MINNEAPOLIS, Jan. 9, 2014 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (Nasdaq:NTIC) today reported its financial results for the three months ended November 30, 2013.
NTIC's consolidated net sales increased 19.2% during the three months ended November 30, 2013 compared to the three months ended November 30, 2012. During the three months ended November 30, 2013, 91.1% of NTIC's consolidated net sales were derived from sales of ZERUST® products and services, which increased 19.9% to $5,749,013 compared to the same prior fiscal year period due to increased demand from existing customers and the addition of new customers. NTIC's consolidated net sales for the three months ended November 30, 2013 included $390,610 of sales made to customers in the oil and gas industry compared to $128,697 for the three months ended November 30, 2012.
"Fiscal 2014 is off to a solid start. ZERUST® sales jumped almost 20% compared to the same period last year while at the same time our margins enjoyed a healthy boost. Overall, joint venture performance improved as well, bolstering both our competitive position and balance sheet," said G. Patrick Lynch, President and Chief Executive Officer of NTIC. "Robust demand for our expanded range of ZERUST® corrosion solutions from the manufacturing sector is expected to continue into the second quarter. Furthermore, Natur-Tec® bio-plastic products enjoyed healthy sales growth in North America and we already see demand increasing through our majority-owned Indian subsidiary that launched operations on December 1, 2013."During the three months ended November 30, 2013, 8.9% of NTIC's consolidated net sales were derived from sales of Natur-Tec® products compared to 9.4% during the three months ended November 30, 2012. Net sales of Natur-Tec® products increased 12.8% compared to the three months ended November 30, 2012. This increase was due to increased sales to Natur-Tec® distributors in the United States as NTIC has continued to strengthen and expand its U.S. industrial distribution.
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