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Northern Technologies International Corporation reports developments in corrosion prevention and sustainable polymer materials through its ZERUST and Natur-Tec businesses. Its recurring updates cover ZERUST rust and corrosion inhibiting products and technical consulting for automotive, industrial, military, retail consumer, and oil and gas customers, including international subsidiary and joint venture activity.
Company news also includes quarterly financial results by product category, sales trends for NTIC China and oil and gas applications, cash dividend actions, and Natur-Tec projects involving bio-based, biodegradable, and compostable polymer resin compounds and finished products for packaging applications.
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Northern Technologies International Corporation (NASDAQ: NTIC) announced a quarterly cash dividend of $0.07 per share, payable on May 17, 2023, to shareholders on record by May 3, 2023. The corporation specializes in corrosion prevention and bio-based polymer resins, offering its products and services globally, particularly under the ZERUST® and Natur-Tec® brands. The company serves various markets, including automotive, electronics, and oil and gas, providing technical consulting for corrosion issues for almost 50 years.
Northern Technologies International Corporation (NASDAQ: NTIC) reported its financial results for Q2 fiscal 2023, marking a 9.1% increase in consolidated net sales to a record $18,271,000. ZERUST® net sales rose 10.2% to $14,459,000, with significant growth in the oil and gas sector, which spiked 212.4% to $1,805,000. However, NTIC China net sales fell 31.0% to $2,872,000. Net income attributable to NTIC jumped to $885,000 or $0.09 per diluted share, compared to $183,000 last year. Overall, operating expenses increased to 41.0% of net sales, influenced by higher personnel costs. NTIC anticipates improved sales from NTIC China and Natur-Tec in the upcoming quarters, projecting a strong fiscal 2023 finish.
Northern Technologies International Corporation (NTIC) will release its fiscal 2023 second quarter financial results on April 13, 2023, before market open. The company invites investors and analysts to join a conference call at 9:00 a.m. ET on the same day for a review of the results and outlook, followed by a Q&A session. Participants can register through a provided URL to receive dial-in details. NTIC is known for its environmentally beneficial products, primarily focused on corrosion prevention under the ZERUST® brand, servicing over 65 countries. The company also offers bio-based products under the Natur-Tec® brand. Detailed results and presentations will be available on NTIC’s Investor Relations webpage.