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 third quarter of fiscal
2024.
Third quarter fiscal 2024 financial and operating highlights
include (with growth rates on a fiscal quarter year-over-year
basis):
- Consolidated net sales decreased 1.4% to $20,686,000
- ZERUST® industrial net sales decreased 4.4% to $13,477,000
- ZERUST® oil and gas net sales decreased 31.9% to $1,360,000 –
the year-over-year decline was primarily due to the timing of
approximately $600,000 of orders that moved from the third quarter
of fiscal 2024 to the fourth quarter of fiscal 2024
- Natur-Tec® product net sales increased 20.1% to a quarterly
record of $5,849,000
- NTIC China net sales increased 6.7% to $3,541,000
- Gross profit as a percent of third quarter net sales increased
210 basis points to 38.2%
- Joint venture operating income decreased 3.6% to
$2,609,000
- Net income attributable to NTIC decreased 7.8% to $977,000
compared to $1,060,000
- Net income per diluted share attributable to NTIC was $0.10,
compared to $0.11
- Cash provided by operating activities increased 116% to
$7,584,000 for the nine months ended May 31, 2024, compared to
$3,506,000 for the same period last fiscal year
“Our third quarter results reflect the progress we are making
navigating a fluid macro environment, while capitalizing on growing
demand within our Natur-Tec® and ZERUST® oil and gas markets. We
achieved record quarterly Natur-Tec® sales driven by continued
growth in North America and India for our compostable plastic
products and specialty resins. While the timing of approximately
$600,000 of shipments impacted third quarter ZERUST® oil and gas
sales, demand for our oil and gas solutions is expanding. As a
result, we expect to experience a significant rebound in oil and
gas sales in the fourth quarter of fiscal 2024,” said G. Patrick
Lynch, President and CEO of NTIC.
“The 210-basis point year-over-year improvement in third quarter
gross profit is encouraging and was primarily due to recent
strategies underway aimed at offsetting supply chain disruptions
and raw material challenges, including the insourcing of various
finished goods production. In addition, we continue to make
strategic investments in our operations aimed at supporting
additional growth opportunities across our global markets – most
notably in North America, Brazil, and India. Overall, fiscal 2024
is shaping up to be a strong year of growth, profitability and
strategic investments for NTIC. I am excited by the direction we
are headed, and proud of the hard work and dedication of our global
team members and joint venture partners,” concluded Mr. Lynch.
NTIC’s consolidated net sales decreased 1.4% to $20,686,000
during the three months ended May 31, 2024, compared to $20,970,000
for the three months ended May 31, 2023. The year-over-year
decrease in consolidated net sales for the third quarter was
primarily due to decreases in demand for ZERUST® products.
Additionally, the timing of delivery of products for certain
ZERUST® oil and gas orders caused approximately $600,000 of sales
to move from the third quarter of fiscal 2024 to the fourth quarter
of fiscal 2024. For the nine months ended May 31, 2024,
consolidated net sales increased 4.3% to $61,710,000, compared to
$59,193,000 for the same period last fiscal year primarily as a
result of an increase in sales and demand for Natur-Tec® partially
offset by decreases in ZERUST®.
The following tables set forth NTIC’s net sales by product
category for the three and nine months ended May 31, 2024, and May
31, 2023, by segment:
|
Three Months Ended |
|
May 31,2024 |
|
% of NetSales |
|
May 31,2023 |
|
% of NetSales |
|
% Change |
ZERUST® industrial net sales |
$ |
13,477,181 |
|
65.1 |
% |
|
$ |
14,103,292 |
|
67.3 |
% |
|
(4.4 |
%) |
ZERUST® oil & gas net
sales |
|
1,360,054 |
|
6.6 |
% |
|
|
1,997,382 |
|
9.5 |
% |
|
(31.9 |
%) |
Total ZERUST® net sales |
$ |
14,837,235 |
|
71.7 |
% |
|
$ |
16,100,674 |
|
76.8 |
% |
|
(7.8 |
%) |
Total Natur-Tec® net
sales |
|
5,848,962 |
|
28.3 |
% |
|
|
4,869,052 |
|
23.2 |
% |
|
20.1 |
% |
Total net sales |
$ |
20,686,197 |
|
100.0 |
% |
|
$ |
20,969,726 |
|
100.0 |
% |
|
(1.4 |
%) |
|
Nine Months Ended |
|
May 31,2024 |
|
% of NetSales |
|
May 31,2023 |
|
% of NetSales |
|
% Change |
ZERUST® industrial net sales |
$ |
40,431,379 |
|
65.5 |
% |
|
$ |
40,504,908 |
|
68.4 |
% |
|
(0.2 |
%) |
ZERUST® oil & gas net
sales |
|
5,029,696 |
|
8.2 |
% |
|
|
5,424,514 |
|
9.2 |
% |
|
(7.3 |
%) |
Total ZERUST® net sales |
$ |
45,461,075 |
|
73.7 |
% |
|
$ |
45,929,422 |
|
77.6 |
% |
|
(1.0 |
%) |
Total Natur-Tec® net
sales |
|
16,249,335 |
|
26.3 |
% |
|
|
13,263,895 |
|
22.4 |
% |
|
22.5 |
% |
Total net sales |
$ |
61,710,410 |
|
100.0 |
% |
|
$ |
59,193,317 |
|
100.0 |
% |
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NTIC’s joint venture operating income decreased 3.6% to
$2,609,000 during the three months ended May 31, 2024, compared to
joint venture operating income of $2,708,000 during the three
months ended May 31, 2023. The $99,000 decrease in joint venture
operating income was primarily due to a decrease in net income at
NTIC’s joint venture in Germany, partially offset by increases at
the majority of the other joint ventures. Net sales of NTIC’s joint
ventures, which are not consolidated with NTIC’s financial results,
decreased 2.7% to $25,602,000 during the three months ended May 31,
2024, compared to $26,313,000 for the three months ended May 31,
2023. Year-to-date, NTIC’s joint venture operating income was
$7,441,000, compared to joint venture operating income of
$7,461,000 during the nine months ended May 31, 2023. Net sales of
NTIC’s joint ventures were $72,643,000 for the nine months ended
May 31, 2024, compared to $76,525,000 for the nine months ended May
31, 2023.
Operating expenses, as a percent of net sales, for the third
quarter of fiscal 2024 were 43.4%, compared to 40.0% for the same
period last fiscal year. Year-to-date operating expenses, as a
percent of net sales, were 42.0%, compared to 40.8% for the same
period last fiscal year. Higher operating expenses for the three
and nine months ended May 31, 2024, over the prior fiscal year
periods were primarily due to increased personnel expenses,
including new hires, benefits and travel.
Net income attributable to NTIC for the third quarter of fiscal
2024 was $977,000, or $0.10 per diluted share, compared to net
income of $1,060,000, or $0.11 per diluted share, for the same
period last fiscal year. Year-to-date, net income attributable to
NTIC was $3,573,000, or $0.36 per diluted share, compared to net
income of $1,973,000, or $0.20 per diluted share, for the same
period last fiscal year.
NTIC’s consolidated balance sheet remains strong, with working
capital of $23,179,000 as of May 31, 2024, including $5,795,000 in
cash and cash equivalents and an outstanding revolving line of
credit and term loan balance of $4,750,000, compared to $22,950,000
of working capital as of August 31, 2023, including $5,406,000 in
cash and cash equivalents and an outstanding revolving line of
credit and term loan balance of $6,357,000.
At May 31, 2024, the Company had $24,219,000 of investments in
joint ventures, of which $13,400,000 or 55.4%, is 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 third quarter of fiscal
year 2024 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/BI5613987f5d08414b9bdee26f0a3f7b70
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/wve7hntp.
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.
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 beliefs that demand for oil
and gas solutions will expand, oil and gas sales will significantly
rebound in fourth quarter of 2024, and our strategic investments
will support additional growth opportunities, 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 and the Israel and Hamas conflict; 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, 2023 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.
|
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF MAY 31,
2024 (UNAUDITED) AND AUGUST 31,
2023 (AUDITED) |
|
May 31, 2024 |
|
August 31, 2023 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
5,794,824 |
|
|
$ |
5,406,173 |
|
Receivables: |
|
|
|
Trade, excluding joint ventures, less allowance for doubtful
accounts of $533,000 as of May 31, 2024 and August 31, 2023 |
|
14,374,856 |
|
|
|
15,645,130 |
|
Trade, joint ventures |
|
594,331 |
|
|
|
187,912 |
|
Fees for services provided to joint ventures |
|
1,262,153 |
|
|
|
1,296,594 |
|
Dividend receivable from joint ventures |
|
— |
|
|
|
1,986,027 |
|
Income taxes |
|
463,828 |
|
|
|
34,202 |
|
Inventories |
|
13,242,381 |
|
|
|
13,096,489 |
|
Prepaid expenses |
|
2,170,896 |
|
|
|
2,019,029 |
|
Total current assets |
$ |
37,903,269 |
|
|
$ |
39,671,556 |
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
$ |
15,678,572 |
|
|
$ |
14,065,354 |
|
OTHER ASSETS: |
|
|
|
Investments in joint ventures |
|
24,219,348 |
|
|
|
23,705,714 |
|
Deferred income tax, net |
|
570,673 |
|
|
|
530,944 |
|
Intangible asset, net |
|
5,802,438 |
|
|
|
6,159,485 |
|
Goodwill |
|
4,782,376 |
|
|
|
4,782,376 |
|
Operating lease right of use asset |
|
308,868 |
|
|
|
428,874 |
|
Total other assets |
|
35,683,703 |
|
|
|
35,607,393 |
|
Total assets |
$ |
89,265,544 |
|
|
$ |
89,344,303 |
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Line of credit |
$ |
1,988,380 |
|
|
$ |
3,600,000 |
|
Term loan |
|
2,762,049 |
|
|
|
2,757,176 |
|
Accounts payable |
|
6,273,261 |
|
|
|
6,056,329 |
|
Income taxes payable |
|
17,579 |
|
|
|
13,053 |
|
Accrued liabilities: |
|
|
|
Payroll and related benefits |
|
2,216,767 |
|
|
|
2,305,400 |
|
Other |
|
1,289,106 |
|
|
|
1,648,615 |
|
Current portion of operating lease |
|
247,291 |
|
|
|
340,799 |
|
Total current liabilities |
$ |
14,794,433 |
|
|
$ |
16,721,372 |
|
LONG-TERM LIABILITIES: |
|
|
|
Deferred income tax, net |
|
1,836,059 |
|
|
|
1,836,059 |
|
Operating lease, less current portion |
|
61,577 |
|
|
|
88,075 |
|
Total long-term liabilities |
$ |
1,897,636 |
|
|
$ |
1,924,134 |
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
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 May 31, 2024 and August 31, 2023; issued and
outstanding 9,441,124 and 9,424,102, respectively |
|
188,823 |
|
|
|
188,482 |
|
Additional paid-in capital |
|
23,104,415 |
|
|
|
21,986,767 |
|
Retained earnings |
|
52,596,976 |
|
|
|
51,004,427 |
|
Accumulated other comprehensive loss |
|
(7,038,745 |
) |
|
|
(6,823,403 |
) |
Stockholders’ equity |
|
68,851,469 |
|
|
|
66,356,273 |
|
Non-controlling interest |
|
3,722,006 |
|
|
|
4,342,524 |
|
Total equity |
|
72,573,475 |
|
|
|
70,698,797 |
|
Total liabilities and equity |
$ |
89,265,544 |
|
|
$ |
89,344,303 |
|
|
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)FOR THE
THREE AND NINE MONTHS ENDED MAY 31, 2024 AND 2023 |
|
Three Months Ended |
|
Nine Months Ended |
|
May 31, 2024 |
|
May 31, 2023 |
|
May 31, 2024 |
|
May 31, 2023 |
NET SALES: |
|
|
|
|
|
|
|
Net sales |
$ |
20,686,197 |
|
|
$ |
20,969,726 |
|
|
$ |
61,710,410 |
|
|
$ |
59,193,317 |
|
Cost of goods sold |
|
12,793,103 |
|
|
|
13,389,873 |
|
|
|
38,143,878 |
|
|
|
38,957,272 |
|
Gross profit |
|
7,893,094 |
|
|
|
7,579,853 |
|
|
|
23,566,532 |
|
|
|
20,236,045 |
|
|
|
|
|
|
|
|
|
JOINT VENTURE OPERATIONS: |
|
|
|
|
|
|
|
Equity in income from joint ventures |
|
1,396,731 |
|
|
|
1,346,658 |
|
|
|
3,676,962 |
|
|
|
3,664,793 |
|
Fees for services provided to joint ventures |
|
1,212,497 |
|
|
|
1,361,311 |
|
|
|
3,764,514 |
|
|
|
3,795,862 |
|
Total joint venture operations |
|
2,609,228 |
|
|
|
2,707,969 |
|
|
|
7,441,476 |
|
|
|
7,460,655 |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Selling expenses |
|
4,232,887 |
|
|
|
3,893,152 |
|
|
|
12,053,839 |
|
|
|
10,996,303 |
|
General and administrative expenses |
|
3,500,113 |
|
|
|
3,205,645 |
|
|
|
10,253,966 |
|
|
|
9,470,433 |
|
Research and development expenses |
|
1,245,405 |
|
|
|
1,282,439 |
|
|
|
3,593,582 |
|
|
|
3,680,246 |
|
Total operating expenses |
|
8,978,405 |
|
|
|
8,381,236 |
|
|
|
25,901,387 |
|
|
|
24,146,982 |
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
1,523,917 |
|
|
|
1,906,586 |
|
|
|
5,106,621 |
|
|
|
3,549,718 |
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
23,744 |
|
|
|
8,876 |
|
|
|
99,396 |
|
|
|
18,495 |
|
INTEREST EXPENSE |
|
(59,939 |
) |
|
|
(136,168 |
) |
|
|
(248,835 |
) |
|
|
(342,643 |
) |
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAX
EXPENSE |
|
1,478,722 |
|
|
|
1,779,294 |
|
|
|
4,957,182 |
|
|
|
3,225,570 |
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
332,400 |
|
|
|
542,295 |
|
|
|
848,391 |
|
|
|
834,823 |
|
|
|
|
|
|
|
|
|
NET INCOME |
|
1,155,322 |
|
|
|
1,236,999 |
|
|
|
4,108,791 |
|
|
|
2,390,747 |
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO
NON-CONTROLLING INTERESTS |
|
178,718 |
|
|
|
177,409 |
|
|
|
535,497 |
|
|
|
417,418 |
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO
NTIC |
$ |
976,604 |
|
|
$ |
1,059,590 |
|
|
$ |
3,573,294 |
|
|
$ |
1,973,329 |
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO
NTIC PER COMMON SHARE: |
|
|
|
|
|
|
|
Basic |
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.38 |
|
|
$ |
0.21 |
|
Diluted |
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.36 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARES |
|
|
|
|
|
|
|
ASSUMED OUTSTANDING: |
|
|
|
|
|
|
|
Basic |
|
9,431,134 |
|
|
|
9,369,923 |
|
|
|
9,432,684 |
|
|
|
9,355,776 |
|
Diluted |
|
10,015,674 |
|
|
|
9,628,069 |
|
|
|
9,819,220 |
|
|
|
9,702,610 |
|
CASH DIVIDENDS DECLARED PER
COMMON SHARE |
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND
SUBSIDIARIESRECONCILIATION 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 amortization
expense associated with the net one-time gain related to the
acquisition of the remaining 50% ownership interest of ZERUST®
India.
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
May 31, 2024 |
|
May 31, 2023 |
|
May 31, 2024 |
|
May 31, 2023 |
|
|
|
|
|
|
|
|
Net income attributable to NTIC, as reported |
$ |
976,604 |
|
$ |
1,059,590 |
|
$ |
3,573,294 |
|
$ |
1,973,329 |
Adjustments for adjusted net income: |
|
|
|
|
|
|
|
Amortization expense |
|
105,783 |
|
|
105,783 |
|
|
317,349 |
|
|
317,349 |
|
|
|
|
|
|
|
|
Non-GAAP adjusted net
income |
$ |
1,082,387 |
|
$ |
1,165,373 |
|
$ |
3,890,643 |
|
$ |
2,290,678 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (diluted) |
|
10,015,674 |
|
|
9,628,069 |
|
|
9,819,220 |
|
|
9,702,610 |
Diluted net income per share,
as reported |
|
0.10 |
|
|
0.11 |
|
|
0.36 |
|
|
0.20 |
Adjustments for adjusted net
income, net of tax impact, per diluted share |
|
0.01 |
|
|
0.01 |
|
|
0.03 |
|
|
0.03 |
Non-GAAP diluted adjusted net
income per share |
$ |
0.11 |
|
$ |
0.12 |
|
$ |
0.39 |
|
$ |
0.23 |
|
|
|
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Investor and Media Contact:Matthew Wolsfeld,
CFONTIC(763) 225-6600
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