||||||
Accrued liabilities: | ||||||||
Payroll and related benefits | 3,163,372 | 2,305,400 | ||||||
Other | 574,876 | 1,160,289 | ||||||
Current portion of operating leases | 325,116 | 340,799 | ||||||
Total current liabilities | 17,896,943 | 16,721,372 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Deferred income tax, net | 1,504,796 | 1,836,059 | ||||||
Operating leases, less current portion | 99,442 | 88,075 | ||||||
Total long-term liabilities | $ | 1,604,238 | $ | 1,924,134 | ||||
COMMITMENTS AND CONTINGENCIES | ||||||||
EQUITY: | ||||||||
Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding | — | — | ||||||
Common stock, | ||||||||
shares; issued and outstanding 9,466,976 and 9,424,102, respectively | 189,340 | 188,482 | ||||||
Additional paid-in capital | 23,615,564 | 21,986,767 | ||||||
Retained earnings | 53,771,211 | 51,004,427 | ||||||
Accumulated other comprehensive loss | (6,382,124 | ) | (6,823,403 | ) | ||||
Stockholders’ equity | 71,193,991 | 66,356,273 | ||||||
Non-controlling interests | 3,981,330 | 4,342,524 | ||||||
Total equity | 75,175,321 | 70,698,797 | ||||||
Total liabilities and equity | $ | 94,676,502 | $ | 89,344,303 | ||||
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE (UNAUDITED) AND TWELVE MONTHS ENDED AUGUST 31, 2024 AND 2023
Three Months Ended | Twelve Months Ended | ||||||||||||||
August 31, 2024 | August 31, 2023 | August 31, 2024 | August 31, 2023 | ||||||||||||
NET SALES: | |||||||||||||||
Net sales | $ | 23,349,107 | $ | 20,709,635 | $ | 85,059,517 | $ | 79,902,952 | |||||||
Cost of goods sold | 13,129,277 | 13,141,849 | 51,273,155 | 52,099,121 | |||||||||||
Gross profit | 10,219,830 | 7,567,786 | 33,786,362 | 27,803,831 | |||||||||||
JOINT VENTURE OPERATIONS: | |||||||||||||||
Equity in income of joint ventures | 546,334 | 2,787,926 | 4,223,296 | 6,452,719 | |||||||||||
Fees for services provided to joint ventures | 1,487,268 | 1,393,323 | 5,251,782 | 5,189,185 | |||||||||||
Total joint venture operations | 2,033,602 | 4,181,249 | 9,475,078 | 11,641,904 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Selling expenses | 4,359,833 | 4,294,594 | 16,413,672 | 15,290,897 | |||||||||||
General and administrative expenses | 3,922,528 | 3,695,837 | 14,176,494 | 13,166,270 | |||||||||||
Research and development expenses | 1,209,209 | 1,287,676 | 4,802,791 | 4,967,922 | |||||||||||
Total operating expenses | 9,491,570 | 9,278,107 | 35,392,957 | 33,425,089 | |||||||||||
OPERATING INCOME | 2,761,862 | 2,470,929 | 7,868,483 | 6,020,646 | |||||||||||
INTEREST INCOME | 19,431 | 9,995 | 118,827 | 28,490 | |||||||||||
INTEREST EXPENSE | (91,294 | ) | (119,162 | ) | (340,129 | ) | (461,805 | ) | |||||||
INCOME BEFORE INCOME TAX EXPENSE | 2,689,999 | 2,361,761 | 7,647,181 | 5,587,331 | |||||||||||
INCOME TAX EXPENSE | 477,406 | 514,777 | 1,325,797 | 1,349,600 | |||||||||||
NET INCOME | 2,212,593 | 1,846,984 | 6,321,384 | 4,237,731 | |||||||||||
NET INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS | 376,805 | 908,037 | 912,302 | 1,325,455 | |||||||||||
NET INCOME ATTRIBUTABLE TO NTIC | $ | 1,835,788 | $ | 938,947 | $ | 5,409,082 | $ | 2,912,276 | |||||||
NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE: | |||||||||||||||
Basic | $ | 0.20 | $ | 0.10 | $ | 0.57 | $ | 0.31 | |||||||
Diluted | $ | 0.19 | $ | 0.10 | $ | 0.55 | $ | 0.30 | |||||||
WEIGHTED AVERAGE COMMON SHARES | |||||||||||||||
ASSUMED OUTSTANDING: | |||||||||||||||
Basic | 9,446,498 | 9,384,873 | 9,434,020 | 9,359,504 | |||||||||||
Diluted | 9,884,611 | 9,680,285 | 9,833,450 | 9,693,482 | |||||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.07 | $ | 0.07 | $ | 0.28 | $ | 0.28 | |||||||
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
The accompanying press release contains certain non-GAAP financial measures, including adjusted net income attributable to NTIC and adjusted net income attributable to NTIC per diluted share, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (GAAP). These non-GAAP financial measures are information supplemental and in addition to the financial measures presented in the accompanying release that are calculated and presented in accordance with GAAP. NTIC uses non-GAAP financial measures as supplemental measures of performance and believes these measures facilitate operating performance comparisons from period to period and company to company by factoring out potential differences caused by non-recurring, unusual or infrequent charges not related to NTIC’s regular, ongoing business. NTIC also believes that the presentation of certain non-GAAP financial measures provides useful information to investors in evaluating the company’s operations, period over period. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the release. The non-GAAP financial measures in the accompanying release may differ from similar measures used by other companies.
The following is a reconciliation of NTIC’s reported net income attributable to NTIC and reported net income attributable to NTIC per diluted common share to adjusted net income attributable to NTIC and adjusted net income attributable to NTIC per diluted common share, in each case, as adjusted to exclude a one-time gain on the liquidation of a previously written-off investment in NTIC’s former joint venture in China, Tianjin Zerust (TZ liquidation), and certain other adjustments as described below.
Three Months Ended August 31, | Fiscal Year Ended August 31, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Net income attributable to NTIC, as reported | $ | 1,835,788 | $ | 938,947 | $ | 5,409,082 | $ | 2,912,276 | |||||
Adjustments for adjusted net income: | |||||||||||||
Equity income from TZ liquidation | - | (1,986,027 | ) | - | (1,986,027 | ) | |||||||
Legal fees from TZ liquidation | - | 95,890 | - | 95,890 | |||||||||
Withholding tax on TZ liquidation | - | 198,603 | - | 198,603 | |||||||||
Minority interest impact from TZ liquidation | - | 676,614 | - | 676,614 | |||||||||
Bonus expense impact from TZ liquidation | - | 250,000 | - | 250,000 | |||||||||
Amortization expense | 105,783 | 105,783 | 423,132 | 423,132 | |||||||||
Non-GAAP adjusted net income | $ | 1,941,571 | $ | 279,810 | $ | 5,832,214 | $ | 2,570,488 | |||||
Weighted average shares outstanding (diluted) | 9,884,611 | 9,680,285 | 9,833,450 | 9,693,482 | |||||||||
Diluted net income per share, as reported | 0.19 | 0.10 | 0.55 | 0.30 | |||||||||
Adjustments for adjusted net income, net of tax impact, per diluted share1 | 0.01 | (0.07 | ) | 0.04 | (0.03 | ) | |||||||
Non-GAAP diluted adjusted net income per share | $ | 0.20 | $ | 0.03 | $ | 0.59 | $ | 0.27 | |||||
1Includes adjustments related to the items noted above, net of tax | |||||||||||||
Investor and Media Contact:
Matthew Wolsfeld, CFO
NTIC
(763) 225-6600
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