Northern Technologies International Corporation (NASDAQ: NTIC), a
leading developer of corrosion inhibiting products and services, as
well as bio-based and biodegradable polymer resin compounds, today
reported its financial results for the second quarter of fiscal
2023.
Second quarter fiscal 2023 highlights include
(with growth rates on a fiscal quarter year-over-year basis):
- Consolidated net sales increased 9.1% to a second quarter
record $18,271,000
- ZERUST® net sales increased 10.2% to $14,459,000
- ZERUST® oil and gas net sales increased 212.4% to
$1,805,000
- NTIC China net sales decreased 31.0% to $2,872,000
- Natur-Tec® product net sales increased 5.0% to $3,812,000
- Joint venture operating income increased 9.8% to
$2,381,000
- Net income attributable to NTIC increased to $885,000, compared
to $183,000 last year
- Net income per diluted share attributable to NTIC was $0.09,
compared to $0.02 per diluted share last year
- Consolidated balance sheet as of February 28, 2023 is strong
with working capital of $23,998,000
“Net sales increased to a second quarter record thanks to the
solid foundation on which we’ve built our long-term growth
strategies. This top line result is particularly encouraging when
considering that our NTIC China team remained sidelined by severe
COVID-19 lockdowns through most of the quarter and Natur-Tec sales
growth slowed due to seasonality and the timing of both shipments
and orders. Furthermore, I’m pleased to report that we’re making
considerable progress enhancing gross margins and controlling
operating expenses. In fact, our second quarter gross margin of
35.0% marks a significant improvement on both a sequential and
year-over-year basis, reflecting the growing contributions made by
a profitable ZERUST oil and gas business as well as the benefits of
other measures we’ve implemented successfully so far this fiscal
year,” said G. Patrick Lynch, President and CEO of NTIC.
“We expect NTIC China sales will improve in the third quarter
and beyond as the Chinese economy finally has the opportunity to
start rebounding from its exceptionally long, self-imposed pandemic
freeze. In addition, Natur-Tec sales are expected to benefit in the
third quarter from new customer relationships and incremental
orders. Consequently, we believe we are well positioned for a
strong finish to fiscal 2023,” concluded Mr. Lynch.
NTIC’s consolidated net sales increased 9.1% to
$18,271,000 during the three months ended February 28, 2023,
compared to $16,749,000 for the three months ended February 28,
2022. The year-over-year increase in consolidated net sales was
primarily a result of sales growth across all the Company’s product
categories due to higher customer demand, as well as the
contribution from Zerust India. For the first half of fiscal 2023,
consolidated net sales increased 9.4% to $38,224,000, compared to
$34,942,000 for the same period last fiscal year.
The following table sets forth NTIC’s net sales
by product category for the three and six months ended February 28,
2023, and February 28, 2022, by segment:
|
Three Months Ended |
|
February 28,2023 |
|
% of Net Sales |
|
February 28,2022 |
|
% of Net Sales |
|
%Change |
ZERUST® industrial net sales |
$ |
12,086,741 |
|
66.2 |
% |
|
$ |
11,656,345 |
|
69.6 |
% |
|
3.7 |
% |
ZERUST®
joint venture net sales |
|
566,771 |
|
3.1 |
% |
|
|
883,511 |
|
5.3 |
% |
|
-35.9 |
% |
ZERUST®
oil & gas net sales |
|
1,805,235 |
|
9.9 |
% |
|
|
577,921 |
|
3.4 |
% |
|
212.4 |
% |
Total ZERUST® net sales |
$ |
14,458,747 |
|
79.2 |
% |
|
$ |
13,117,777 |
|
78.3 |
% |
|
10.1 |
% |
Total
Natur-Tec® sales |
|
3,812,078 |
|
20.9 |
% |
|
|
3,630,862 |
|
21.7 |
% |
|
5.0 |
% |
Total net sales |
$ |
18,270,825 |
|
100.0 |
% |
|
$ |
16,748,639 |
|
100.0 |
% |
|
9.1 |
% |
|
Six Months Ended |
|
February 28, 2023 |
|
% of Net Sales |
|
February 28, 2022 |
|
% of Net Sales |
|
% Change |
ZERUST® industrial net sales |
$ |
25,201,379 |
|
65.9 |
% |
|
$ |
24,267,875 |
|
69.5 |
% |
|
3.8 |
% |
ZERUST®
joint venture net sales |
|
1,200,237 |
|
3.1 |
% |
|
|
1,723,950 |
|
4.9 |
% |
|
-30.4 |
% |
ZERUST®
oil & gas net sales |
|
3,427,132 |
|
9.0 |
% |
|
|
1,549,737 |
|
4.4 |
% |
|
121.1 |
% |
Total ZERUST® net sales |
$ |
29,828,748 |
|
78.0 |
% |
|
$ |
27,541,562 |
|
78.8 |
% |
|
8.3 |
% |
Total
Natur-Tec® sales |
|
8,394,843 |
|
22.0 |
% |
|
|
7,400,490 |
|
21.2 |
% |
|
13.4 |
% |
Total net sales |
$ |
38,223,591 |
|
100.0 |
% |
|
$ |
34,942,052 |
|
100.0 |
% |
|
9.4 |
% |
NTIC’s joint venture operating income was $2,381,000 during the
three months ended February 28, 2023, compared to joint venture
operating income of $2,170,000 during the three months ended
February 28, 2022. Net sales of NTIC’s joint ventures, which are
not consolidated with NTIC’s financial results, increased 3.6% to
$25,483,000 during the three months ended February 28, 2023,
compared to $24,602,000 for the three months ended February 28,
2022. Year-to-date, NTIC’s joint venture operating income was
$4,753,000, compared to joint venture operating income of
$4,803,000 during the six months ended February 28, 2022. Net sales
of NTIC’s joint ventures were $50,213,000 during the six months
ended February 28, 2023, compared to $51,625,000 for the six months
ended February 28, 2022.
Operating expenses, as a percent of net sales, for the second
quarter of fiscal 2023 were 41.0%, compared to 40.1% for the same
period last fiscal year. Year-to-date, operating expenses, as a
percent of net sales, were 40.3%, compared to 39.4% for the same
period last fiscal year. Higher year-over-year operating expenses
for the three and six months ended February 28, 2023 were driven
primarily by increased personnel expenses and other inflationary
increases in expenses. Additionally, NTIC is now consolidating the
majority owned subsidiary formed to assume the operations of a
former joint venture in Taiwan compared to prior periods.
Net income attributable to NTIC for the second quarter of fiscal
2023 was $885,000, or $0.09 per diluted share, compared to net
income of $183,000, or $0.02 per diluted share, for the same period
last fiscal year. Year-to-date, net income attributable to NTIC was
$1,387,000, or $0.14 per diluted share, compared to net income of
$4,677,000, or $0.48 per diluted share, for the same period last
fiscal year.
NTIC’s non-GAAP adjusted net income as set forth in the GAAP
reconciliation at the end of this release, was $991,000, or $0.10
per diluted share, for the second quarter of fiscal 2023 compared
to $392,000, or $0.04 per diluted share, for the same quarter last
fiscal year. Year-to-date, NTIC reported non-GAAP net income of
$1,599,000, or $0.16 per diluted share, compared to $1.2 million,
or $0.12 per diluted share, for the same period last year.
NTIC’s consolidated balance sheet remains strong, with working
capital of $23,998,000 as of February 28, 2023, including
$5,451,000 in cash and cash equivalents and an outstanding
revolving line of credit balance of $7,100,000, compared to
$23,169,000 of working capital as of August 31, 2022, including
$5,334,000 in cash and cash equivalents, $5,590 in available for
sale securities, and an outstanding revolving line of credit
balance of $5,900,000. The increase in the revolving line of credit
balance was primarily due to $1,200,000 in cash used to purchase a
26,000 square foot facility adjacent to NTIC’s headquarters to be
used for additional warehousing and production space to support
NTIC’s anticipated continued growth.
At February 28, 2023, the Company had
$21,522,000 of investments in joint ventures, of which over
$11,396,000, or 52.9%, was cash, with the remaining balance mostly
made up of other working capital.
Conference Call and Webcast
NTIC will host a conference call today at 8:00 a.m. Central Time
to review its results of operations for the second quarter of
fiscal 2023 and its outlook, followed by a question-and-answer
session. The conference call will be available to interested
parties through a webcast. To join the live call and ask a
question, a participant must register using the URL below.
https://register.vevent.com/register/BIfba749b7e32e466aa601ac763df0bd80
Once registered, the participant will receive a dial-in number
and unique PIN number to access the call.
The audio-only webcast can be accessed at the following link:
https://edge.media-server.com/mmc/p/9ync2rok. A link to the webcast
is also available on the Investor Relations section of NTIC’s
webpage. Participants are advised to go to the website at least 15
minutes early to register, download and install any necessary audio
software. For those unable to participate in the live webcast, a
replay of the webcast will be archived and accessible for
approximately one year on the Investor Relations section of NTIC’s
webpage.
About Northern Technologies International
Corporation
Northern Technologies International Corporation develops and
markets proprietary, environmentally beneficial products and
services in over 65 countries either directly or via a network of
subsidiaries, joint ventures, independent distributors and agents.
NTIC’s primary business is corrosion prevention marketed mainly
under the ZERUST® brand. NTIC has been selling its proprietary
ZERUST® rust and corrosion inhibiting products and services to the
automotive, electronics, electrical, mechanical, military and
retail consumer markets for almost 50 years and more recently has
also targeted and expanded into the oil and gas industry. NTIC
offers worldwide on-site technical consulting for rust and
corrosion prevention issues. NTIC’s technical service consultants
work directly with the end users of NTIC’s products to analyze
their specific needs and develop systems to meet their technical
requirements. NTIC also markets and sells a portfolio of bio-based
and biodegradable polymer resin compounds and finished products
marketed under the Natur-Tec® brand.
Investor and Media Contact:Matthew Wolsfeld,
CFONTIC(763) 225-6600
Forward-Looking Statements
Statements contained in this release that are not
historical information are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include NTIC’s expectations that NTIC China sales
will improve in the third quarter and beyond and Natur-Tec sales
will benefit in the third quarter from new customer relationships
and incremental orders, and other statements that can be identified
by words such as “believes,” “continues,” “expects,” “anticipates,”
“intends,” “potential,” “outlook,” “will,” “may,” “would,”
“should,” “guidance” or words of similar meaning, and the use of
future dates. Such forward-looking statements are based upon the
current beliefs and expectations of NTIC’s management and are
inherently subject to risks and uncertainties that could cause
actual results to differ materially from those projected or
implied. Such potential risks and uncertainties include, but are
not limited to, in no particular order: the health of the U.S. and
worldwide economies, including in particular the U.S. automotive
industry and its evolution towards electric vehicles; the effect of
economic uncertainty, recessionary indicators, inflation, increased
interest rates and turmoil in the global credit, financial and
banking markets or perception thereof; effect of supply chain
disruptions; effect of COVID-19; dependence on joint ventures,
relationships with joint venture partners and their success,
including fees and dividend distributions; risks associated with
international operations, including NTIC China, exposure to
exchange rate fluctuations, tariffs and trade disputes; effect of
economic slowdown and political unrest, including the Russia and
Ukraine war; the level of growth in NTIC’s markets; NTIC’s
investments in research and development efforts; acceptance of
existing and new products; timing of purchase orders under supply
contracts; variability in sales to oil and gas customers and effect
on quarterly financial results; increased competition; costs and
effects of complying with changes in tax, fiscal, government and
other regulatory policies, and rules relating to environmental,
health and safety matters; and NTIC’s reliance on its intellectual
property rights and the absence of infringement of the intellectual
property rights of others. More detailed information on these and
additional factors which could affect NTIC’s operating and
financial results is described in NTIC’s filings with the
Securities and Exchange Commission, including its annual report on
Form 10-K for the fiscal year ended August 31, 2022 and subsequent
quarterly reports on Form 10-Q. NTIC urges all interested parties
to read these reports to gain a better understanding of the many
business and other risks that it faces. Additionally, NTIC
undertakes no obligation to publicly release the results of any
revisions to these forward-looking statements, which may be made to
reflect events or circumstances occurring after the date hereof or
to reflect the occurrence of unanticipated events.
Use of Non-GAAP Financial
Measures
In addition to the financial measures prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), this release contains non-GAAP financial measures,
including adjusted net income attributable to NTIC and adjusted net
income attributable to NTIC per diluted share. NTIC’s reasons for
use of these measures, reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP measures and other
information are included at the end of this release. Non-GAAP
financial measures have limitations as analytical tools and should
not be considered in isolation or as a substitute for NTIC’s
financial results prepared in accordance with GAAP.
NORTHERN TECHNOLOGIES INTERNATIONAL
CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS AS OF FEBRUARY 28, 2023 (UNAUDITED)
AND AUGUST 31, 2022 (AUDITED)
|
February 28, 2023 |
|
August 31, 2022 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
5,451,111 |
|
|
$ |
5,333,890 |
|
Available for sale securities |
|
— |
|
|
|
5,590 |
|
Receivables: |
|
|
|
Trade, excluding joint ventures, less allowance for doubtful
accounts |
|
|
|
of $439,000 as of February 28, 2023 and August 31, 2022 |
|
14,675,017 |
|
|
|
14,136,930 |
|
Trade, joint ventures |
|
1,614,934 |
|
|
|
697,861 |
|
Fees for services provided to joint ventures |
|
1,108,907 |
|
|
|
1,765,117 |
|
Income taxes |
|
313,270 |
|
|
|
— |
|
Inventories |
|
15,180,239 |
|
|
|
16,341,729 |
|
Prepaid expenses |
|
1,833,124 |
|
|
|
1,953,764 |
|
Total current assets |
$ |
40,176,602 |
|
|
$ |
40,234,881 |
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
$ |
13,445,966 |
|
|
$ |
12,170,493 |
|
OTHER ASSETS: |
|
|
|
Investments in joint ventures |
|
21,522,496 |
|
|
|
21,814,754 |
|
Intangible asset, net |
|
6,409,028 |
|
|
|
6,633,878 |
|
Goodwill |
|
4,782,376 |
|
|
|
4,782,376 |
|
Operating lease right of use asset |
|
374,037 |
|
|
|
557,571 |
|
Total other assets |
|
33,087,937 |
|
|
|
33,788,579 |
|
Total assets |
$ |
86,710,505 |
|
|
$ |
86,193,953 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
6,307,443 |
|
|
$ |
7,796,494 |
|
Line of credit |
|
7,100,000 |
|
|
|
5,900,000 |
|
Income taxes payable |
|
— |
|
|
|
30,742 |
|
Accrued liabilities: |
|
|
|
Payroll and related benefits |
|
1,304,717 |
|
|
|
2,297,543 |
|
Other |
|
1,292,950 |
|
|
|
667,292 |
|
Current portion of operating leases |
|
173,179 |
|
|
|
373,330 |
|
Total current liabilities |
$ |
16,178,289 |
|
|
$ |
17,065,401 |
|
LONG-TERM LIABILITIES: |
|
|
|
Deferred income tax, net |
|
1,623,364 |
|
|
|
1,700,015 |
|
Operating leases, less current portion |
|
200,858 |
|
|
|
184,241 |
|
Total long-term liabilities |
$ |
1,824,222 |
|
|
$ |
1,884,256 |
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES (Note 12) |
|
|
|
|
|
|
|
EQUITY: |
|
|
|
Preferred stock, no par value; authorized 10,000 shares; none
issued and outstanding |
|
— |
|
|
|
— |
|
Common stock, $0.02 par value per share; authorized 15,000,000
shares as of |
|
|
|
February 28, 2023 and August 31, 2022; issued and outstanding
9,366,357 and 9,232,483, respectively |
|
187,327 |
|
|
|
184,650 |
|
Additional paid-in capital |
|
21,058,721 |
|
|
|
19,939,131 |
|
Retained earnings |
|
50,792,813 |
|
|
|
50,716,613 |
|
Accumulated other comprehensive loss |
|
(6,774,510 |
) |
|
|
(7,245,132 |
) |
Stockholders’ equity |
|
65,264,351 |
|
|
|
63,595,262 |
|
Non-controlling interests |
|
3,443,643 |
|
|
|
3,649,034 |
|
Total equity |
|
68,707,994 |
|
|
|
67,244,296 |
|
Total liabilities and equity |
$ |
86,710,505 |
|
|
$ |
86,193,953 |
|
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) FOR THE
THREE AND SIX MONTHS ENDED FEBRUARY 28, 2023 AND 2022
|
|
Three Months Ended February 28, |
|
Six Months Ended February 28, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
NET SALES: |
|
|
|
|
|
|
|
Net sales |
$ |
18,270,825 |
|
|
$ |
16,748,639 |
|
|
$ |
38,223,591 |
|
|
$ |
34,942,052 |
|
Cost of goods sold |
|
11,867,639 |
|
|
|
11,764,304 |
|
|
|
25,467,281 |
|
|
|
24,254,787 |
|
Gross profit |
|
6,403,186 |
|
|
|
4,984,335 |
|
|
|
12,756,310 |
|
|
|
10,687,265 |
|
|
|
|
|
|
|
|
|
JOINT VENTURE OPERATIONS: |
|
|
|
|
|
|
|
Equity in income from joint ventures |
|
1,128,731 |
|
|
|
922,832 |
|
|
|
2,318,135 |
|
|
|
2,297,581 |
|
Fees for services provided to joint ventures |
|
1,252,746 |
|
|
|
1,246,909 |
|
|
|
2,434,551 |
|
|
|
2,505,767 |
|
Total joint venture operations |
|
2,381,477 |
|
|
|
2,169,741 |
|
|
|
4,752,686 |
|
|
|
4,803,348 |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Selling expenses |
|
3,418,717 |
|
|
|
2,971,391 |
|
|
|
6,926,151 |
|
|
|
6,209,149 |
|
General and administrative expenses |
|
3,084,189 |
|
|
|
2,518,788 |
|
|
|
6,214,788 |
|
|
|
5,115,135 |
|
Research and development expenses |
|
994,450 |
|
|
|
1,218,674 |
|
|
|
2,251,174 |
|
|
|
2,454,495 |
|
Total operating expenses |
|
7,497,356 |
|
|
|
6,708,853 |
|
|
|
15,392,113 |
|
|
|
13,778,779 |
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
1,287,307 |
|
|
|
445,223 |
|
|
|
2,116,883 |
|
|
|
1,711,834 |
|
|
|
|
|
|
|
|
|
REMEASUREMENT GAIN ON ACQUISITION OF EQUITY METHOD INVESTEE |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,951,550 |
|
INTEREST INCOME |
|
3,451 |
|
|
|
9,909 |
|
|
|
9,619 |
|
|
|
20,852 |
|
INTEREST EXPENSE |
|
(115,144 |
) |
|
|
(7,404 |
) |
|
|
(206,475 |
) |
|
|
(10,295 |
) |
INCOME BEFORE INCOME TAX EXPENSE |
|
1,175,614 |
|
|
|
447,728 |
|
|
|
1,920,027 |
|
|
|
5,673,941 |
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
181,795 |
|
|
|
151,743 |
|
|
|
292,528 |
|
|
|
656,123 |
|
NET
INCOME |
|
993,819 |
|
|
|
295,985 |
|
|
|
1,627,499 |
|
|
|
5,017,818 |
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO NON-
CONTROLLING
INTERESTS |
|
108,571 |
|
|
|
113,138 |
|
|
|
240,009 |
|
|
|
341,212 |
|
NET
INCOME ATTRIBUTABLE TO NTIC |
$ |
885,248 |
|
|
$ |
182,847 |
|
|
$ |
1,387,490 |
|
|
$ |
4,676,606 |
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE: |
|
|
|
|
|
|
|
Basic |
$ |
0.10 |
|
|
$ |
0.02 |
|
|
$ |
0.15 |
|
|
$ |
0.51 |
|
Diluted |
$ |
0.09 |
|
|
$ |
0.02 |
|
|
$ |
0.14 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES |
|
|
|
|
|
|
|
ASSUMED OUTSTANDING: |
|
|
|
|
|
|
|
Basic |
|
9,366,357 |
|
|
|
9,214,817 |
|
|
|
9,353,989 |
|
|
|
9,211,858 |
|
Diluted |
|
9,747,461 |
|
|
|
9,683,426 |
|
|
|
9,745,166 |
|
|
|
9,736,060 |
|
CASH
DIVIDENDS DECLARED PER COMMON SHARE |
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
NORTHERN TECHNOLOGIES
INTERNATIONAL CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP
MEASURES (UNAUDITED, IN
THOUSANDS, EXCEPT SHARE AND PER SHARE
AMOUNTS)
The accompanying press release contains certain
non-GAAP financial measures, including adjusted net income
attributable to NTIC and adjusted net income attributable to NTIC
per diluted share, which are not calculated or presented in
accordance with accounting principles generally accepted in the
United States (GAAP). These non-GAAP financial measures are
information supplemental and in addition to the financial measures
presented in the accompanying release that are calculated and
presented in accordance with GAAP. NTIC uses non-GAAP financial
measures as supplemental measures of performance and believes these
measures facilitate operating performance comparisons from period
to period and company to company by factoring out potential
differences caused by non-recurring, unusual or infrequent charges
not related to NTIC’s regular, ongoing business. NTIC also believes
that the presentation of certain non-GAAP financial measures
provides useful information to investors in evaluating the
company’s operations, period over period. Such non-GAAP financial
measures should not be considered superior to, as a substitute for,
or as an alternative to, and should be considered in conjunction
with, the GAAP financial measures presented in the release. The
non-GAAP financial measures in the accompanying release may differ
from similar measures used by other companies.
The following is a reconciliation of NTIC’s
reported net income attributable to NTIC and reported net income
attributable to NTIC per diluted common share to adjusted net
income attributable to NTIC and adjusted net income attributable to
NTIC per diluted common share, in each case, as adjusted to exclude
the net one-time gain related to the acquisition of the remaining
50% ownership interest of ZERUST® India and
certain other adjustments as described below.
|
Three Months Ended |
|
Six Months Ended |
|
February 28, |
|
February 28, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to NTIC, as reported |
$ |
885,248 |
|
$ |
182,847 |
|
$ |
1,387,490 |
|
$ |
4,676,606 |
|
|
Adjustments for adjusted net income: |
|
|
|
|
|
|
|
|
Expenses related to ZERUST® India transaction |
|
- |
|
|
65,000 |
|
|
- |
|
|
115,000 |
|
|
Gain on purchase of ZERUST® India |
|
- |
|
|
- |
|
|
- |
|
|
(4,612,638 |
) |
|
Cumulative foreign currency adjustment |
|
- |
|
|
- |
|
|
- |
|
|
661,088 |
|
|
Amortization expense |
|
105,783 |
|
|
144,000 |
|
|
211,566 |
|
|
212,000 |
|
|
Tax impact of adjusted items |
|
|
|
- |
|
|
|
|
121,000 |
|
|
Non-GAAP adjusted net
income |
$ |
991,031 |
|
$ |
391,847 |
|
$ |
1,599,056 |
|
$ |
1,173,056 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (diluted) |
|
9,747,461 |
|
|
9,683,426 |
|
|
9,745,166 |
|
|
9,736,060 |
|
|
Diluted net income per share,
as reported |
|
0.091 |
|
|
0.019 |
|
|
0.142 |
|
|
0.480 |
|
|
Adjustments for adjusted net
income, net of tax impact, per diluted share 1 |
|
0.011 |
|
|
0.022 |
|
|
0.022 |
|
|
(0.360 |
) |
|
Non-GAAP diluted adjusted net
income per share |
$ |
0.102 |
|
$ |
0.041 |
|
$ |
0.164 |
|
$ |
0.120 |
|
|
|
|
|
|
|
|
|
|
|
1 Includes
adjustments related to the items noted above, net of tax |
144417061.4
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