Revenue during the quarter surged 38.12 percent to $9,702.02 million from $7,024.44 million in the previous year period. Gross margin for the quarter expanded 125 basis points over the previous year period to 31.84 percent. Operating margin for the quarter period stood at positive 5.42 percent as compared to a negative 1.22 percent for the previous year period.

Operating income for the quarter was $525.47 million, compared with an operating loss of $85.59 million in the previous year period.

“I’m pleased that our initial financial and operating results for fiscal 2017 are in line with our expectations,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC. “Our Zerust and Natur-Tec businesses experienced strong, double-digit growth. Furthermore, sales across our joint venture network increased nearly 11%, improving joint venture operating income by nearly 5% for the quarter. Sales in China increased 128% to $1,547,000, compared to the prior year period. We have created a strong organization in China that we believe is well positioned to gain market share. As a result, we expect our Chinese subsidiary will continue to achieve year-over-year improvements in sales and gross margins throughout fiscal 2017. Sales within our Natur-Tec business are also expanding, and the fiscal 2017 first quarter was the strongest quarter of Natur-Tec growth we have achieved as sales were up 55% to $1,617,000. Natur-Tec is bordering on breakeven, and may reach profitability in fiscal 2017, as a result of a strong installed base of customers and an increased pipeline of potential opportunities. Finally, our oil and gas business demonstrated strong growth in the quarter, primarily due to a customer delay that shifted the shipment of approximately $400,000 in tank bottom corrosion products from the fourth quarter of fiscal 2016 to the first quarter of fiscal 2017. We have created cost-effective and compelling corrosion prevention solutions for the oil and gas industry, but volatility in oil prices and changes in personnel at many customers and partners have delayed our near-term growth in this market. As prices rebound and volatility declines, we remain optimistic about our long-term potential in the oil and gas market.”