During fiscal 2010, $572,663, or 4.0%, of NTIC's consolidated net sales were derived from sales of Natur-Tec ® products compared to 6.3% during fiscal 2009. Net sales of Natur-Tec ® products increased 6.3% during fiscal 2010 compared to fiscal 2009. This increase was due to the addition of new Natur-Tec ® distributors on the West Coast of the United States partially offset by several large stocking orders of Natur-Tec ® products that occurred early in fiscal 2009 that were not repeat orders. NTIC is continuing to fortify and expand its West Coast distribution network in California, while expanding its industrial distribution reach to geographical "green" hotspots such as Oregon, Washington, Minnesota and New England. Additionally, NTIC is targeting key national and regional retailers utilizing independent sales agents.Cost of goods sold as a percentage of net sales decreased to 65.2% during fiscal 2010 compared to 65.5% during fiscal 2009 primarily as a result slightly improved margins resulting from fixed costs spread over increased net sales partially offset by a $360,577 write-down of Natur-Tec ® inventory to its market value during fourth quarter of fiscal 2010.
Northern Technologies International Corporation Reports Increased Sales And Earnings For Fiscal 2010
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