In This Story
Northern Technologies International Corporation (NTIC-1.28%) has submitted its Form 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports an increase in consolidated net sales to $21,338,393, up 5.7% from $20,181,675 in the same quarter of the previous year. This growth is primarily attributed to increased sales of Natur-Tec products.
Cost of goods sold as a percentage of net sales decreased to 61.7% from 63.7% in the prior year, due to lower raw material prices and cost savings from insourcing production.
Joint venture operating income rose by 2.7% to $2,413,712, driven by increased income from joint ventures and fees for services, reflecting higher sales at most joint ventures.
Total operating expenses increased by 14.0% to $9,469,994, largely due to strategic investments in sales infrastructure and increased personnel expenses.
Net income attributable to NTIC was $561,091, or $0.06 per diluted share, down from $895,521, or $0.09 per diluted share, in the previous year, primarily due to higher operating expenses.
Cash provided by operating activities was $2,395,066, with cash used in investing and financing activities amounting to $1,258,336 and $393,341, respectively.
As of November 30, 2024, NTIC had $5,569,834 in cash and cash equivalents, with $4,518,734 outstanding under its line of credit.
The company extended its credit facility maturity date to January 5, 2026, reducing the availability from $10.0 million to $8.0 million and increasing the applicable margin for certain advances.
NTIC continues to focus on expanding its market presence for ZERUST products in the oil and gas industry and increasing sales of Natur-Tec products globally.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Northern Technologies International Corporation quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.