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
宾夕法尼亚州普鲁士国王,2023年3月31日(环球通讯社)Nocopi技术公司(场外粉色:NNUP),一家专业活性油墨开发商今天公布了截至2022年12月31日的第四季度和12个月的业绩。Nocopi公司提交给美国证券交易委员会的文件可在这里查阅。
2022年第四季度业绩
2022年第四季度收入为3,087,600美元,比2022年第四季度514,100美元的收入大幅增长,这在很大程度上反映了公司最大的被许可人续签新的五年延期带来的被许可人收入的增加。此外,该公司还与一家新的国内和国际儿童娱乐空间许可方签订了新的许可协议。不包括许可和特许权使用费收入,与2021年第四季度相比,第四季度产品和其他销售收入受到专用墨水出货量小幅下降的负面影响,特种油墨出货量下降了约10.5%。
毛利润从2021年第四季度的209,200美元增加到2,919,700美元。毛利率占收入的94.6%,高于2021年第三季度64.9%的毛利率。与2021年第四季度相比,2022年第4季度的毛利润更高,这是因为从我们的被许可方那里确认的有保证的特许权使用费收入产生了更高的收入组合。
该季度的运营费用从2021年第四季度的454,800美元增加到563,200美元,增幅为24%。本季度运营费用增加的主要原因是与许可协议续订和增加相关的销售和营销费用增加190,400美元,与2021年第四季度相比,该季度的法律费用略有下降。
第四季度净收益为2,107,000美元,较2021年第四季度净亏损109,000美元有所改善。
2022年全年业绩
- 2022年全年净销售额为4,627,200美元,净收益为1,813,100美元,而2021年的净销售额为1,951,900美元,净收益为49,400美元。
- 在2022年期间,我们与我们的三家授权公司续签和延长了许可协议,并于第四季度在儿童娱乐空间签订了新的许可协议。
- 年末现金和现金等价物为534万美元,资产负债表上没有债务。
- 更新了我们的董事会,在过去12个月中任命了三名新董事,目前总共有六名董事,其中四名是独立董事。
- 继续专注于通过改善我们的运营来加速我们的增长,并通过合并或收购交易寻求可增值的扩张机会。
评注
Nocopi董事长兼首席执行官Michael Feinstein评论说:“2022财年标志着Nocopi Technologies连续第七年实现盈利。从2021年末到2022年,我们遇到了来自供应链限制和全球经济状况的挑战逆风,但我们仍然专注于在进入2023年及以后的过程中增长我们的业务和扩大我们的客户基础。
我们很高兴地宣布,在过去的一年里,我们与我们的三家授权公司续签并延长了多年协议的许可协议。值得注意的是,我们与我们最大的国内持牌机构签署了五年的延期协议,这是我们历史上与该持牌机构达成的最长延期期限。此外,在第四季度,我们在儿童娱乐空间进入了新的牌照。
我们预计,我们的许多被许可方将继续利用我们的技术提供创新产品,并将在国内和国际市场继续扩大。我们还继续创造新的油墨技术,试图增加我们被许可方的产品组合的产品组合。此外,为了加速我们的增长,我们正在推进新的销售分销渠道,以扩大我们墨水技术组合的客户基础。
在执行我们的长期战略计划方面,Nocopi正在以高度自律的方式寻找有吸引力的机会,通过合并或收购进行扩张。鉴于目前的财政状况,我们将继续严格执行资本部署策略。我们的长期意图是围绕着增加我们的自由现金流。
关于Nocopi技术公司()
总部位于宾夕法尼亚州普鲁士国王的Nocopi Technologies开发和销售特种活性油墨,并授权使用这些技术。Nocopi的油墨技术得到了专有和专利技术的支持。我们的油墨面向各种终端市场销售。
前瞻性陈述的避风港
本新闻稿中发布的信息可能包含1995年《私人证券诉讼改革法》所指的前瞻性陈述。您可以通过使用“可能”、“将会”、“应该”、“计划”、“探索”、“预期”、“预期”、“继续”、“估计”、“计划”、“打算”等词语来识别这些陈述。。前瞻性陈述涉及许多估计、假设、风险和不确定因素,这些估计、假设、风险和不确定因素可能导致实际结果与预期的大不相同。前瞻性陈述可能涉及以下方面的不确定性:客户偏好或对采用Nocopi技术的产品的需求,这些产品构成了公司的收入预期;公司开发新产品和新产品应用的能力;客户的财务状况及其付款的及时性;货币波动的影响;全球贸易和航运市场;公司面临的其他风险;公司无法控制的其他因素。由于许多因素和不确定因素,实际结果可能与预测的结果不同,诺科比公司不能保证这些陈述将被证明是正确的,也不能保证诺科比公司的业务、财务状况和业绩的实际结果与其前瞻性陈述中反映或暗示的不会有实质性差异。投资者应参考Nocopi在其最新的10-K表格中的第1.A项“风险因素”中描述的风险因素和其他美国证券交易委员会报告,这些报告可在Www.sec.gov/埃德加。截至本新闻稿发布之日,这些陈述都是前瞻性陈述;Nocopi公司不承担更新这些陈述的义务。
投资者和媒体联系人
610-834-9600
邮箱:ir@noCopi.com