Northern Technologies International Corporation Reports Increased Sales And Earnings For The Third Quarter Fiscal 2010
NTIC's working capital was $5,536,087 at May 31, 2010, including $1,103,620 in cash and cash equivalents.
G. Patrick Lynch, President and Chief Executive Officer of NTIC said, "Both NTIC and many of our joint ventures experienced significant sales increases in Q3 as compared to Q3 of last year for the core business of ZERUST® corrosion inhibiting products. Many of our international joint ventures reported their best sales quarters ever which for NTIC results in fees for services and equity income from joint ventures."
Lynch continued, "While still relatively small, we are also starting to supply ZERUST® products and services to an increasing number of companies in the oil & gas industry."
"Furthermore, market acceptance of our Natur-Tec® certified fully compostable and biodegradable products continues to grow in major U.S. regional "green" hotspots including Oregon, Washington, Minnesota and New England as we have continued to make inroads with key regional and national retailers," Lynch further stated.Financial Results
|NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)|
|FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2010 AND 2009|
|Three Months Ended||Nine Months Ended|
|May 31, 2010||May 31, 2009||May 31, 2010||May 31, 2009|
|NORTH AMERICAN OPERATIONS:|
|Net sales, excluding joint ventures||$ 2,559,467||$1,555,065||$ 7,164,784||$ 5,855,536|
|Net sales, to joint ventures||677,731||118,569||1,660,294||823,212|
|Cost of goods sold||2,172,902||995,672||5,771,045||4,444,075|
|JOINT VENTURE OPERATIONS:|
|Equity in income (loss) of joint ventures||1,511,534||(6,838)||2,909,120||650,900|
|Fees for services provided to joint ventures||1,140,295||821,810||3,441,563||2,760,379|
|General and administrative||869,183||599,012||2,628,447||2,184,974|
|Expenses incurred in support of joint ventures||208,444||224,887||682,828||1,152,654|
|Research and development||960,780||655,281||2,526,478||2,222,576|
|Loss on impairment||—||—||—||554,000|
|OPERATING INCOME (LOSS)||858,146||(577,805)||1,562,869||(2,443,639)|
|INCOME (LOSS) BEFORE INCOME TAX EXPENSE||841,968||(594,679)||1,515,314||(2,516,484)|
|INCOME TAX (BENEFIT) EXPENSE||(110,000)||44,000||(219,000)||(377,000)|
|NET INCOME (LOSS)||$ 951,698||$ (638,679)||$ 1,734,314||$ (2,139,484)|
|NET INCOME (LOSS) PER COMMON SHARE:|
|Basic||$ 0.23||$ (0.17)||$ 0.41||$ (0.57)|
|Diluted||$ 0.22||$ (0.17)||$ 0.41||$ (0.57)|
|WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:|
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