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Northern Technologies International Corporation Reports Increased Sales And Earnings For First Quarter Fiscal 2011

MINNEAPOLIS, Jan. 11, 2011 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (Nasdaq:NTIC) today reported its financial results for the first quarter of fiscal 2011. Highlights of NTIC's financial and operating results include:
  • Net income increased 105.4%, to $894,874, or $0.21 per diluted common share, for the three months ended November 30, 2010 compared to $435,705, or $0.10 per diluted common share, for the three months ended November 30, 2009.  
  • NTIC's consolidated net sales increased 51.2% to $4,098,441 during the three months ended November 30, 2010 compared to the three months ended November 30, 2009.   
  • NTIC's consolidated net sales during the three months ended November 30, 2010 included $517,140 of sales made by Zerust Brazil. NTIC has consolidated the financial results of Zerust Brazil in NTIC's consolidated financial statements for first quarter fiscal 2011 and expects to continue to do so going forward.  
  • Sales by NTIC's joint ventures increased 39.1% to $27,101,587 in the three months ended November 30, 2010 compared to $19,480,538 in the three months ended November 30, 2009.  
  • NTIC received a Department of Defense Phase I contract worth $70,000 for the development of marine biodegradable, biobased, non-plastic waste bags.

NTIC's consolidated net sales increased 51.2% during the three months ended November 30, 2010 compared to the three months ended November 30, 2009. This increase was primarily a result of increased sales of ZERUST® rust and corrosion inhibiting packaging products and services, sales to NTIC's joint ventures and the consolidation of Zerust Brazil on NTIC's consolidated financial statements. 

During the three months ended November 30, 2010, 94.6% of NTIC's consolidated net sales were derived from sales of ZERUST® products and services, which increased 47.5% to $3,875,428 during the three months ended November 30, 2010 compared to $2,627,555 during the three months ended November 30, 2009 due to increased demand primarily as a result of the economic recovery of the domestic manufacturing sector, the addition of new customers and the consolidation of Zerust Brazil. NTIC has focused its sales efforts of ZERUST® products and services by strategically targeting customers with specific corrosion issues in new market areas, including the oil and gas industry and other industrial sectors that offer sizable growth opportunities. NTIC's consolidated net sales during the three months ended November 30, 2010 included $517,140 of sales made by its consolidated subsidiary, Zerust Brazil.

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