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Northern Technologies International Corp. (NTIC), founded in 1970 and headquartered in Lino Lakes, Minnesota, is a pioneer in the development of environmentally beneficial material science. The company initially focused on oil analyzer instruments before expanding its portfolio to become a global leader in corrosion inhibiting products and services. NTIC operates under two main segments: ZERUST® and Nature-Tec®. The ZERUST® brand is renowned for its corrosion prevention solutions, catering to industries such as automotive, electronics, military, and oil & gas. Additionally, NTIC offers bio-based and biodegradable polymer resin compounds through its Nature-Tec® brand.
NTIC has a robust global presence, reaching over 65 countries via subsidiaries, joint ventures, and independent distributors. The company's success is largely attributed to its innovative products, strategic partnerships, and a dedicated workforce.
Recent achievements include record net sales for the third quarter of fiscal 2023, driven by increased demand for both ZERUST® and Nature-Tec® products. Despite supply chain challenges and economic pressures in European and Asian markets, NTIC has managed to rebuild its gross margins and generate positive operating cash flow. The company's consolidated net sales for fiscal 2023 reached $79,903,000, a 7.7% increase from the previous year.
NTIC's joint venture operating income also saw a significant boost, increasing by 39.6% in the fourth quarter of fiscal 2023. The company remains focused on long-term growth strategies, including geographic expansion and investment in infrastructure. NTIC's strong balance sheet, with substantial working capital and strategic investments, positions it well for continued growth and profitability in fiscal 2024.
Northern Technologies International Corporation (NASDAQ: NTIC) announced a quarterly cash dividend of $0.07 per share, payable on May 17, 2023, to shareholders on record by May 3, 2023. The corporation specializes in corrosion prevention and bio-based polymer resins, offering its products and services globally, particularly under the ZERUST® and Natur-Tec® brands. The company serves various markets, including automotive, electronics, and oil and gas, providing technical consulting for corrosion issues for almost 50 years.
Northern Technologies International Corporation (NASDAQ: NTIC) reported its financial results for Q2 fiscal 2023, marking a 9.1% increase in consolidated net sales to a record $18,271,000. ZERUST® net sales rose 10.2% to $14,459,000, with significant growth in the oil and gas sector, which spiked 212.4% to $1,805,000. However, NTIC China net sales fell 31.0% to $2,872,000. Net income attributable to NTIC jumped to $885,000 or $0.09 per diluted share, compared to $183,000 last year. Overall, operating expenses increased to 41.0% of net sales, influenced by higher personnel costs. NTIC anticipates improved sales from NTIC China and Natur-Tec in the upcoming quarters, projecting a strong fiscal 2023 finish.
Northern Technologies International Corporation (NTIC) will release its fiscal 2023 second quarter financial results on April 13, 2023, before market open. The company invites investors and analysts to join a conference call at 9:00 a.m. ET on the same day for a review of the results and outlook, followed by a Q&A session. Participants can register through a provided URL to receive dial-in details. NTIC is known for its environmentally beneficial products, primarily focused on corrosion prevention under the ZERUST® brand, servicing over 65 countries. The company also offers bio-based products under the Natur-Tec® brand. Detailed results and presentations will be available on NTIC’s Investor Relations webpage.
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