NTIC - Earnings call transcript Q4 2017 | Northern Technologies International Corporation

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Operator

Good morning ladies and gentlemen and welcome to Northern Technologies International Corporation’s Fourth Quarter 2017 conference call and webcast. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session, and instructions will be provided at that time. If anyone should require operator assistance during today’s conference, please press star then zero on your touchtone telephone.

As part of the discussion, 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. desires these of are Reform Safe the XXXX that that Safe under Act Harbor advised of and provisions itself Harbor Private NTIC for be these forward-looking of covered statements the of the statements. Please protections avail the to Securities Litigation annual differ NTIC’s uncertainties, the press on also due forward-looking XX-Q, report Please could to advised most including stated quarterly those certain Form the that from be and those releases. statements in described or recent results risks subsequent on XX-K, actual materially implied Form by reports recent and Please read and filings future SEC. will that NTIC these reports the make with other duty statements. to any revise or disclaims its forward-looking NTIC update like your I’d to conference, host introduce Mr. today’s now for Patrick Lynch, President and CEO, and Mr. Matthew Wolsfeld, CFO. Mr. yours. is the Lynch, conference

Patrick Lynch

Patrick I’m of a our for a included morning. CEO, CFO. press NTIC’s earlier NTIC’s Wolsfeld, release Good were here morning, available Matt XXXX note you. that copy financial and Please issued in which NTIC.com. fourth is quarter Thank I’m at the with fiscal results Lynch, this

call, guidance will record pleased on full-year fiscal our a key with fourth various answer question a enjoy and well then conclude improved with XXXX XXXX, strong session. with I’m we profitability. fourth full financial fiscal and review aspects sales and and our results, sales earnings fiscal results business net of update, will quarter that our give brief comment for XXXX extremely year our financial as this as quarter and expect During

record share partners the our venture solutions Zerust around and gain have experienced many have core continued of market Our to world joint sales.

fiscal XXXX been on while increased quarter China quarter financials as $XXX,XXX Overall, the profitable despite network. which as in China year Natur-Tec’s have operating to profitably. legal litigation- global also NTIC’s year. related margin segments transition profound annual of business core until closed segment America business North expenses on well operating its with Cortec emerging by impact in fourth joint XX.X% a finished sustained our second the now has Natur-Tec business and our venture our to spending during NTIC the consecutive NTIC profits Our

With for products. demand the fiscal our drivers strong Global core full year. remained examine industrial for these highlights, quarter Zerust let’s the and

the August consolidated included XX.X% a Natur-Tec August ended XX.X% XXXX. XX.X% million quarterly XX, net For down and our XX.X% ended this months quarter NTIC sales growth three decline as Zerust net Broken a fourth to increased total ventures, increase of to sales net units, sales, oil sales a XXXX, by offsetting in and record joint in the to business compared growth $XX.X in XX.X% industrial from gas net in a sales. XX,

ventures, net the year a the down ended For for the increased Broken period XXXX, in compared increased year million $XX.X of joint result last The in million do unit, global share. decline XX.X% the XXXX net our fourth business the improved this X% in to by included partially by sales for quarter as increase to to a market consolidate JV $XX.X was same fiscal NTIC total Zerust sales our $XX.X fiscal XX.X% and sales record ended from XXXX. in sales a X.X% compared not gas sales Total in and August XX, our to XX, offset growth sales fiscal XX.X% to XX.X% million August year. statements, Natur-Tec joint declines growth which and of industrial by oil grew ventures financial sales. net in and net net fiscal we demand consolidated

to strengthen with JV international partners and markets work our our We continue to closely performance. global monitor proactively

due the our fiscal continued team XXXX The demand continued markets period our JV growth fiscal total to agricultural well increased the aggressively core to into last expanding to optimistic during these XXXX as $X.X existing customers and XX.X% million as base throughout million from sales fiscal quarter industrial during strong $XXX.X China XX.X% as year, compared was sales China compared in same fourth to million for the first and stable products last wholly Zerust the an Sales the grew fiscal will sectors XXXX remain to and the former these and while ventures current $XX.X trends quarter subsidiary across sales to by market the are $X.X have increased fourth we of year. full within customer NTIC our year. by year higher quarter also mining For to new industrial of our that joint year sectors. our owned in convert million new sectors. Favorable sales

the NTIC increased fiscal period same last year, million China For full to to XX.X% million compared subsidiary the the for $X.X $X.X year.

in As million. prior a $XX revenues this achieved point market JV, reference, of were under annual the we Chinese highest NTIC’s

we believe and a gas X.X% Ohio by planning XXXX, actions in XXXX fiscal outcome, disappointed majority States during XX sales District for legal recapture XXXX prejudice fourth track lower further quarter prepared XXXX of this consequently claims issued the included and for we total be for to $XXX,XXX we against with at $XXX,XXX of the for should an litigation Court the District our believe and subsidiary trial. year. were that expenses full case fiscal We any significantly announcing X-K Cortec asserted had deeply wholly legal incurred across Corporation. operating this greater not the with expenses strong litigation the against is are XXXX August legal down are completed NTIC’s against by $XXX,XXX the Northern related potential NTIC all had these of to the XXXX. Corporation. NTIC opportunities in Cortec market and of September on months fiscal as look and Oil time and but Corporation that we us dismissed United ended as in In respectively Cortec We sales sales owned XX, to and a continue Fiscal provides region. the

pursue interest represents opportunities in disappointing, remain high term prevention products market a Europe, those as Middle the of we results are and portfolio the East opportunity encouraged remains we this that Consequently, believe we number somewhat market by While corrosion Asia. of North America, a long growing Southeast and sales solutions. and have strong

same $X.X bio-plastics growth Natur-Tec of America as fiscal a India. rates an sales Turning business, as by Natur-Tec to domestic majority-owned has last over North million, distribution strong year. in our continued period Natur-Tec to the fourth of our demand subsidiary in quarter XXXX products double-digit for fiscal increase through significant the XX% NTIC’s achieve well network of result higher sales finished a as were

a financial cash result our flows new opportunities. operating of initiate share of financial Natur-Tec footprint sheet solutions NTIC’s profitability, announce company cash year, support as the results strong to position that sales turned to corrosion the and $X.X of strong I a board corner and leverages and dividend has in invest flexibility am significant and growth and global Fiscal Natur-Tec. outlook. demonstrated directors globally as decided million. per provide to NTIC XX% nearly continues a to For favorable XXXX quarterly NTIC the $X.XX business profit China Zerust leading to that and contributions prevention provide has improving pleased sales NTIC’s increased balance with customers NTIC’s

summarize we a earnings over financial term long platform sales drive results this in our for value our growth have stockholders overview, committed to we and are and to sustainable We turn Matt fiscal beyond. Wolsfeld to let to me call creating fiscal XXXX XXXX. now believe for With and the

Matthew Wolsfeld

result from joint corresponding sales and strong fiscal a income. NTIC many million Thanks inhibiting the and to products, Patrick. XX.X% sales million nearly across increased sales fiscal increased Natur-Tec $X.X respectively increase XX.X% industrial of Higher or of joint prior year. increase of full double-digit fourth XXXX contribution in operating and or the in which XX% period and the a Zerust growth ventures $X.X last a XX% joint net China venture year for of sales. NTIC XX.X% in operations drove XXXX quarter as include NTIC compared in venture profitability Income corrosion our

only Our in sales. $X.X expenses the during significant XXXX despite decreased and the year quarter million total for full was fiscal increase X.X% operating X.X% up to fourth the

operating improvements As and for fourth a NTIC full experienced both margins quarter fiscal the in fiscal XXXX year. result, significant

to fourth common $X.XX a loss mentioned, transitioned administrative and expenses general previously income fiscal of that specifically per have and they year. or expenses, selling, nearly million impairment gas quarter. fiscal and business. expenses, the Many treated diluted to net The venture. per $X.X XXXX fourth million for compared quarter net expenses from we’ve development to NTIC’s to were its invested to last down or loss the XXXX investment of stage in As we $X.X and $X.X Natur-Tec a write R&D to activities we these share $X.XX of of fourth formerly these NTIC associated fiscal relate joint million former quarter reported operating as compared $X.X Zerust as XXXX oil Chinese in development research net the regular have million included business with expenses in for $X.X share expenses million units and fiscal transitioned

in in In various quarter. of joint Zerust which off last wrote Tianjin associated just fourth over and the addition, year’s inventory the also venture, $XXX,XXX China former company was receivables impact the with

guidance which per was $X.X favorably compares with in For to or net year’s of and income full million diluted the line loss of year, nearly our share. NTIC per year $X.XX reported $XXX,XXX $X.XX share, last or

building will million almost to invested XXXX, August had in cash million On to compared capital XXXX. working for costs our August cash and $XX.X model cash $X.X equivalents and are available investment in $X.X Natur-Tec $X.X as operating and sale working expect is China in and million million flows forward. in financial joint we in business cash going by securities or XX, ventures, which remaining increase million, XXXX, not including significant XX% was approximately of model NTIC’s company does XX, and strong NTIC additional $XX $XX.X the as sale approximately to of in the with in available for produce revenues, August $X.X support equivalents anticipated absorbed capital million of and in require capital. securities XX, including cash of million $XX.X cash, continue As million balance

range million, we range annual XX.X% to or to diluted to increase. between to fiscal for Turning estimate fiscal attributable year expect ending represents NTIC currently $XX million XXXX, net and share now will our sales million XX% per million which for and our a annual XXXX. between August $X $X.XX We $XX $X.X $X.XX income guidance to NTIC’s XX, the between

change earnings in the uncertainties and and risks the risks XX%. uncertainties. limitation facing increase guidance our are ranges and guidance significant Our including a year-over-year to the our represents of wide per uncertainties for business, These XX% without operations to diluted risks China related share and other due to

direction can and take and and As excited fourth strong a see, drive platform We’ve profitable headed. I this, built our results. we’re we’re encouraged and by growth, the you we’re by quarter will full sustainable year With Patrick questions. your to

Operator

[Operator question Clarkson with instructions] first Tim comes Capital. Van Our Clemens from

open. is line Your

Tim Clarkson

glad results. the a dividend, I’m just this results Northern what at profitable Hey, news. it’s the Tech so you’re the Tech. and That’s great and company to commendation all solid great Northern to great great great--it’s doing and efforts a of is, employees guys, shows efforts your

that On favorable the end? you are out compostable legislation there’s kind hearing What I’m of know, that additional California. be going what on to hearing of end, impact--you

Patrick Lynch

California. aware to for of nice quite I’m that you. not have First to and We’d of thanks look get you all, on back comments, the the into legislation but for frankly

Tim Clarkson

developing, How going of do now venture obviously, how of you product, proprietary terms in product the feel in and with that you Cargill. Natur-Tec in Okay. a this have in product How have and marketplace? that you is joint terms differentiated about about the

Patrick Lynch

our Well, competition, United other certain Southeast couple the us and that people, and in again terms part gave and what’s feel both in cost leading have with in our BASF that specific formulations we sales, a and and advantages that’s versus Asia. in performance Cargill we of States properties the of in

Tim Clarkson

you’re with are oil gas, we traction these question more starting Okay. signs the some big that - One seeing on and to last companies? get oil

Patrick Lynch

fourth We’re quarter we get on very which, delays, much this working some should favorably. nice make year unexpected some look the third and projects of more unless second,

Tim Clarkson

Great, No questions. more thanks.

Operator

Thank you.

with Our next Oracle. Vidich Joe from comes question Manalapan

open. is line Your

Joe Vidich

Yes, hello guys.

there. Africa reading, very great were it’s great. Natur-Tec. it profitable. have plastics, wondering have sales some to any that been on what number been is outlawing just really and if That’s impressive like From in Your making a did in I questions countries guys working of was I or China you I’ve Africa see are results seems and

Patrick Lynch

We target up currently. we where are loop landfill. disposal compost products not currently quite that into not disposal efforts versus closed are Africa, The can and can that, you sure factor have cycle, in towards am generally and do directed to our not bio-plastics itself are in comes to various plastics. We when disposal. getting a site sure for we a mean, a areas waste expensive have cost in I compost our African marketing wind any trying systems make waste cost speaking lend you site a more products involved - a that the into benefit I divert conventional also would countries bio-plastics than the there’s still where

itself particular So the again, really that at to I’m infrastructure African not quite lends this sure this time. application

Joe Vidich

you’re markets the Could after? lot. what you which tell me lend you are a explains key to are markets do That going think okay. itself Which Natur-Tec? that Right,

Patrick Lynch

infrastructure to and those site, that Well, rather money so United on targeting our it is has--so to more by product. very of disposable or system, coast cost compost alternatives, the by products service the are the initial of organic a products example, a so compost while on lower into landfill, it they waste save markets you to entire entire a their them in allowing it sending the it cost disposal plastic a cycle large organizations money than where waste might sending conventional with waste life our products they save west the can go the sophisticated, take than give divert site to in States and food we an

Joe Vidich

know that forward? how the do Right, question did regard will going should guess about to is, think this, more dismissed, okay. impact but involve, was my you other I probably which part and that with you your I that lawsuit and business of

Patrick Lynch

Corporation our venture partner. in to tried was a the operations to potentially China, had was joint our our Sure. primary going Cortec aspect business Well, of relationship that with pursue impact where former

initiating so the our the be have during They non-factor. position this fizzled best and knowledge, venture partner relationship market. course position China litigation, in not to Cortec’s position in that have former Now, to in have to a position market position did a the ended, whole, the by win the strong significant get of Cortec Chinese the a the do in Chinese no market China already before, a litigation us Chinese in the today. while our they so itself today, joint strong continues preferred have not our between They on helped the would move we litigation, and of to was positive

Joe Vidich

all I Great, that. Thanks got. appreciate very much. That’s I’ve

Operator

again Thank touchtone press question, you. Once then star if ladies do on please have your a you and telephone. one gentlemen,

Weaver Capital. from question next Greg comes Invicta Our from

Your line is open.

Greg Weaver

job, see I think Hey, would back. to good Nice happy and both and morning Phil guys. dividend the Lorne be

Patrick Lynch

just you’ve been that you company, the Well, tells how long Greg. with

Greg Weaver

going headed right to direction. around sticking like still the are I’m here, looks still it and guys you’re well, think Yes, get because in I you it

here. questions random of couple a just So

margin being had In that, sustainable, and that fourth and terms weak? Is what especially a in gas oil with of--you very quarter. drove nice the gross

Matthew Wolsfeld

bit We wasn’t to more That worked say, couple there change wasn’t certainly There a some a a that inputs made sourcing had gross have with of some different feel to just in significant that do it’s gross sustainable. significant--you know, decisions the a more margin, the little get decreasing we’ve let’s margin. at, points. and ways we that from

changes to we a margin we’ve going think the standpoint. certainly made year from are the fiscal So us forward benefit that going gross last

Greg Weaver

on and again, nice, if gas top that’s we going that? and of get gravy Okay, oil

Matthew Wolsfeld

Correct.

Greg Weaver

FX? earnings, did you on would you. little about What impact here for hazard say, JV I tailwind that of fiscal ’XX? and a Obviously have think How good. revenue to bit Okay, for got we a

Matthew Wolsfeld

thing been we all still back and down the is fiscal been--it I we For to one in the bounce year, so a X.X. average has take small applied, is boost. it currency way the The it’s ’XX, at certainly X.XX, one was euro say that’s the the to get year, point going to I’d that almost during think saw time what throughout

fiscal we I euro bigger in back. as it we’ll than it certainly forward, quarter third see ’XX, and bounced on the did think in a helped impact fourth ’XX having going but

goal, and Going right X.X forward, X.X will operating higher hovering is at us benefits dollar, or certainly certainly a but our the goal bit so benefit is weak JV maybe certainly--not what little have a our our U.S. around income. going on

Greg Weaver

like, Okay. next Any were this you sense in, think? what I year, a mean, I the of is tax rate year? XX-ish

Matthew Wolsfeld

pretty stay have. with this year. forwards There tax will certainly it carry think we I are consistent foreign that credit

consistent North to would pretty profits compared We’re rate a in starting more to last America, tax so generate see I year.

Greg Weaver

the jinx back money on And this happening that of whatever you come we not so should company it, at that the to from all is Cortec mean, year? should top this stuff consider legal, legal--I spent random

Matthew Wolsfeld

September was we and so in a think quarter. about all actual fall to be of so actual expenses right into first about to took $XXX,XXX the kind trial trial everything in supporting of Well, fourth quarter, say would it I there USD$XXX,XXX, fourth first had, of that, After The want expense hangover then a--call month. roughly slight of expense--the continues in I were September in place off. just there $XXX,XXX the we year, had--in quarter, this

Greg Weaver

less? So million a or so half

Matthew Wolsfeld

don’t kind of company. first just I No, provide mean, expense quarter and active would we $XXX,XXX have litigation the going to that in then any forward, any

Greg Weaver

last Got half this million right a - savings year. in relative to you, year

Matthew Wolsfeld

sorry. Yes, Yes.

Greg Weaver

you. Got

swing in point? EPS would the you fiscal your ’XX what biggest So this factor is say at outlook

Matthew Wolsfeld

profits some second though they where, last cumulative probably to China of still the in profitable still to is position in compared profitable loss loss year, the half cumulative a being year. were of I again, ’XX. the a fiscal contribution last provide loss--was having even would year, going say Natur-Tec the

to know, if stronger QX a by of even even of so the certainly--you the seeing currency they coming expenses profits be year ’XX. in because been goal were significant. provide ventures North You the of at our see JV the nice I out last are a are going ventures, that, that’s and the relatively expenses very joint Zerust certainly in increased American out same will then top QX keeping company we’re very of profits our up of the joint sales so something North income litigation--you at expect XX%, flat, the so foreign strong, ventures we’re dramatically fiscal piece, you the that push JV if joint top going flat, joint while foreign our earnings currency increased operations significant than profitability in of tailwinds, our we’ve coming of if XX% the to flat, have boost currency At of we increase XX% sales expenses operating and operating a into can outside is have know, out very operating of would ’XX. that China, slightly and or QX our that at on forward boost changes that do operating we ventures, kept by America, push time, so to were that, from the On going and and think operations from coming XX% to

Greg Weaver

million just give gross than FX, net, like million of XX%, margins Yes, a it given--$X net, hard That’s time, legal, you through at talked all why in talking a I’m savings, with at to million margin savings that seeing million of we’re revenue million revenue other of we’re not of gross incremental the plus less is of to dollars your incremental was all with better, even the $X.X things half of $X and I thinking flow if $X good my you the you kind mean, if you a - get that stuff XX% where still I tax ignoring only of mentioned. are incremental question. that’s but etc., I legal summary about we case. guidance, going

Matthew Wolsfeld

know that my you baseline following what in right however, we’re I’m If in income the XX% kind now, spreadsheets you per possible, would we’ll then certainly at that exceed a baseline. do that showing which Yes, going than seeing standpoint are I and certainly from front guidance; what, share and we’re we similar of it’s XX% to earnings eyes increase that, guidance to our earnings have time. our trying can certainly more is of right is possible and a be growth revenue to establish company of,

Greg Weaver

Okay, that’s fair.

something missing here Just making sure I not-- wasn’t that’s

Matthew Wolsfeld

always we our haven’t Greg. numbers, hit Well, guidance

Greg Weaver

on sure I’m just that, something on. - going making else with over-deliver there Under-promise, board so wasn’t

Okay, Thanks guys. job. nice

Matthew Wolsfeld

Greg. Thanks

Operator

Thank you.

with Charlie question Clemens Van Company. next Pine from Sir? and Our comes

Charlie Pine

Matt. numbers the dividend. Hi, and just wanted for seeing the also applaud good on announcement and morning guys Pat you liked really hitting I to QX for the

things answered, to that of been my a like I’d address. Some questions have there’s but have couple you

on First of now of you’re of you activity right status year Tianjin, the of your that write-offs former about partner, bit? Could ago the of a discussions that old you all, still talk trying understand process. little sort with take activity, China. the can did in recovery to--I a your in all a What’s discuss regarding what you

Patrick Lynch

there we matter are discussions within nor a how of any still looking Tianjin, neither some functions. Matt still former the with XXXX, before in system Chinese actually China. at and feeling courts to being--is are point the our forward is judicial I The active no the in venture in China ruling joint partner Well, have for city but

Matthew Wolsfeld

the of could company. forward At venture. is that don’t be have China, year things as this that that we at or in to on any we former that of We include value. certainty, existing a of still but at as feel litigator--is certainly or the to but sheet only liquidated, as focus main don’t we push take least this liquidation time joint to It’s business is given it’s from that It as intention time, did China, anticipate large and end in significant money expenses balance last matter certainly not had entity of in dissolved. it, up point the loose any tying waiting trying we’re on that simply ends having did any entity the legal write-offs There thing the something enough and this at point for China asset do kind point much from in try in in our an it at is has in company the recover with that of certainty is when or it’s how when there, much but exactly our going now. can, not are to just we’re where China, the money how so sure growing we time,

Charlie Pine

partner for a lot clarifying the you or had business mean, successes that. more talk in that get somewhat thanks in capturing Zerust segments what be where had XXXX? you some that that you joint to about about then after Okay, Can seemed expect after going know expound had your you there I little areas Can bit a older years. and you several and little venture going on--I indolent you’re were bit going customers, you to new after been new former of for also a mentioned new the legacy subsidiary

Patrick Lynch

I restrict China comments a to the--it’s and that has. distribution a saying significant reach that larger it��s and current more--well, network my in part basically Well, would our sales geographical

more customers in the its marketing sales joint while or our venture the around marketing more and area, access markets. to China’s of it primarily us greater our covers network and so regions, or former sales China, new industrial focusing Our Shanghai was efforts majority gives current

a prefer setting. I’d any details public to not that, Beyond discuss in

Charlie Pine

that’s right, all understood. Okay,

oil a and gas. questions Zerust ask me regarding other couple Let

getting talked time Do your from communication anything an time efforts provide us to that new You’ve you to your matter? API last have since of with us certification. about on

Patrick Lynch

We best going that my with new the knowledge, discussions and know in a are on it are will when these action exactly seems but in foreseeable will be favorable rule come taking be direction. ongoing the API future. the API out, of the To don’t to track

Charlie Pine

characterize think a we good foreseeable you you coming that during XXXX? certification that have pretty future? Would Do chance seeing of fiscal that means

Patrick Lynch

I but--and don’t about experience in enough bit quite XXXX, API anything for have feeling a timeline. give to be for with I’d good frankly, you little promising a general the hesitant

Charlie Pine

Okay.

potentially mentioned You tank versus first you’re new of where ago? that some you as segment on characterize you currently move working The how were large right the those, in of storage year that interest level into--as numbers you arena. for you’re the the quarter and in now deals would right nice now a

Patrick Lynch

hesitant, we’re even looking quarter, quarter year the be a be First for volume now and at or second for third last I’d from little should up basically right this but year.

Charlie Pine

looking contributions? mainly Okay. think new be some point? to to Are be customers, you’re you this at the fold legacy to going from or companies that this for you do adding Pat, going Is

Patrick Lynch

combination of It’s a both.

We’re looking from at orders from as repeat prior geographies. customers new new well customers as

Charlie Pine

Okay.

are now back from hearing some going on this, they’re again? Lastly some more you in getting these people more and interested their spending of that capital in budgets on maintenance

Patrick Lynch

of delayed opening of because that last which come towards third in and beginning this and fiscal got those are those coming projects the again. up we quarter, hurricanes, to should we Well, so of see year of expecting to a the second end in number were expect year, budgets

right can information with rest, you don’t the I I now. immediate have for any As share that

Charlie Pine

that last the the well I’m keep couple and me. for last Thanks a much. quarters up. it made in very that progress it guys Okay, encouraged with Thank year, lot, so you covers very you

Patrick Lynch

Charlie. Thanks

Operator

Thank you.

Our is open. Jerry from next Sir, Well. your question comes line

Jerry Well

quarter. gross Obviously without division low overall, and if Natur-Tec, lawsuit on a some us you of in the what divisions a a starting good percentage. revenue get about - pretty next China, active as currently looking in picture most more any morning I’m different are but for etc.? Glad us, flavor are Good from years the excited over where you guys. basis, company far all behind you’re of revenue specific give to numbers, five the big three Just as to that would. growth a

Patrick Lynch

almost continues to of strong strong, our business all expect our--actually, our is year year; growth so last joint of industrial and Zerust and the again, business be same our Well, growing. core core we had ventures see most this and to

and also and profitability, moving that’s foreseeable to in within business happy strongly, what the of expect we our so to contributing, out very ultimately future. years. frankly contributor the for happened reached next quite couple expect we and Natur-Tec of oil to China strong continue China along We’re a see is that be good we to gas come things and also also

to just say, we put the almost well are I mentioned, would wouldn’t of like in in, As I right doing specific so all one other sectors active I necessarily. now aspect, one are the over we

Jerry Well

Okay.

Germany, remember, Europe I with had the side Just the you extrusion that a previous that Europe? in business a follow-up correspondence, on for had new test in a plastic on Natur-Tec. front, Anything of How there if go? on over in did some extruder

Patrick Lynch

That was project an France-- in molding injection

Jerry Well

I was close. was close, I

Patrick Lynch

general well, moment. I happened case. test an to really don’t I Yes this same that believe region. it’s ongoing exactly at project what’s know

Jerry Well

you thank Okay, much.

Operator

again star like you. telephone. remarks. press if I’m gentlemen, over Thank any ladies turn one further Once a Mr. closing you question, questions to have then do in I’d not on touchtone queue, back for Lynch showing and please so your to it

Patrick Lynch

Have thank and in NTIC. day. a interest everyone your like I’d nice participating to today for

Operator

conference. and much you. that you very Thank does participation. today’s Thank Ladies gentlemen, conclude for your

wonderful day. disconnect. all Have may a You

Patrick Lynch	President, Chief Executive Officer
Matthew Wolsfeld	Chief Financial Officer
Tim Clarkson	Van Clemens
Joe Vidich	Manalapan Oracle
Greg Weaver	Invicta Capital
Charlie Pine	Van Clemens
Jerry Well -

Northern Technologies International (NTIC) 20 Nov 172017 Q4 Earnings call transcript