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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 the acquisition of the remaining 50% stake in HARITA-NTI LTD. (Zerust India) for $6.25 million. This purchase is expected to add approximately $10 million to consolidated net sales and $0.10 per diluted share in earnings for fiscal year 2022. Zerust India, which generated $6.7 million in revenue over nine months ending May 31, 2021, will now be fully consolidated in NTIC's financial statements. The acquisition strengthens NTIC's presence in the growing Indian market, enhancing service capabilities for multinational customers.
Northern Technologies International Corporation (NASDAQ: NTIC) announced a quarterly cash dividend of $0.065 per share, payable on August 18, 2021, to shareholders on record as of August 4, 2021. NTIC specializes in corrosion prevention products, primarily under the ZERUST® brand, serving various industries for over 40 years. The company also produces bio-based and biodegradable polymer resins marketed under the Natur-Tec® brand, expanding its reach into more than 60 countries.
Northern Technologies International Corporation (NASDAQ: NTIC) reported exceptional financial results for the third quarter of fiscal 2021, with consolidated net sales rising by 58.2% to a record $15,419,000. Key highlights include ZERUST® industrial net sales up 61.4% to $10,101,000 and net income attributable to NTIC reaching $2,054,000, marking a significant turnaround from a net loss of $(965,000) in the previous year. The company maintains a strong balance sheet with no debt and total cash and cash equivalents of $11,006,000, supporting future growth and operations.
Northern Technologies International Corporation (NASDAQ: NTIC) will release its fiscal 2021 third quarter financial results on July 8, 2021, before market opening. A conference call is scheduled for the same day at 9:00 a.m. Eastern Time, where management will discuss financial results and outlook followed by a Q&A session. Interested participants can access the live audio webcast through the NTIC Investor Relations website. NTIC's primary focus is on corrosion prevention products, with a significant market presence in over 60 countries.
Northern Technologies International Corporation (NASDAQ: NTIC) declared a quarterly cash dividend of $0.065 per share, payable on May 19, 2021, to shareholders of record as of May 5, 2021. The company specializes in corrosion prevention products, marketed primarily under the ZERUST brand, and has over 40 years of experience in this sector. NTIC operates in more than 60 countries, providing environmentally beneficial products and technical consulting services.
Northern Technologies International Corporation (NASDAQ: NTIC) reported Q2 fiscal 2021 results, showing a consolidated net sales decrease of 3.4% to $12,783,000 compared to the prior year. Key highlights include a 14.1% increase in ZERUST® net sales to $10,284,000 and a significant 46.9% surge in NTIC China net sales. Net income soared by 629.9% to $1,313,000, translating to $0.13 per diluted share. The company maintains a strong balance sheet with no debt and $12,702,000 in cash and equivalents, despite challenges in Natur-Tec® and oil & gas markets.
Northern Technologies International Corporation (NASDAQ: NTIC) will announce its fiscal 2021 second-quarter financial results on April 8, 2021, prior to market opening. A conference call led by CEO Patrick Lynch and CFO Matt Wolsfeld will follow at 9:00 a.m. ET to review these results and provide an outlook.
The conference call can be accessed via toll-free dial-in at (877) 670-9776, with confirmation code 6287462. Investors are encouraged to register ahead for the live audio webcast available on NTIC's website. The company specializes in corrosion prevention products and services under the ZERUST® brand.
Northern Technologies International Corporation (NASDAQ: NTIC) reinstated a quarterly cash dividend of $0.065 per share, payable on February 17, 2021, to shareholders of record by February 3, 2021. This decision reflects NTIC's renewed commitment to its shareholders amidst stabilizing global markets following the COVID-19 pandemic. President and CEO G. Patrick Lynch expressed confidence in the company's ability to drive sales and earnings growth in fiscal 2021 and beyond, emphasizing a focus on employee safety and product supply during challenging times.
Northern Technologies International Corporation (NASDAQ: NTIC) reported a 12.7% decrease in consolidated net sales, totaling $12,779,000, for the first quarter of fiscal 2021 compared to the same period last year. Despite this, net income increased by 4.1% to $1,262,000, with a consistent EPS of $0.13. Strong performance in NTIC China saw net sales rise 17.7% to a record $4,544,000. The company's balance sheet remains robust with no debt and $13,336,000 in cash. However, guidance remains cautious amid ongoing uncertainty from the COVID-19 pandemic.
Northern Technologies International Corporation (NASDAQ: NTIC) is set to announce its fiscal 2021 first quarter financial results on January 7, 2021, before market opening. A conference call will follow at 9:00 a.m. ET, led by President Patrick Lynch and CFO Matt Wolsfeld, reviewing financial outcomes and offering an outlook for the future. Interested parties can access the live audio webcast or join via a toll-free dial-in. NTIC specializes in corrosion prevention solutions and environmentally beneficial products globally.
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