Northern Technologies International Corporation (NASDAQ:NTIC) Q4 2022 Earnings Conference Call November 14, 2022 9:00 AM ET
Company Participants
Patrick Lynch - Chief Executive Officer
Matt Wolsfeld - Chief Financial Officer
Conference Call Participants
Tim Clarkson - Van Clemens
Gus Richard - Northland Capital Markets
Operator
Good day and thank you for standing by. Welcome to NTIC’s Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.
As part of the discussion today, the representatives from NTIC will be making certain forward-looking statements regarding NTIC’s future financial and operating results, as well as their business plans, objectives and expectations.
Please be advised that these forward-looking statements are covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and that NTIC desires to avail itself of the protections of the Safe Harbor for the statements.
Please also be advised that actual results could differ materially from those stated or implied by the forward-looking statements due to the certain risks and uncertainties, including those described in NTIC’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q and recent press releases. Please read these reports and other future filings that NTIC will make with the SEC. NTIC disclaims any duty to update or revise its forward-looking statements.
I would now like to turn the call over to your first speaker today to Patrick Lynch, NTIC’s CEO. Please go ahead.
Patrick Lynch
Good morning. I am Patrick Lynch, NTIC’s CEO. I am here with Matt Wolsfeld, NTIC’s CFO. Please note that a press release regarding our fiscal 2022 fourth quarter and full year financial results was issued earlier this morning and is available at ntic.com.
During today’s call, we will review various key aspects of our fiscal 2022 fourth quarter and full year financial results, provide a brief business update and then conclude with a question-and-answer session.
Fiscal 2022 produced record sales for NTIC, thanks to strong demand for our ZERUST industrial products and services in North America, as well as for our Natur-Tec and ZERUST Oil & Gas products, both in the U.S. and abroad.
Having said that, it’s also important to acknowledge the benefit NTIC received from buying out our former Indian joint venture partner at the start of fiscal 2022. With this acquisition, we now have to consolidate ZERUST India’s financials into NTIC’s, causing our net sales to show an increase of 31.3% year-over-year. If we had not acquired the other 50% of ZERUST India in September 2021, NTIC’s fiscal 2022 sales would only show an increase of 13.6% year-over-year.