Northern Technologies International Corporation (NASDAQ:NTIC), a
leading developer of corrosion inhibiting products and services, as
well as bio-based and biodegradable polymer resin compounds, today
reported its financial results for the fourth quarter and full year
of fiscal 2016.
Fourth quarter fiscal 2016 financial and operating highlights
include (with growth rates compared to fourth quarter of fiscal
2015):
- Consolidated net sales increased 17.5% to a quarterly record
$9,518,000
- ZERUST® product net sales increased 15.6% to $8,029,000
- Natur-Tec® product net sales increased 28.6% to $1,489,000
- Total net sales from NTIC to its joint ventures increased 18.5%
to $760,000
- Joint venture operating income increased 2.4% to
$2,472,000
- $1,883,668 impairment charge ($1,130,201 charge net of minority
interest) on NTIC’s investment in Tianjin Zerust, NTIC’s former
Chinese joint venture
- $408,000 in inventory and accounts receivable impairment
related to the initiation of operations of NTIC’s wholly owned
subsidiary in China.
- Net loss attributable to NTIC was $(1,443,000), or $(0.32) per
share
Fiscal 2016 financial and operating highlights include (with
growth rates on a fiscal year-over-year basis):
- Consolidated net sales increased 8.6% to an annual record
$32,934,000
- ZERUST® product net sales increased 5.9% to an annual record
$27,578,000
- Natur-Tec® product net sales increased 25.1% to an annual
record $5,356,000
- Total net sales from NTIC to its joint ventures decreased 3.9%
to $2,722,000
- Joint venture operating income decreased 15.2% to
$9,882,000
- Net loss attributable to NTIC was $(868,000), or $(0.19) per
share
“Fiscal 2016 turned into a transitional year when we had to
absorb approximately $3,410,000 in losses directly related to our
new operations in China. This amount includes over $600,000 in
litigation expenses against our former Chinese joint venture
partner, as well as litigation expenses incurred in prosecuting
claims against Cortec Corporation for its direct interference in
our restructuring in China and other harmful conduct. During fourth
quarter, we also incurred an impairment charge net of
non-controlling interest allocation of $1,130,000 (net of minority
interest) related to our investment in 'Tianjin Zerust' Chinese
joint venture, as well as other one-time charges related to the
launch of our wholly owned Chinese subsidiary,” said G. Patrick
Lynch, President and Chief Executive Officer of NTIC. “Despite
these strong headwinds, I’m encouraged by the progress we’re making
in this market. We invested heavily to rapidly launch the
sales and operations of NTIC China, our new Chinese subsidiary,
which, in turn, led to a $1,260,000 operating loss for fiscal 2016
for NTIC China. Nevertheless, our sales momentum has
continued to accelerate at NTIC China and we believe should
contribute to NTIC’s operating income in fiscal 2017. I would
also like to point out that we remain committed to expanding our
position in the oil and gas market. A customer delay shifted the
shipment of approximately $400,000 in tank bottom corrosion
products from fourth quarter of fiscal 2016 to benefit the first
month of our fiscal 2017.”
NTIC’s consolidated net sales increased 17.5% to $9,518,000
during the three months ended August 31, 2016, compared to
$8,102,000 for the three months ended August 31, 2015.
Consolidated net sales across all business segments were up for the
fourth quarter driven primarily through increased demand of ZERUST®
industrial rust and corrosion inhibiting packaging products in
China and significantly higher Natur-Tec® product sales. For
the full year of fiscal 2016, consolidated net sales increased 8.6%
to $32,934,000, compared to $30,323,000 for last fiscal
year.
The following table sets forth NTIC’s net sales by product
category for the three months and fiscal year ended August 31, 2016
and 2015 by segment:
|
|
Three Months Ended |
|
|
August 31,
2016 |
|
% of Net
Sales |
|
August 31,
2015 |
|
% of Net
Sales |
|
%
Change |
ZERUST® industrial net
sales |
|
$ |
6,766,478 |
|
|
|
71.1 |
% |
|
$ |
5,798,288 |
|
|
|
71.6 |
% |
|
|
16.7 |
% |
ZERUST® joint venture net
sales |
|
|
751,933 |
|
|
|
7.9 |
% |
|
|
641,414 |
|
|
|
7.9 |
% |
|
|
17.2 |
% |
ZERUST® oil & gas net
sales |
|
|
510,181 |
|
|
|
5.4 |
% |
|
|
504,391 |
|
|
|
6.2 |
% |
|
|
1.1 |
% |
Total ZERUST® net sales |
|
$ |
8,028,592 |
|
|
|
84.4 |
% |
|
$ |
6,944,093 |
|
|
|
85.7 |
% |
|
|
15.6 |
% |
Total Natur-Tec®
sales |
|
|
1,489,027 |
|
|
|
15.6 |
% |
|
|
1,158,222 |
|
|
|
14.3 |
% |
|
|
28.6 |
% |
Total net sales |
|
$ |
9,517,619 |
|
|
|
100.0 |
% |
|
$ |
8,102,315 |
|
|
|
100.0 |
% |
|
|
17.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
August 31,
2016 |
|
% of Net
Sales |
|
August 31,
2015 |
|
% of Net
Sales |
|
%
Change |
ZERUST® industrial net
sales |
|
$ |
23,124,461 |
|
|
|
70.2 |
% |
|
$ |
21,324,793 |
|
|
|
70.3 |
% |
|
|
8.4 |
% |
ZERUST® joint venture net
sales |
|
|
2,713,498 |
|
|
|
8.2 |
% |
|
|
2,831,302 |
|
|
|
9.3 |
% |
|
|
(4.2 |
%) |
ZERUST® oil & gas net
sales |
|
|
1,739,607 |
|
|
|
5.3 |
% |
|
|
1,886,814 |
|
|
|
6.2 |
% |
|
|
(7.8 |
%) |
Total ZERUST® net sales |
|
$ |
27,577,566 |
|
|
|
83.7 |
% |
|
$ |
26,042,909 |
|
|
|
85.9 |
% |
|
|
5.9 |
% |
Total Natur-Tec®
sales |
|
|
5,355,999 |
|
|
|
16.3 |
% |
|
|
4,279,785 |
|
|
|
14.1 |
% |
|
|
25.1 |
% |
Total net sales |
|
$ |
32,933,565 |
|
|
|
100.0 |
% |
|
$ |
30,322,694 |
|
|
|
100.0 |
% |
|
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NTIC’s joint venture operating income increased 2.4% to
$2,472,000 during the three months ended August 31, 2016, compared
to joint venture operating income of $2,413,000 during the three
months ended August 31, 2015. The increase was attributable
to the corresponding increase in total sales of the joint ventures
as fees for services provided to joint ventures are a function of
the net sales of NTIC’s joint ventures, which were $24,423,000
during the three months ended August 31, 2016, compared to
$23,051,000 for the three months ended August 31, 2015. For
fiscal 2016, NTIC’s joint venture operating income decreased 15.2%
to $9,882,000, from $11,652,000 last fiscal year due primarily to
the loss of income from the loss of joint venture income from
NTIC’s former joint venture in China and decreased sales by NTIC’s
joint ventures since joint venture income is a function of the net
sales of NTIC’s joint ventures. Net sales of NTIC’s joint ventures
were $90,646,000 during fiscal 2016, compared to $99,026,000 during
fiscal 2015.
Operating expenses, as a percent of net sales, for the fourth
quarter of fiscal 2016 were 56.9%, compared to 59.5% for the same
period last fiscal year, primarily a result of a 70-basis point
improvement in fourth quarter gross margins, operating leverage on
increased net sales, and lower expenses incurred in support of
joint ventures, partially offset by increased research and
development expenses and selling, general and administrative
expenses. For the full fiscal year, operating expenses, as a
percent of net sales, were 58.3%, compared to 60.2% for fiscal
2015.
During the fourth quarter of fiscal 2016, NTIC incurred a
$1,130,000 impairment charge net of non-controlling interest for
our investment in Tianjin Zerust. NTIC’s investment in
Tianjin Zerust is now valued at $0 for accounting purposes.
Additionally, as of August 31, 2016, NTIC created a reserve against
the accounts receivable balance owed from Tianjin Zerust of
$115,000 as NTIC determined it to be uncollectible for accounting
purposes. Despite these accounting positions, NTIC intends to
continue to vigorously pursue its litigation against its former
joint venture partner for the losses associated with Tianjin
Zerust. NTIC also intends to continue to vigorously pursue its
litigation against Cortec Corporation for lost profits, unjust
enrichment and other damages related to its tortious interference
and breach, among other claims.
The company reported a net loss attributable to NTIC for fourth
quarter of fiscal 2016 of $(1,443,000), or $(0.32) per share,
compared to net income attributable to NTIC of $5,000, or $0.00 per
diluted share for the same period of last fiscal year. The
net loss for the fiscal 2016 fourth quarter was primarily the
result of the impairment to fair value of NTIC’s joint
venture investment in Tianjin Zerust and other one-time losses
associated with NTIC China’s operations, which impacted fourth
quarter profitability by $1,540,000 or $0.34 per share.
For fiscal 2016, the company reported a net loss attributable to
NTIC of $(868,000), or $(0.19) per share, compared to net income
attributable to NTIC of $1,790,000, or $0.38 per diluted share for
last fiscal year. The net loss for fiscal 2016 was primarily
the result of the decrease in income from NTIC’s joint venture
operations, the impairment to fair value of NTIC’s joint
venture investment in Tianjin Zerust and the losses associated with
NTIC China’s operations, which together impacted fiscal 2016
profitability by $3,410,000, or $(0.75) per share, since losses
associated with NTIC China operations in fiscal 2015 were
$1,640,000, or $(0.36) per share.
NTIC’s balance sheet remains strong, with no debt, and working
capital of $16,948,000 at August 31, 2016, including $3,395,000 in
cash and cash equivalents and $2,244,000 in available for sale
securities, compared to $15,604,000 at August 31, 2015, including
$2,624,000 in cash and cash equivalents and $2,027,000 in available
for sale securities.
At August 31, 2016, the company had $19,841,000 of investments
in joint ventures, of which over $11,990,000 or 60.1% is cash, with
the remaining balance mostly made up of other working
capital.
Mr. Lynch added, “While we are disappointed with our fiscal 2016
financial results, we are confident we are headed in the right
direction, and we believe many of the challenges we faced this past
fiscal year are now behind us. We expect ZERUST® oil &
gas net sales will to continue to remain volatile due to
challenging market dynamics and a long sales cycle, but we believe
we are making progress extending our reach into this market.
The number of installations for our tank bottom corrosion
prevention solution increased 19.5% to 49 tanks in fiscal 2016, as
a result of follow-on orders from existing customers, as well as
sizeable orders from new customers, including two large
multi-national companies operating in the former Soviet republics
and South East Asia, respectively. With every new sale of our
ZERUST® oil & gas solutions, we are expanding our brand and
technology to this large and growing marketplace and we are excited
by the potential. Meanwhile, our core industrial ZERUST®
business remains well positioned to enhance its sales worldwide
through our global reach and technical sales culture. In
addition, our NTIC China sales team is now hitting its stride and
we expect net sales from this subsidiary to nearly double in fiscal
2017 compared to fiscal 2016, which will benefit our overall
ZERUST® business. Finally, Natur-Tec® sales continued to grow
in fiscal 2016 as favorable global regulations drove demand for our
fully compostable, bio-based products and solutions. We are
optimistic that many of the investments we have made over the past
several years will contribute to higher sales and profitability in
fiscal 2017, and we are excited about our long-term market
potential and business opportunities.”
Outlook
For the fiscal year ending August 31, 2017, NTIC expects its net
sales to be in the range of between $37.5 million and $39.0
million. The company also anticipates net income attributable
to NTIC to be in the range of between $3.4 million to $3.9 million,
or between $0.75 and $0.85 per diluted share.
These estimates are subject to significant risks and
uncertainties, including without limitation to risks and
uncertainties relating to NTIC’s Chinese operations, its ongoing
litigation against its former Chinese joint venture partner, its
ongoing litigation against Cortec Corporation, and other risks and
uncertainties.
Conference Call and Webcast
NTIC will host a conference call today at 8:00 a.m. Central Time
to review its results of operations for the fourth quarter and full
fiscal year of 2016 and its future outlook, followed by a question
and answer session. The conference call will be available to
interested parties through a live audio webcast available through
NTIC’s website at www.ntic.com or
http://ir.ntic.com/events.cfm where the webcast will be
archived and accessible for at least 12 months. The dial-in
number for the conference call is (877) 670-9779 and the
confirmation code is 13877897.
About Northern Technologies International
Corporation
Northern Technologies International Corporation develops and
markets proprietary environmentally beneficial products and
services in over 60 countries either directly or via a network of
subsidiaries, joint ventures, independent distributors and
agents. NTIC’s primary business is corrosion prevention
marketed primarily under the ZERUST® brand. NTIC has been selling
its proprietary ZERUST® rust and corrosion inhibiting products and
services to the automotive, electronics, electrical, mechanical,
military and retail consumer markets, for over 40 years, and in
recent years has targeted and expanded into the oil and gas
industry. NTIC offers worldwide on-site technical consulting for
rust and corrosion prevention issues. NTIC’s technical
service consultants work directly with the end users of NTIC’s
products to analyze their specific needs and develop systems to
meet their technical requirements. NTIC also markets and sells a
portfolio of bio-based and biodegradable polymer resins and
finished products marketed under the Natur-Tec®
brand.
Forward-Looking Statements
Statements contained in this press release that are not
historical information are forward-looking statements as defined
within the Private Securities Litigation Reform Act of 1995. Such
statements include NTIC’s expectations regarding its financial
guidance for fiscal 2017, the market potential and growth of its
ZERUST®, oil and gas and Natur-Tec® businesses, the market
potential and growth of its business in China, its ongoing
litigation against its former joint venture partner and Cortec
Corporation, and other statements that can be identified by words
such as “believes,” “continues,” “expects,” “anticipates,”
“intends,” “potential,” “outlook,” “will,” “may,” “would,”
“should,” “guidance” or words of similar meaning, the use of future
dates and any other statements that are not historical facts. Such
forward-looking statements are based upon the current beliefs and
expectations of NTIC’s management and are inherently subject to
risks and uncertainties that could cause actual results to differ
materially from those projected or implied. Such potential
risks and uncertainties include, but are not limited to, in no
particular order: the effect on NTIC’s business and operating
results of the termination of NTIC’s joint venture relationship in
China and sale of products and services in China through NTIC
China; the ability of NTIC China to achieve significant sales;
costs and expenses incurred by NTIC in connection with its ongoing
litigation against its former Chinese joint venture partner and
Cortec Corporation; NTIC’s dependence on the success of its joint
ventures and fees and dividend distributions that NTIC receives
from them; NTIC’s relationships with its joint ventures and its
ability to maintain those relationships; NTIC’s dependence on its
joint venture in Germany in particular due to its significance and
the effect of a termination of this or NTIC’s other joint ventures
on NTIC’s business and operating results; risks related to the
possible exit of the United Kingdom from the European Union and the
European sovereign debt crisis, economic slowdown and political
unrest; risks associated with NTIC’s international operations;
exposure to fluctuations in foreign currency exchange rates,
including in particular the Euro compared to the U.S. dollar; the
health of the U.S. and worldwide economies, including in particular
the U.S. automotive industry; the level of growth in NTIC’s
markets; NTIC’s investments in research and development efforts;
acceptance of existing and new products; timing of NTIC’s receipt
of purchase orders under supply contracts; variability in sales to
customers in the oil and gas industry and the effect on NTIC’s
quarterly financial results; increased competition; the costs and
effects of complying with changes in tax, fiscal, government and
other regulatory policies, including rules relating to
environmental, health and safety matters; pending and potential
litigation; and NTIC’s reliance on its intellectual property rights
and the absence of infringement of the intellectual property rights
of others. More detailed information on these and additional
factors which could affect NTIC’s operating and financial results
is described in the company’s filings with the Securities and
Exchange Commission, including its most recent annual report on
Form 10-K and annual report on Form 10-K for the fiscal year ended
August 31, 2016 to be filed with the SEC. NTIC urges all interested
parties to read these reports to gain a better understanding of the
many business and other risks that the company faces. Additionally,
NTIC undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements, which may be
made to reflect events or circumstances occurring after the date
hereof or to reflect the occurrence of unanticipated events.
NORTHERN TECHNOLOGIES INTERNATIONAL
CORPORATION |
AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS - AUGUST 31, 2016
AND 2015 |
|
|
|
|
August 31, 2016 |
|
August 31, 2015 |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,395,274 |
|
|
$ |
2,623,981 |
|
|
Available for sale securities |
|
|
2,243,864 |
|
|
|
2,027,441 |
|
|
Receivables: |
|
|
|
|
|
Trade excluding joint ventures,
less allowance for doubtful accounts of $40,000 at both August 31,
2016 and 2015 |
|
|
4,755,320 |
|
|
|
4,027,167 |
|
|
Trade joint ventures |
|
|
791,903 |
|
|
|
645,377 |
|
|
Fees for services provided to joint
ventures |
|
|
1,406,587 |
|
|
|
1,449,162 |
|
|
Income taxes |
|
|
215,905 |
|
|
|
198,462 |
|
|
Inventories |
|
|
7,711,287 |
|
|
|
7,468,441 |
|
|
Prepaid expenses |
|
|
422,031 |
|
|
|
411,473 |
|
|
Deferred income taxes |
|
|
— |
|
|
|
424,108 |
|
|
Total current assets |
|
|
20,942,171 |
|
|
|
19,275,612 |
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
|
7,275,872 |
|
|
|
7,293,163 |
|
|
|
|
|
|
|
OTHER ASSETS: |
|
|
|
|
|
Investments in joint ventures |
|
|
19,840,774 |
|
|
|
20,544,238 |
|
|
Investments at carrying value |
|
|
— |
|
|
|
1,883,668 |
|
|
Deferred income taxes |
|
|
1,639,762 |
|
|
|
1,176,012 |
|
|
Patents and trademarks, net |
|
|
1,278,597 |
|
|
|
1,262,219 |
|
|
Other |
|
|
92,874 |
|
|
|
130,736 |
|
|
Total other assets |
|
|
22,852,007 |
|
|
|
24,996,873 |
|
|
Total assets |
|
$ |
51,070,050 |
|
|
$ |
51,565,648 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Accounts payable |
|
$ |
2,753,903 |
|
|
$ |
2,101,175 |
|
|
Accrued liabilities: |
|
|
|
|
|
Payroll and related benefits |
|
|
938,363 |
|
|
|
1,056,257 |
|
|
Other |
|
|
301,836 |
|
|
|
514,409 |
|
|
Total current liabilities |
|
|
3,994,102 |
|
|
|
3,671,841 |
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
Preferred stock, no par value;
authorized 10,000 shares; none issued and outstanding |
|
|
— |
|
|
|
— |
|
|
Common stock, $0.02 par value per
share; authorized 10,000,000 shares; issued and outstanding
4,533,416 and 4,539,045, respectively |
|
|
90,668 |
|
|
|
90,781 |
|
|
Additional paid-in capital |
|
|
13,798,567 |
|
|
|
13,441,264 |
|
|
Retained earnings |
|
|
33,655,357 |
|
|
|
34,522,871 |
|
|
Accumulated other comprehensive
loss |
|
|
(3,009,617 |
) |
|
|
(3,180,811 |
) |
|
Stockholders’ equity |
|
|
44,543,975 |
|
|
|
44,874,105 |
|
|
Non-controlling interests |
|
|
2,540,973 |
|
|
|
3,019,702 |
|
|
Total equity |
|
|
47,075,948 |
|
|
|
47,893,807 |
|
|
Total liabilities and equity |
|
$ |
51,070,050 |
|
|
$ |
51,565,648 |
|
|
|
|
|
|
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
FOR THE THREE AND TWELVE MONTHS ENDED AUGUST 31, 2016
AND 2015 |
|
|
Three Months
Ended |
|
Twelve Months Ended |
|
August 31, 2016 |
|
August 31, 2015 |
|
August 31, 2016 |
|
August 31, 2015 |
NET
SALES: |
|
|
|
|
|
|
|
Net sales, excluding joint
ventures |
$ |
8,757,279 |
|
|
$ |
7,460,901 |
|
|
$ |
30,211,660 |
|
|
$ |
27,491,392 |
|
Net sales, to joint ventures |
|
760,340 |
|
|
|
641,413 |
|
|
|
2,721,905 |
|
|
|
2,831,301 |
|
Total net sales |
|
9,517,619 |
|
|
|
8,102,314 |
|
|
|
32,933,565 |
|
|
|
30,322,693 |
|
Cost of goods sold |
|
6,399,260 |
|
|
|
5,496,374 |
|
|
|
22,320,156 |
|
|
|
20,555,932 |
|
Gross profit |
|
3,118,359 |
|
|
|
2,605,940 |
|
|
|
10,613,409 |
|
|
|
9,766,761 |
|
|
|
|
|
|
|
|
|
|
|
JOINT
VENTURE OPERATIONS: |
|
|
|
|
|
|
|
Equity in income of joint
ventures |
|
1,142,947 |
|
|
|
1,130,318 |
|
|
|
4,743,831 |
|
|
|
5,936,565 |
|
Fees for services provided to joint
ventures |
|
1,329,326 |
|
|
|
1,282,997 |
|
|
|
5,137,710 |
|
|
|
5,715,491 |
|
Total joint venture operations |
|
2,472,273 |
|
|
|
2,413,315 |
|
|
|
9,881,541 |
|
|
|
11,652,056 |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Selling expenses |
|
1,747,637 |
|
|
|
1,651,793 |
|
|
|
6,255,353 |
|
|
|
5,820,748 |
|
General and administrative
expenses |
|
2,172,780 |
|
|
|
1,737,370 |
|
|
|
7,230,557 |
|
|
|
6,531,576 |
|
Expenses incurred in support of
joint ventures |
|
120,557 |
|
|
|
356,740 |
|
|
|
1,001,812 |
|
|
|
1,867,570 |
|
Research and development
expenses |
|
1,375,024 |
|
|
|
1,078,400 |
|
|
|
4,724,596 |
|
|
|
4,047,279 |
|
Total operating expenses |
|
5,415,998 |
|
|
|
4,824,303 |
|
|
|
19,212,318 |
|
|
|
18,267,173 |
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
174,634 |
|
|
|
194,952 |
|
|
|
1,282,632 |
|
|
|
3,151,644 |
|
|
|
|
|
|
|
|
|
INTEREST (LOSS) INCOME |
|
(16,310 |
) |
|
|
9,331 |
|
|
|
42,115 |
|
|
|
34,835 |
|
INTEREST EXPENSE |
|
17,726 |
|
|
|
(6,728 |
) |
|
|
(13,261 |
) |
|
|
(20,960 |
) |
IMPAIRMENT ON INVESTMENT AT CARRYING VALUE |
|
(1,883,668 |
) |
|
|
— |
|
|
|
(1,883,668 |
) |
|
|
— |
|
OTHER (LOSS) INCOME |
|
(7,255 |
) |
|
|
(1,630 |
) |
|
|
— |
|
|
|
515 |
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE INCOME TAX EXPENSE |
|
(1,714,873 |
) |
|
|
195,925 |
|
|
|
(572,182 |
) |
|
|
3,166,034 |
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
363,761 |
|
|
|
153,196 |
|
|
|
626,120 |
|
|
|
648,674 |
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME |
|
(2,078,634 |
) |
|
|
42,279 |
|
|
|
(1,198,302 |
) |
|
|
2,517,360 |
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME ATTRIBUTABLE TO NON-
CONTROLLING INTERESTS |
|
(635,887 |
) |
|
|
38,214 |
|
|
|
(330,788 |
) |
|
|
727,789 |
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME ATTRIBUTABLE TO NTIC |
$ |
(1,442,747 |
) |
|
$ |
4,515 |
|
|
$ |
(867,514 |
) |
|
$ |
1,789,571 |
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME ATTRIBUTABLE TO NTIC PER COMMON
SHARE: |
|
|
|
|
|
|
|
Basic |
$ |
(0.32 |
) |
|
$ |
0.00 |
|
|
$ |
(0.19 |
) |
|
$ |
0.40 |
|
Diluted |
$ |
(0.32 |
) |
|
$ |
0.00 |
|
|
$ |
(0.19 |
) |
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSUMED OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
4,537,504 |
|
|
|
4,529,251 |
|
|
|
4,537,504 |
|
|
|
4,521,788 |
|
Diluted |
|
4,537,504 |
|
|
|
4,585,196 |
|
|
|
4,537,504 |
|
|
|
4,649,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor and Media Contacts:
Matthew Wolsfeld, CFO
NTIC
(763) 225-6600
Northern Technologies (NASDAQ:NTIC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Northern Technologies (NASDAQ:NTIC)
Historical Stock Chart
From Sep 2023 to Sep 2024