Northern Technologies International Corporation Reports Increased Sales And Earnings For Fiscal 2010
Net income was $2,607,927, or $0.61 per diluted common share, for fiscal 2010 compared to a net loss of $(3,344,976), or $(0.89) per diluted common share, for fiscal 2009. NTIC's working capital was $5,918,923 at August 31, 2010, including $1,776,162 in cash and cash equivalents.
G. Patrick Lynch, President and Chief Executive Officer of NTIC said, "Globally, several of our joint ventures recorded record sales in the third and fourth quarters of fiscal 2010 for our ZERUST® corrosion inhibiting packaging products. With the introduction of several new ZERUST® products over the past few months, we anticipate that this trend will continue and broaden during fiscal 2011."
"At the height of the recession," Lynch continued, "many enterprises suspended or slowed their 'Green Sustainability' initiatives. Now that the economic recovery is picking up pace, however, we are seeing a steady increase in orders for our Natur-Tec® products from our growing industrial distribution base."
OutlookFor the fiscal year ending August 31, 2011, NTIC expects its net sales to range between $18.0 million and $19.5 million, inclusive of sales made by NTIC's joint venture in Brazil, and to earn net income of between $3.6 million to $3.8 million, or between $0.84 and $0.88 per diluted share. Webcast NTIC will host a webcast tomorrow morning, November 23, 2010, beginning at 8:00 a.m. Central Standard Time, to review its results of operations for fiscal 2010 and future outlook, followed by a question and answer session. The live audio webcast will be available to interested parties at http://ir.ntic.com/events.cfm , where it will be archived and accessible for approximately one year. Financial Results
|NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|YEARS ENDED AUGUST 31, 2010 AND 2009|
|Net sales, excluding joint ventures||$12,190,171||$7,428,499|
|Net sales, to joint ventures||2,196,593||1,146,809|
|Cost of goods sold||9,384,866||5,620,668|
|JOINT VENTURE OPERATIONS:|
|Equity in income of joint ventures||3,919,084||367,238|
|Fees for services provided to joint ventures||4,690,450||3,378,193|
|General and administrative expenses||3,923,103||2,804,257|
|Expenses incurred in support of joint ventures||875,869||1,427,616|
|Research and development expenses||3,333,683||3,024,205|
|Loss on impairment||—||554,000|
|OPERATING INCOME (LOSS)||2,419,570||(3,549,328)|
|INCOME (LOSS) BEFORE INCOME TAX EXPENSE||2,377,927||(3,646,976)|
|INCOME TAX BENEFIT||(230,000)||(302,000)|
|NET INCOME (LOSS)||2,607,927||(3,344,976)|
|NET INCOME ATTRIBUTABLE TO NON CONTROLLING INTEREST||24,171||--|
|NET INCOME (LOSS) ATTRIBUTABLE TO NTIC||$2,583,756||$(3,344,976)|
|NET INCOME (LOSS) PER COMMON SHARE:|
|WEIGHTED AVERAGE COMMON SHARES|
|QUARTERLY INFORMATION (UNAUDITED)|
|Fiscal Quarter Ended|
|November 30||February 28||May 31||August 31*|
|Fiscal year 2010:|
|Income before income taxes||420,705||252,641||841,968||862,613|
|Net income per share:|
|Weighted average common shares assumed outstanding:|
|* During the fourth quarter of fiscal 2010, the Company decided to consolidate the financial results of Zerust Brazil for the fiscal year ended August 31, 2010. As a result, all revenues and expenses of Zerust Brazil for the fiscal year ended August 31, 2010 are included in the fourth quarter.|
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