On this page of StockholderLetter.com we present the 12/4/2023 shareholder letter from NORTHERN TECHNOLOGIES INTERNATIONAL CORP — ticker symbol NTIC. Reading current and past NTIC letters to shareholders can bring important insights into the investment thesis.
• 
12/4/2023 Letter Continued (Full PDF)
•
12/2/2024 NTIC Stockholder Letter
• 12/1/2025 NTIC Stockholder Letter
• More "Specialty Chemicals" Category Stockholder Letters
•
NTIC Benford's Law Stock Score = 70
12/4/2023 Letter Continued (Full PDF)
•
12/2/2024 NTIC Stockholder Letter•
12/1/2025 NTIC Stockholder Letter•
More "Specialty Chemicals" Category Stockholder Letters•
NTIC Benford's Law Stock Score = 70NTIC 12/4/2023 Shareholder/Stockholder Letter Transcript:
K D
K
Our business model of commercializing clean and green
technologies depends heavily on the talents, perseverance, and
t
d
NTIC uses advanced technologies to care for the world we live in,
give back to society, and strive to set an example for environmental
leadership and responsibility.
Ed/
environmentally sustainable business while working to grow the
We encourage our employees, joint venture partners, distributors,
commitments at the individual level through:
Advanced R&D processes that promote the use of
Z
Ed/
commitment to sustainability and environmental responsibility
Through our commitments to lessen our environmental
footprint and our advanced technologies, which allow others to
Ed/
K d W
ZERUST /EXCOR manufactures and markets corrosion-inhibiting technologies that
provide customers with advanced solutions for corrosion across their production facilities
and supply chains. The technology uses proprietary chemical systems to create invisible
molecular corrosion shields on metal surfaces. The ZERUST /EXCOR teams support
clients globally in a broad range of industries, including automotive, electrical, electronic,
medical, machine fabrications, steel production, military, and marine. ZERUST /EXCOR
products and services allow customers to achieve substantial cost savings as well as
reduce the negative environmental impact caused by traditional corrosion prevention
methods and the waste caused by the corrosion of metal assets.
Zerust Oil & Gas provides advanced corrosion control technologies and services to the
petrochemical industry. Zerust Oil & Gas products and services utilize Zerust proprietary
corrosion inhibitors in combination with advanced cathodic protection systems to
dramatically enhance the corrosion protection of capital assets. These assets include
above-ground storage tanks, various pieces of process equipment, buried and submerged
pipelines, mothballed large capital equipment, pipeline flanges, valves, and welded joints.
Zerust Oil & Gas technologies are currently implemented in refineries, offshore oil rigs,
tank farms, and retail gas stations in several countries.
Natur-Tec engineers and manufactures biobased and biodegradable plastic resins
intended to replace conventional, petroleum-based plastics. Natur-Tec has a broad
bioplastics portfolio which spans flexible film, foam, rigid injection molded materials,
and engineered plastics. These applications allow for the production of 100% certified
compostable finished products, such as bags, food service products, and product
packaging. Natur-Tec products are renewable, resource-based, and do not contain
conventional plastic materials. Natur-Tec products provide sustainable alternatives to
conventional plastics and enable the industry and consumers to move closer to a carbonneutral footprint.
d ^ E d / Ed/
& Ed/
h ^ K
our products, end markets and geographies.
On an annual basis, consolidated net sales increased 7.7% year-over-year to a record $79.9 million, driven by
stable North American ZERUST Industrial sales, and growing Natur-Tec and ZERUST Oil & Gas sales. The
investments we made over the years to support our emerging Natur-Tec and ZERUST Oil & Gas segments
Zh^d K '
E d K
& E d
Zh^d K '
Zh^d /
d
d
t
d
d
Ed/
Ed/
Ks/
t
d
K
Ed/ t
NTIC in the future.
Ed/
d d
Ed/ /
^ Z d
d W
Ed/ Zh^d / Zh^d K ' E d
customers.
E
d
d ,
t
Ed/ /
Zh^d K '
Zh^d / E d Zh^d K '
K
t
K
K
Ed/
t
Zh^d / W
Zh^d /
Zh^d / E
Zh^d / &
wholly owned NTIC China subsidiary were hurt by residual COVID-19 lockdowns during the year, causing sales at
Ed/ Zh^d /
t
E
Zh^d K ' /
Zh^d K '
K
d
s /
W / W/
s / Zh^d K '
t
Zh^d K '
E d
E d
E d
COVID-19 pandemic.
t
E d Ed/
E d
t
Ed/
t
t /
K Ed/ /
another good year for NTIC and our stockholders.
Sincerely,
G. Patrick Lynch
President & CEO, NTIC
G. Patrick Lynch
12/4/2023 Letter Continued (Full PDF)