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Northern Technologies International Corporation Reports Record Sales And Earnings For Second Quarter Fiscal 2014

Stocks in this article: NTIC

MINNEAPOLIS, April 10, 2014 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (Nasdaq:NTIC) today reported its financial results for the three and six months ended February 28, 2014.

  • Net sales increased over 18% for the six months ended February 28, 2014.
  • Oil & Gas net sales were up over 111% during the six months ended February 28, 2014.
  • Joint venture sales increased 7% to $58.1 million for the six months ended February 28, 2014.
  • Income from joint venture operations was up over 18% for the six months ended February 28, 2014.
  • Earnings per diluted share increased over 128% to $0.41 for the six months ended February 28, 2014.
  • Working capital is up to $17.7 million with $7 million in cash as of February 28, 2104.

NTIC's consolidated net sales increased 18.5% and 18.9% during the three and six months ended February 28, 2014, respectively, compared to the three and six months ended February 28, 2013.

During the three and six months ended February 28, 2014, 89.3% and 90.2% of NTIC's consolidated net sales, respectively, were derived from sales of ZERUST® products and services, which increased 17.9% and 18.9% to $5,555,051 and $11,304,064 during the three and six months ended February 28, 2014, respectively, compared to $4,710,412 and $9,505,695 during the three and six months ended February 28, 2013, respectively, due to increased demand from both new and existing customers. NTIC has focused its sales efforts of ZERUST® products and services by strategically targeting customers with specific corrosion issues in new market areas, including the oil and gas industry and other industrial sectors that offer sizable growth opportunities. NTIC's consolidated net sales for the six months ended February 28, 2014 included $792,720 of sales made to customers in the oil and gas industry compared to $374,790 for the prior fiscal year period. Overall demand for ZERUST® products and services depends heavily on the overall health of the markets in which NTIC sells its products, including the automotive market in particular.

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