G. Lynch
NTIC's Lynch, NTIC's available Patrick earlier I'm and release I'm our Wolsfeld, morning. Good and third at issued Matt with CEO, results CFO. regarding is here this morning was press A ntic.com. quarter fiscal XXXX financial
a a discuss year-over-year During note in review our fiscal the comparison to key today's we XXXX of our question-and-answer that year. we third from and when from are we year aspects various third will current then previous conclude business quarter session. brief our update quarter results. Please with third to referring call, Provide performance, fiscal quarter the financial fiscal
sales We growth Our compostable record reflect India plastic ZERUST progress navigating resins. the oil we're specialty Natur-Tec on macro gas our within while fluid in capitalizing and North markets. a America results environment growing Natur-Tec and continued third quarterly demand making, driven for quarter by our achieved and products and
negatively the quarter, approximately orders be to fourth the our results. in quarter timing $XXX,XXX shipping delays caused to of the While moved from third third impacting quarter
solutions and Demand for our is expanding. gas oil
year-over-year challenges margin chain at our particularly encouraged as supply in and aimed significant improvement As continued a I'm working fourth oil the offsetting raw we quarter. rebound and in the gross initiatives Furthermore, material intended. demonstrating our in sales are a expect that result, by gas
months fiscal will higher due to improved anticipate for allocating positive credit. working to to net positive from XXXX, May Year-over-year the payments existing initiatives changes to generate cash intend profitability balance pay million, the continue continue to ended flow we that primarily capital our excess dividend the continue XX, to of will $X.X down activities by growth in our to X operating that XXX% on flow remainder cash using XXXX. and quarterly line throughout and support cash of improve We while operating capital. income We and
fiscal we remainder As by growth look driven top gas believe are ZERUST and to categories. for oil the well we of positioned we XXXX, Natur-Tec our product and line
performance profitability also remain joint enhancing the international our We focused of and on ventures.
operations North growth of continue be opportunities aimed we Most across and XXXX growth with notably addition, and am India. and markets. pleased profitability. In believe to fiscal NTIC's at strategic in our another good performance will supporting investments our additional in make America, Brazil I year
in May XXXX, with So quarter drivers for more examine let's overview, this ended the detail. XX, third the
Ukraine linked related to venture, and customer loss million. and For net sales year-over-year decreased ended million our softer joint of the previously joint a externalities sales the quarter, XX, within net Germany, XXXX. our a other $XX.X largest the X.X% demand sales May consolidated X.X% experienced to for third decreased to disclosed consolidate statements, in the war year prices in compared Russia. $XX.X quarter net our decrease do third financial X.X% the primarily quarter fiscal Excor as to due higher the compared total not period which by we ventures, to by a our region to the energy Total and prior to between
experienced geography NTIC support owned subsidiary sales our higher by and X million. growth. sales net We China and XXXX market. into have the in and trends helping remainder increased Sales in consecutive sales year-over-year China Fiscal demand $X.X on that will year-over-year wholly improve incremental XXXX of throughout has to quarter profitability fiscal remain anti of quarters optimistic fiscal X.X% by a this cautiously XXXX, this basis third China to in stabilized
committed are to steps in the we Chinese enhance this provides our geography. to long-term and opportunities to We operations and market the continue take our bioplastic segments, industrial
As China for will the geographic we likely believe market result, to becoming a significant continue future. in a us
moving oil and to gas. Now on ZERUST
For to end year. and XXXX, ZERUST delayed expected quarter. was got quarter approximately fourth the ZERUST for of fiscal in third quarter, XX.X% sales gas of that $X.X with primarily million were The and the in but XXXX the last period sales of $X.X the associated third $XXX,XXX until gas oil to decrease the oil ship million sales compared same year-over-year fiscal were before fiscal beginning the
$XXX,XXX these XX, fiscal sales coupled of gas in orders make the are in anticipated delivery now XXXX, booked our oil August quarter to strong with exceptionally for for solutions. ZERUST sales, fourth So and before
tanks Overall, and and demand oil pipeline solutions, corrosion. focused ZERUST continues from both and customers new storage gas oil casings to primarily above-ground today grow existing our of on protecting among which still
contribute fiscal overall XXXX be good our of growth as believe and ZERUST scales further we that continues result, will profitability. and a As to to for business another gas oil year this
are optimistic XXXX. trends these We fiscal will continue into
in growth well Natur-Tec to sales was as third a with during and during of relationships were the quarter expanding our new business. strong as existing the a America year-over-year record India $X.X XX.X% and Natur-Tec North customer of Turning million. customers. result third quarterly to wins increased bioplastic Natur-Tec quarter
that expect to XXXX and to plastic municipal resin plastics. applications compostable We interest certified to conventional demand has sales Natur-Tec new certified as compostable XXXX. market and continue compounds alternatives for into commercial see Globally, increased well robust products and of continue growth programs we plastics use fiscal as fiscal in throughout
positioned are Natur-Tec bioplastics well within we a As long-term our business. believe for sustainable we result, growth
sales since across Natur-Tec several growth support in into also of continue X Sales larger on XXXX. future separate we parts Natur-Tec capitalize India, strategic are in business doubled and also single in are In warehouses capacity investments to to opportunities. We growth fiscal make order facility our manufacturing a expected region. the have current consolidating adding Brazil to and
process support the the as in facility a country to are region. as we opportunities adding of both growth in that So broader well
Circle operations came At our outsourced domestic online manufacturing in-source location, to as part demonstrated to Pines, certain previously We to of improve invest processes this year. new that able the as by our were margin. that we've this earlier efforts been facility also in Minnesota gross continue
shaping As be a strategic you and XXXX can NTIC. see, fiscal strong up is of to profitability growth, investments year for
and direction are by the is headed. momentum positive We underway the excited NTIC
venture Matt, to Before want the global work over dedication hard of joint to turn of team I call and and the acknowledge partners. employees both our I
results shareholders are the this call drive direct third in summarize overview, the efforts. of Matt are With success and to we for future pursuing me their now to over quarter. Our a turn XXXX our recent opportunities let result the for to fiscal value our Wolsfeld financial the