MINNEAPOLIS, Nov. 22, 2010 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (Nasdaq:NTIC) today reported its financial results for the year ended August 31, 2010.
- NTIC's consolidated net sales increased 67.8% to $14,386,764 during fiscal 2010 compared to $8,575,308 during fiscal 2009.
- NTIC's consolidated net sales for fiscal 2010 included $1,925,819 of sales made by NTIC's joint venture in Brazil, of those sales, $774,928 in sales were made to the oil and gas industry sector in Brazil. NTIC has consolidated the financial results of Zerust Brazil in NTIC's consolidated financial statements for fiscal 2010 and will continue to do so going forward.
- Net income was $2,607,927, or $0.61 per diluted common share, for fiscal 2010.