G. Lynch
morning. Good
NTIC's here Lynch, NTIC's Matt and CFO. CEO, Patrick with I'm Wolsfeld, I'm
a our and release quarter note press Please that regarding ntic.com. was earlier at financial issued fiscal this available morning is results second XXXX
quarter During fiscal today's key our and compared a quarter. XXXX performance, as fiscal we then provide are review XXXX conclude quarter to results, question-and-answer business we aspects discuss fiscal session. financial When of our second brief XXXX we call, will second various update our with referring to a year-over-year second
we support continue flow while We our capital. capital line credit. the quarterly existing second series driven parts NTIC new notable of dividend second sales set a fiscal of generate that income of pay changes half business. record oil our robust records among many in by from across ZERUST the higher were activities operating in million record gas quarter due quarter working particularly growth the are profitability demand these the will that balance cash quarterly to Most by in down I'm using that continue and nearly of by to and demonstrating margin, to sales. allocate anticipate positive year-over-year and gross intend to to as initiatives cash broad flow continued initiatives at to Natur-Tec improved our improve profitability intended. throughout payment positive primarily excess We will our net operating on to also aimed XXXX.
Year-over-year second our $X.X improvement cash working and to XXX% continue improving encouraged and
positioned are the our growth ZERUST across and ZERUST top categories. fiscal XXXX, and As we look line the to we for product gas believe oil industrial, we Natur-Tec of well remainder
profitability joint We of focused across and Asia. and performance also ventures Europe our on the remain
year of will environment, global good growth pleased performance improving continues fiscal As believe XXXX fluid our a profitability. navigate be I and team economic am to another NTIC's with and
more drivers ended overview, detail. the with this XXXX, second the let's quarter examine So for in February XX,
total quarter in a record of sales sales quarter, net included ended XX.X% increase industrial in net XX, unit, business net second sales, this increase increase the compared Natur-Tec net sales. ZERUST X.X% by quarter to in our February increased oil down For XX.X% consolidated XXXX. $XX.X as ZERUST the and Broken and a to million XX.X% a a second gas
as not our and experienced to throughout overall XXXX, prior sales fiscal market. sales financial softer year net do X.X% war second improve this sales increase lockdowns years quarter our prices by a our and period which the to venture, Total statements sales second year-over-year by year-over-year sales this optimistic China by of basis impacted to COVID-related during the to increased largest year-over-year been within a customer in this decrease consolidate Russia.
Fiscal will the $X.X between China joint quarter and on by NTIC joint We and loss the X.X% in and a remain prolonged our other continue the Germany, to Excor demand for million. ventures decreased first Chinese to over by fiscal to net that period in the primarily in quarterly demand million. we notably, $XX.X Most in related subsidiary to higher wholly-owned was of region second XX.X% sales Ukraine the profitability helping cautiously net disclosed linked XXXX higher in the ongoing energy have X previously externalities compared weakness half in incremental economy. due support
geography. to the uncertain, segments, remain steps industrial in enhance Chinese and we to committed and are China long-term this we the to continue in bioplastics our take conditions opportunities market our economic near-term operations While provides,
believe As a geographic we will market the in a become future. continue China for result, to us significant likely
to ZERUST and on moving gas. oil Now
quarter our and eighth quarter business. the XXXX and of ZERUST was positive oil momentum within oil The gas fiscal million, gas sales of second consecutive reflecting over the $X.X
ZERUST for XXXX gas sales oil and was increase compared million quarter, in and quarter for projects and shift solutions. and were the primarily period For gas and year-over-year sales second to the demand gas to year. the same quarter oil $X.X due of the our oil overall ZERUST first the XX.X% from oil $X.X positive fiscal second The last gas certain to million
oil are pipeline casings focused still on and oil tanks and solutions ZERUST gas Our storage corrosion. from primarily protecting aboveground
believe we year fiscal profitability. good as gas scales overall contribute result, our further to business for a ZERUST be will to growth and of another XXXX As this oil and continues
India. to quarter was during a result record Natur-Tec a $X.X sales bioplastics XX.X% Natur-Tec were Turning to customer wins America quarter second strong growth second North and year-over-year of Natur-Tec's the increased our business. recent during and million. quarterly the in new of
of Natur-Tec the of products resin that XXXX. compostable certified plastics Globally, continue half programs sales market to increased as applications plastic expect robust new compounds will as fiscal well plastics. in use see for interest continue municipal throughout compostable and demand growth second as We to and alternatives conventional certified we commercial
sustainable growth As Natur-Tec our business. well result, believe for we we within a positioned are bioplastics long-term
fiscal business second progress growing We of our profitability. year fiscal financial we and can profitability. and be results will XXXX quarter the see, are improved you making a As XXXX believe sales improving strong towards growth reflect our
results fiscal excited the are direction let momentum for to NTIC call underway positive to the overview, and second now turn heading.
With is the our Wolsfeld XXXX me by this Matt over quarter. the We summarize financial