NTIC reports record FY23 sales $79.9M (+7.7% YoY) but net income falls 54% to $2.9M; restates prior quarters

NORTHERN TECHNOLOGIES INTERNATIONAL CORP

FY23 net sales record $79.9M, up 7.7% YoY; ZERUST oil & gas sales up 69.3% to $7.8M.
Net income attributable to NTIC dropped to $2.9M ($0.30 diluted) from $6.3M ($0.66) prior year.
Adjusted non-GAAP net income $2.57M ($0.27) vs $3.03M ($0.32) prior year.
Q4 net sales $20.7M (+2.3%); net income $939K ($0.10) vs $648K ($0.07) prior year.
Restating prior quarters due to incorrect recognition of employee retention credits; net income reduced $474K and $466K.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTHERN TECHNOLOGIES INTERNATIONAL CORP reported financial results for fourth fiscal quarter and fiscal year ended August 31, 2023.

Period: fourth fiscal quarter and fiscal year ended August 31, 2023
Result: reported results

Exact text from the filing

On November 21, 2023, Northern Technologies International Corporation (“NTIC”) announced its consolidated financial results for the fourth fiscal quarter and fiscal year ended August 31, 2023.

View on SEC.gov

Browse all earnings releases →

NORTHERN TECHNOLOGIES INTERNATIONAL CORP filing history →

Source: SEC EDGAR

accession 0001171843-23-007219

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.