KING OF PRUSSIA, Pa., March 31, 2023 (GLOBE NEWSWIRE) -- Nocopi Technologies, Inc. (OTC Pink: NNUP), a developer of specialty reactive inks today announced results for its fourth quarter and twelve months ended December 31, 2022. Nocopi's SEC filings are available here.
2022 Q4 Results
2022 Q4 revenue was $3,087,600, a substantial increase over 2022 Q4 revenue of $514,100 that largely reflects increased licensee revenue from the renewal of the company's largest licensee for a new five-year extension term. Additionally, the company entered into a new license agreement with a new domestic and international licensee in the children's entertainment space. Excluding licenses and royalty revenue, revenue in the fourth quarter compared to 2021 Q4 for product and other sales were negatively impacted from a modest decline in specialty ink shipments that were down approximately 10.5%.
Gross profit increased to $2,919,700 from 2021 Q4 of $209,200. Gross profit margin was 94.6% of revenues, an increase from 2021 Q3 gross profit of 64.9%. The higher gross profit in 2022 Q4 compared to 2021 Q4 was the result of higher mix of revenue generated from guaranteed royalty revenues recognized from licenses, royalties, and fees from our licensees.
Operating expenses in the quarter increased 24% to $563,200 from $454,800 in 2021 Q4. The majority of the operating expense increase for the quarter was primarily driven by increased sales and marketing expenses of $190,400 associated with the licensee agreements renewals and additions, offset with a modest decline in legal expense for the quarter as compared to 2021 Q4.
Net income for the fourth quarter was $2,107,000 an improvement over 2021 Q4 net loss of $109,000.
2022 Full Year Results
- Full year net sales for 2022 of $4,627,200 and net income of $1,813,100, verse 2021 net sales of $1,951,900 and net income of $49,400.
- During 2022, we have renewed and extended our licensing agreements with three of our licensees as well as entered into a new license agreement in Q4 in the children's entertainment space.
- Ended the year with cash and cash equivalents of $5.34 million and a debt free balance sheet.
- Refreshed our board of directors with three new directors appointed in the last twelve months, for a total of six currently serving, four of whom are independent directors.
- Remain focused on accelerating our growth through improving our operations and pursuing accretive expansion opportunities through a merger or acquisition transaction.
Commentary
Nocopi Chairman and CEO Michael Feinstein commented, "Fiscal 2022 marks the seventh consecutive year of profitable operations at Nocopi Technologies. We encountered challenging headwinds from supply chain constraints and global economic conditions in late 2021 into 2022, but we remain focused on growing our business and expanding our customer base as we enter 2023 and beyond.
We are pleased to announce that during the past year, we have renewed and extended our licensing agreements with three of our licensees for multiyear agreements. Notably, we executed a five-year extension with our largest domestic licensee, which represents the longest extension term we have ever done in our history with this licensee. In addition, in the fourth quarter, we have entered into a new license in the children's entertainment space.
We anticipate that our many licensees will continue to offer innovative products utilizing our technologies and will continue to expand both in the domestic and international marketplaces. We also continue to create new ink technologies in attempt to increase the offerings of our licensee's product portfolios. Additionally, in attempt to accelerate our growth, we are pushing forward with new sales distribution channels to expand our customer base for our portfolio of ink technologies.
In regard to executing our long-term strategic plans, Nocopi is pursuing a highly disciplined approach in looking for attractive opportunities to expand by merger or acquisition. Given the backdrop of the current financial conditions, we will remain disciplined in our capital deployment strategy. Our long-term intentions are focused around growing our free cash flow."
About Nocopi Technologies ()
Nocopi Technologies, headquartered in King of Prussia, PA develops and markets specialty reactive inks and licenses these technologies. Nocopi's ink technologies are backed by proprietary and patented technology. Our inks are marketed for use across a variety of end markets.
Safe Harbor for Forward-Looking Statements
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. . Forward-looking statements involve a number of estimates, assumptions, risks and uncertainties that may cause actual results to differ materially from those anticipated. Forward-looking statements may address uncertainties regarding customer preferences or demand for products incorporating Nocopi technology that underlie the company's revenue expectations, the company's ability to develop new products and new product applications, the financial condition of customers and the timeliness of their payments, the impact of fluctuations in currencies, global trade and shipping markets, other risks to which the company is subject; other factors beyond the company's control.. Actual results could differ from those projected due to numerous factors and uncertainties, and Nocopi can give no assurance that such statements will prove to be correct nor that Nocopi's actual results of operations, financial condition and performance will not differ materially from those reflected or implied by its forward-looking statements. Investors should refer to the risk factors described by Nocopi in Item 1.A "Risk Factors" in its most recent Form 10-K and other SEC reports available at www.sec.gov/edgar. Forward-looking statements are made as of the date of this news release; Nocopi assumes no obligation to update these statements.
Investor & Media Contacts
610-834-9600
ir@nocopi.com
賓夕法尼亞州普魯士國王,2023年3月31日(環球通訊社)Nocopi技術公司(場外粉色:NNUP),一家專業活性油墨開發商今天公佈了截至2022年12月31日的第四季度和12個月的業績。Nocopi公司提交給美國證券交易委員會的檔案可在這裡查閱。
2022年第四季度業績
2022年第四季度收入為3,087,600美元,比2022年第四季度514,100美元的收入大幅增長,這在很大程度上反映了公司最大的被許可人續簽新的五年延期帶來的被許可人收入的增加。此外,該公司還與一家新的國內和國際兒童娛樂空間許可方簽訂了新的許可協定。不包括許可和特許權使用費收入,與2021年第四季度相比,第四季度產品和其他銷售收入受到專用墨水出貨量小幅下降的負面影響,特種油墨出貨量下降了約10.5%。
毛利潤從2021年第四季度的209,200美元增加到2,919,700美元。毛利率佔收入的94.6%,高於2021年第三季度64.9%的毛利率。與2021年第四季度相比,2022年第4季度的毛利潤更高,這是因為從我們的被許可方那裡確認的有保證的特許權使用費收入產生了更高的收入組合。
該季度的運營費用從2021年第四季度的454,800美元增加到563,200美元,增幅為24%。本季度運營費用增加的主要原因是與許可協定續訂和增加相關的銷售和營銷費用增加190,400美元,與2021年第四季度相比,該季度的法律費用略有下降。
第四季度淨收益為2,107,000美元,較2021年第四季度淨虧損109,000美元有所改善。
2022年全年業績
- 2022年全年淨銷售額為4,627,200美元,淨收益為1,813,100美元,而2021年的淨銷售額為1,951,900美元,淨收益為49,400美元。
- 在2022年期間,我們與我們的三家授權公司續簽和延長了許可協定,並於第四季度在兒童娛樂空間簽訂了新的許可協定。
- 年末現金和現金等價物為534萬美元,資產負債表上沒有債務。
- 更新了我們的董事會,在過去12個月中任命了三名新董事,目前總共有六名董事,其中四名是獨立董事。
- 繼續專注於通過改善我們的運營來加速我們的增長,並通過合併或收購交易尋求可增值的擴張機會。
評注
Nocopi董事長兼首席執行官Michael Feinstein評論說:“2022財年標誌著Nocopi Technologies連續第七年實現盈利。從2021年末到2022年,我們遇到了來自供應鏈限制和全球經濟狀況的挑戰逆風,但我們仍然專注於在進入2023年及以後的過程中增長我們的業務和擴大我們的客戶基礎。
我們很高興地宣佈,在過去的一年裡,我們與我們的三家授權公司續簽並延長了多年協定的許可協定。值得注意的是,我們與我們最大的國內持牌機構簽署了五年的延期協定,這是我們歷史上與該持牌機構達成的最長延期期限。此外,在第四季度,我們在兒童娛樂空間進入了新的牌照。
我們預計,我們的許多被許可方將繼續利用我們的技術提供創新產品,並將在國內和國際市場繼續擴大。我們還繼續創造新的油墨技術,試圖增加我們被許可方的產品組合的產品組合。此外,為了加速我們的增長,我們正在推進新的銷售分銷渠道,以擴大我們墨水技術組合的客戶基礎。
在執行我們的長期戰略計劃方面,Nocopi正在以高度自律的方式尋找有吸引力的機會,通過合併或收購進行擴張。鑑於目前的財政狀況,我們將繼續嚴格執行資本部署策略。我們的長期意圖是圍繞著增加我們的自由現金流。
關於Nocopi技術公司()
總部位於賓夕法尼亞州普魯士國王的Nocopi Technologies開發和銷售特種活性油墨,並授權使用這些技術。Nocopi的油墨技術得到了專有和專利技術的支持。我們的油墨面向各種終端市場銷售。
前瞻性陳述的避風港
本新聞稿中發佈的資訊可能包含1995年《私人證券訴訟改革法》所指的前瞻性陳述。您可以通過使用“可能”、“將會”、“應該”、“計劃”、“探索”、“預期”、“預期”、“繼續”、“估計”、“計劃”、“打算”等詞語來識別這些陳述。。前瞻性陳述涉及許多估計、假設、風險和不確定因素,這些估計、假設、風險和不確定因素可能導致實際結果與預期的大不相同。前瞻性陳述可能涉及以下方面的不確定性:客戶偏好或對採用Nocopi技術的產品的需求,這些產品構成了公司的收入預期;公司開發新產品和新產品應用的能力;客戶的財務狀況及其付款的及時性;貨幣波動的影響;全球貿易和航運市場;公司面臨的其他風險;公司無法控制的其他因素。由於許多因素和不確定因素,實際結果可能與預測的結果不同,諾科比公司不能保證這些陳述將被證明是正確的,也不能保證諾科比公司的業務、財務狀況和業績的實際結果與其前瞻性陳述中反映或暗示的不會有實質性差異。投資者應參考Nocopi在其最新的10-K表格中的第1.A項“風險因素”中描述的風險因素和其他美國證券交易委員會報告,這些報告可在Www.sec.gov/埃德加。截至本新聞稿發佈之日,這些陳述都是前瞻性陳述;Nocopi公司不承擔更新這些陳述的義務。
投資者和媒體聯繫人
610-834-9600
郵箱:ir@noCopi.com