NTIC Q1 FY2023 net sales record $19.95M (+9.7% YoY); GAAP EPS $0.05 vs $0.46; adjusted EPS $0.06 vs $0.08

NORTHERN TECHNOLOGIES INTERNATIONAL CORP

2023-Q1 EPS reported $0.05 revenue$19,952,766

Consolidated net sales rose 9.7% to a first-quarter record $19.95M, driven by ZERUST Oil & Gas (+66.9%) and Natur-Tec (+21.6%).
GAAP net income attributable to NTIC was $502k ($0.05 diluted) vs $4.49M ($0.46) prior year, due to prior-year gain on ZERUST India acquisition.
Non-GAAP adjusted net income was $608k ($0.06 diluted) vs $781k ($0.08) prior year.
Joint venture operating income fell 10.0% to $2.37M on lower JV sales, while operating expenses rose to $7.90M (39.6% of sales).
Management expects record Natur-Tec and ZERUST Oil & Gas sales in FY2023 and improved annual profitability vs FY2022.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTHERN TECHNOLOGIES INTERNATIONAL CORP reported first fiscal quarter ended November 30, 2022 results: revenue $19,953,000, net income $502,000, EPS $0.05 per diluted share.

Period: first fiscal quarter ended November 30, 2022
Revenue: $19,953,000
Net income: $502,000
EPS: $0.05 per diluted share
Result: reported results

Exact text from the filing

First quarter fiscal 2023 financial and operating highlights include (with growth rates on a fiscal quarter year-over-year basis): Consolidated net sales increased 9.7% to a first quarter record of $19,953,000 ZERUST ® net sales increased 6.6% to $15,370,000 ZERUST ® Oil & Gas net sales increased 66.9% to $1,622,000 NTIC China net sales decreased 7.7% to $3,747,000 Natur-Tec ® product net sales increased 21.6% to $4,583,000 Joint venture operating income decreased 10.0% to $2,371,000 Net income attributable to NTIC decreased to $502,000, or $0.05 per diluted share

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Source: SEC EDGAR

accession 0001171843-23-000227

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