[x]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
(State or other jurisdiction of incorporation or organization)
|
41-0857886
(I.R.S. Employer Identification No.)
|
4201 Woodland Road
Circle Pines, Minnesota 55014
(Address of principal executive offices) (Zip code)
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer (Do not check if a smaller reporting company) [ ]
|
Smaller reporting company [x]
|
Description
|
Page
|
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
May 31, 2013
|
August 31, 2012
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 3,176,157 | $ | 4,137,547 | ||||
Receivables:
|
||||||||
Trade excluding joint ventures, less allowance for doubtful accounts of $20,000 at May 31, 2013 and August 31, 2012
|
2,801,488 | 2,516,961 | ||||||
Trade joint ventures
|
1,120,085 | 734,543 | ||||||
Fees for services provided to joint ventures
|
2,459,487 | 1,316,933 | ||||||
Income taxes
|
174,092 | 58,129 | ||||||
Inventories
|
5,216,976 | 4,151,197 | ||||||
Prepaid expenses
|
352,395 | 548,331 | ||||||
Deferred income taxes
|
596,085 | 596,085 | ||||||
Total current assets
|
15,896,765 | 14,059,726 | ||||||
PROPERTY AND EQUIPMENT, NET
|
5,126,133 | 4,288,618 | ||||||
OTHER ASSETS:
|
||||||||
Investments in joint ventures
|
23,320,080 | 21,461,492 | ||||||
Deferred income taxes
|
1,030,610 | 1,030,610 | ||||||
Patents and trademarks, net
|
1,061,725 | 961,181 | ||||||
Other
|
76,000 | 76,000 | ||||||
Total other assets
|
25,488,415 | 23,529,283 | ||||||
Total assets
|
$ | 46,511,313 | $ | 41,877,627 | ||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of note payable
|
76,119 | 76,120 | ||||||
Accounts payable
|
1,267,591 | 1,818,309 | ||||||
Accrued liabilities:
|
||||||||
Payroll and related benefits
|
1,055,766 | 1,565,866 | ||||||
Deferred joint venture royalties
|
288,000 | 288,000 | ||||||
Other
|
72,755 | 251,350 | ||||||
Total current liabilities
|
2,760,231 | 3,999,645 | ||||||
NOTE PAYABLE, NET OF CURRENT PORTION (Note 7)
|
876,325 | 933,413 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 13)
|
||||||||
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 4,428,036 and 4,403,656, respectively
|
88,561 | 88,073 | ||||||
Additional paid-in capital
|
11,557,585 | 11,130,966 | ||||||
Retained earnings
|
27,011,178 | 25,260,034 | ||||||
Accumulated other comprehensive income
|
334,236 | 277,583 | ||||||
Stockholders’ equity
|
38,991,560 | 36,756,656 | ||||||
Non-controlling interest
|
3,883,197 | 187,913 | ||||||
Total equity
|
42,874,757 | 36,944,569 | ||||||
Total liabilities and equity
|
$ | 46,511,313 | $ | 41,877,627 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|||||||||||||
NET SALES:
|
||||||||||||||||
Net sales, excluding joint ventures
|
$ | 5,041,096 | $ | 7,175,825 | $ | 14,296,686 | $ | 15,579,086 | ||||||||
Net sales, to joint ventures
|
835,937 | 629,079 | 2,118,444 | 2,032,260 | ||||||||||||
Total net sales
|
5,877,033 | 7,804,904 | 16,415,130 | 17,611,346 | ||||||||||||
Cost of goods sold
|
4,054,364 | 4,143,514 | 11,379,249 | 10,833,072 | ||||||||||||
Gross profit
|
1,822,669 | 3,661,390 | 4,935,881 | 6,778,274 | ||||||||||||
JOINT VENTURE OPERATIONS:
|
||||||||||||||||
Equity in income of joint ventures
|
1,440,335 | 1,822,972 | 3,733,069 | 4,405,327 | ||||||||||||
Fees for services provided to joint ventures
|
1,917,947 | 734,337 | 5,535,105 | 3,477,715 | ||||||||||||
Total joint venture operations
|
3,358,282 | 2,557,309 | 9,268,174 | 7,883,042 | ||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Selling expenses
|
1,243,687 | 1,270,996 | 3,588,847 | 3,393,564 | ||||||||||||
General and administrative expenses
|
1,105,710 | 1,147,744 | 3,498,393 | 3,518,569 | ||||||||||||
Expenses incurred in support of joint ventures
|
335,132 | 294,169 | 1,026,275 | 729,990 | ||||||||||||
Research and development expenses
|
1,002,651 | 1,067,454 | 2,853,250 | 2,856,536 | ||||||||||||
Total operating expenses
|
3,687,180 | 3,780,363 | 10,966,765 | 10,498,659 | ||||||||||||
OPERATING INCOME
|
1,493,771 | 2,438,336 | 3,337,290 | 4,162,657 | ||||||||||||
INTEREST INCOME
|
2,984 | 15,726 | 50,618 | 36,417 | ||||||||||||
INTEREST EXPENSE
|
(50,986 | ) | (6,264 | ) | (64,448 | ) | (19,514 | ) | ||||||||
OTHER INCOME
|
— | 6,825 | — | 20,475 | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE
|
1,445,769 | 2,454,623 | 3,323,460 | 4,200,035 | ||||||||||||
INCOME TAX EXPENSE
|
158,000 | 814,000 | 532,000 | 1,020,000 | ||||||||||||
NET INCOME
|
1,287,769 | 1,640,623 | 2,791,460 | 3,180,035 | ||||||||||||
NET INCOME ATTRIBUTABLE TO NON CONTROLLING INTEREST
|
360,657 | 186,586 | 1,040,316 | 161,048 | ||||||||||||
NET INCOME ATTRIBUTABLE TO NTIC
|
$ | 927,112 | $ | 1,454,037 | $ | 1,751,144 | $ | 3,018,987 | ||||||||
NET INCOME PER COMMON SHARE:
|
||||||||||||||||
Basic
|
$ | 0.21 | $ | 0.33 | $ | 0.40 | $ | 0.69 | ||||||||
Diluted
|
$ | 0.21 | $ | 0.33 | $ | 0.39 | $ | 0.68 | ||||||||
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:
|
||||||||||||||||
Basic
|
4,421,379 | 4,399,290 | 4,415,452 | 4,379,175 | ||||||||||||
Diluted
|
4,468,861 | 4,461,044 | 4,464,774 | 4,448,472 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|||||||||||||
NET INCOME
|
$ | 1,287,769 | $ | 1,640,623 | $ | 2,791,460 | $ | 3,180,035 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) – FOREIGN CURRENCY TRANSLATION ADJUSTMENT
|
(292,001 | ) | (1,346,222 | ) | 103,543 | (2,600,098 | ) | |||||||||
COMPREHENSIVE INCOME (LOSS)
|
995,768 | 294,401 | 2,895,003 | 579,937 | ||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
352,519 | 156,450 | 1,087,206 | 123,608 | ||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS
|
$ | 643,249 | $ | 137,951 | $ | 1,807,797 | $ | 456,329 |
Nine Months Ended
|
||||||||
May 31,
2013
|
May 31,
2012
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 2,791,460 | $ | 3,180,035 | ||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Expensing of fair value of stock options vested
|
213,347 | 216,712 | ||||||
Depreciation expense
|
316,118 | 255,641 | ||||||
Amortization expense
|
53,264 | 113,624 | ||||||
Loss on disposal of assets
|
13,842 | — | ||||||
Equity in income from joint ventures
|
(3,733,069 | ) | (4,405,327 | ) | ||||
Changes in current assets and liabilities:
|
||||||||
Receivables:
|
||||||||
Trade, excluding joint ventures
|
(306,554 | ) | (341,903 | ) | ||||
Trade, joint ventures
|
(385,542 | ) | 41,562 | |||||
Fees for services receivables, joint ventures
|
199,532 | 199,871 | ||||||
Income taxes
|
(116,816 | ) | (6,403 | ) | ||||
Inventories
|
(1,085,743 | ) | (117,023 | ) | ||||
Prepaid expenses and other
|
195,848 | (539,868 | ) | |||||
Accounts payable
|
(526,505 | ) | (479,801 | ) | ||||
Income tax payable
|
2,783 | 138,132 | ||||||
Accrued liabilities
|
(684,857 | ) | 571,824 | |||||
Net cash used in operating activities
|
(3,052,892 | ) | (1,172,924 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Dividends received from joint ventures
|
3,017,586 | 3,045,544 | ||||||
Additions to property and equipment
|
(1,160,344 | ) | (402,620 | ) | ||||
Effect of NTI Asean consolidation on cash (Note 2)
|
1,612,768 | — | ||||||
Additions to patents
|
(167,652 | ) | (125,555 | ) | ||||
Net cash provided by investing activities
|
3,302,358 | 2,517,369 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repayment of note payable
|
(57,089 | ) | (57,089 | ) | ||||
Dividend received by non-controlling interest
|
(1,352,841 | ) | — | |||||
Proceeds from employee stock purchase plan
|
56,739 | 55,410 | ||||||
Proceeds from exercise of stock options
|
157,021 | 15,040 | ||||||
Net cash (used in) provided by financing activities
|
(1,196,170 | ) | 13,361 | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH:
|
(14,686 | ) | (158,270 | ) | ||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
(961,390 | ) | 1,199,536 | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
4,137,547 | 3,266,362 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 3,176,157 | $ | 4,465,898 |
1.
|
INTERIM FINANCIAL INFORMATION
|
2.
|
NTI ASEAN
|
Net assets acquired (liabilities assumed):
|
||||
Cash and cash equivalents
|
$ | 1,613,000 | ||
Accounts receivables
|
1,342,000 | |||
Investments in joint ventures
|
4,967,000 | |||
Value of assets
|
$ | 7,922,000 |
Purchase price:
|
||||
Fair value of non-controlling interest
|
$ | 3,961,000 | ||
Value of previously held interest
|
3,961,000 | |||
Total consideration
|
$ | 7,922,000 |
As Reported
|
NTI
Asean
|
Eliminated in
Consolidation
|
Pro Forma
|
|||||||||||||
Net sales
|
$ | 7,804,904 | $ | — | $ | — | $ | 7,804,904 | ||||||||
Cost of goods sold
|
4,143,514 | — | — | 4,143,514 | ||||||||||||
Gross profit
|
3,661,390 | — | — | 3,661,390 | ||||||||||||
Joint venture operations
|
2,557,309 | 870,663 | (384,115 | ) | 3,043,857 | |||||||||||
Operating expenses
|
3,780,363 | 110,637 | — | 3,891,000 | ||||||||||||
Operating income
|
2,438,336 | 760,026 | (384,115 | ) | 2,814,247 | |||||||||||
Income before income tax expense
|
2,454,623 | 760,026 | (384,115 | ) | 2,830,534 | |||||||||||
Income tax expense
|
814,000 | 99,208 | — | 913,208 | ||||||||||||
Net income
|
1,640,623 | 660,818 | (384,115 | ) | 1,917,326 | |||||||||||
Net income attributable to non-controlling interest
|
186,586 | (264,327 | ) | — | (77,741 | ) | ||||||||||
Net income attributable to NTIC
|
1,454,037 | 396,491 | (384,115 | ) | 1,466,413 | |||||||||||
Net income per common diluted share
|
$ | 0.33 | $ | 0.09 | $ | (0.09 | ) | $ | 0.33 |
As Reported
|
NTI
Asean
|
Eliminated in
Consolidation
|
Pro Forma
|
|||||||||||||
Net sales
|
$ | 17,611,346 | $ | — | $ | — | $ | 17,611,346 | ||||||||
Cost of goods sold
|
10,833,072 | — | — | 10,833,072 | ||||||||||||
Gross profit
|
6,778,274 | — | — | 6,778,274 | ||||||||||||
Joint venture operations
|
7,883,042 | 2,569,943 | (1,076,230 | ) | 9,376,755 | |||||||||||
Operating expenses
|
10,498,659 | 133,772 | — | 10,632,431 | ||||||||||||
Operating income
|
4,162,657 | 2,436,171 | (1,076,230 | ) | 5,522,598 | |||||||||||
Income before income tax expense
|
4,200,035 | 2,436,171 | (1,076,230 | ) | 5,559,976 | |||||||||||
Income tax expense
|
1,020,000 | 284,019 | — | 1,304,019 | ||||||||||||
Net income
|
3,180,035 | 2,152,152 | (1,076,230 | ) | 4,255,957 | |||||||||||
Net income attributable to non-controlling interest
|
161,048 | (860,861 | ) | — | (699,813 | ) | ||||||||||
Net income attributable to NTIC
|
3,018,987 | 1,291,291 | (1,076,230 | ) | 3,234,048 | |||||||||||
Net income per common diluted share
|
$ | 0.68 | $ | 0.29 | $ | (0.24 | ) | $ | 0.73 |
3.
|
INVENTORIES
|
May 31, 2013
|
August 31, 2012
|
|||||||
Production materials
|
$ | 1,140,800 | $ | 1,462,615 | ||||
Finished goods
|
4,076,176 | 2,688,582 | ||||||
$ | 5,216,976 | $ | 4,151,197 |
4.
|
PROPERTY AND EQUIPMENT, NET
|
May 31, 2013
|
August 31, 2012
|
|||||||
Land
|
$ | 310,365 | $ | 310,365 | ||||
Buildings and improvements
|
4,302,151 | 3,406,674 | ||||||
Machinery and equipment
|
3,173,684 | 2,908,021 | ||||||
7,786,200 | 6,625,060 | |||||||
Less accumulated depreciation
|
(2,660,067 | ) | (2,336,442 | ) | ||||
$ | 5,126,133 | $ | 4,288,618 |
5.
|
PATENTS AND TRADEMARKS, NET
|
May 31, 2013
|
August 31, 2012
|
|||||||
Patents and trademarks
|
$ | 2,097,872 | $ | 1,945,785 | ||||
Less accumulated amortization
|
(1,036,147 | ) | (984,604 | ) | ||||
$ | 1,061,725 | $ | 961,181 |
6.
|
INVESTMENTS IN JOINT VENTURES
|
At May 31, 2013
|
||||||||||||||||
Total
|
EXCOR
|
China
|
All Other
|
|||||||||||||
Current assets
|
$ | 63,547,204 | $ | 23,056,084 | $ | 13,964,465 | $ | 26,526,655 | ||||||||
Total assets
|
69,688,319 | 25,425,172 | 13,993,902 | 30,269,245 | ||||||||||||
Current liabilities
|
19,288,471 | 3,056,560 | 6,212,433 | 10,019,478 | ||||||||||||
Noncurrent liabilities
|
3,358,593 | — | 869,532 | 2,489,061 | ||||||||||||
Joint ventures’ equity
|
47,041,255 | 22,368,612 | 6,911,937 | 17,760,706 | ||||||||||||
Northern Technologies International Corporation’s share of joint ventures’ equity
|
23,320,080 | 11,184,308 | 3,455,969 | 8,679,803 | ||||||||||||
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings
|
$ | 20,877,265 | $ | 11,153,403 | $ | 3,405,969 | $ | 6,327,893 |
At August 31, 2012
|
||||||||||||||||
Total
|
EXCOR
|
NTI ASEAN
|
All Other
|
|||||||||||||
Current assets
|
$ | 61,973,725 | $ | 24,357,139 | $ | 15,358,967 | $ | 22,257,619 | ||||||||
Total assets
|
68,585,974 | 26,620,589 | 15,522,456 | 26,442,929 | ||||||||||||
Current liabilities
|
18,686,181 | 4,749,574 | 5,763,857 | 8,172,750 | ||||||||||||
Noncurrent liabilities
|
4,700,458 | — | 1,055,965 | 3,644,493 | ||||||||||||
Joint ventures’ equity
|
45,199,335 | 21,871,015 | 8,702,634 | 14,625,686 | ||||||||||||
Northern Technologies International Corporation’s share of joint ventures’ equity
|
21,461,492 | 10,935,509 | $ | 3,685,404 | 6,840,579 | |||||||||||
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings
|
$ | 19,403,150 | $ | 10,904,604 | $ | 3,314,445 | $ | 5,184,101 |
Nine Months Ended May 31, 2013
|
||||||||||||||||
Total
|
EXCOR
|
China
|
All Other
|
|||||||||||||
Net sales
|
$ | 82,788,711 | $ | 26,043,775 | $ | 10,802,206 | $ | 45,942,730 | ||||||||
Gross profit
|
39,447,084 | 13,624,792 | 5,134,820 | 20,687,472 | ||||||||||||
Net income
|
7,626,711 | 4,954,595 | 815,664 | 1,856,452 | ||||||||||||
Northern Technologies International Corporation’s share of equity in income of joint ventures
|
$ | 3,733,069 | $ | 2,478,109 | $ | 407,809 | $ | 847,151 |
Nine Months Ended May 31, 2012
|
||||||||||||||||
Total
|
EXCOR
|
NTI ASEAN
|
All Other
|
|||||||||||||
Net sales
|
$ | 83,746,872 | $ | 25,785,840 | $ | 16,366,258 | $ | 41,594,775 | ||||||||
Gross profit
|
40,201,265 | 13,423,067 | 7,183,786 | 19,594,413 | ||||||||||||
Net income
|
8,165,791 | 4,830,477 | 1,941,417 | 1,393,897 | ||||||||||||
Northern Technologies International Corporation’s share of equity in income of joint ventures
|
$ | 4,405,327 | $ | 2,396,596 | $ | 1,076,230 | $ | 932,501 |
7.
|
CORPORATE DEBT
|
8.
|
STOCKHOLDERS’ EQUITY
|
Options Exercised
|
Exercise Price
|
|||||
25,140
|
$ | 9.95 | ||||
4,000
|
8.57 | |||||
1,734
|
7.65 | |||||
1,500
|
9.76 | |||||
666
|
7.75 |
Options Exercised
|
Exercise Price
|
|||||
1,966
|
$ | 7.65 |
9.
|
NET INCOME PER COMMON SHARE
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Numerators:
|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
||||||||||||
Net income attributable to NTIC
|
$ | 927,112 | $ | 1,454,037 | $ | 1,751,144 | $ | 3,018,987 | ||||||||
Denominator:
|
||||||||||||||||
Basic – weighted shares outstanding
|
4,421,379 | 4,399,290 | 4,415,452 | 4,379,175 | ||||||||||||
Weighted shares assumed upon exercise of stock options
|
47,482 | 61,754 | 49,322 | 65,297 | ||||||||||||
Diluted – weighted shares outstanding
|
4,468,861 | 4,461,044 | 4,464,774 | 4,448,472 | ||||||||||||
Basic earnings per share:
|
$ | 0.21 | $ | 0.33 | $ | 0.40 | $ | 0.69 | ||||||||
Diluted earnings per share:
|
$ | 0.21 | $ | 0.33 | $ | 0.39 | $ | 0.68 |
10.
|
STOCK-BASED COMPENSATION
|
May 31, | |||||||
2013 | 2012 | ||||||
Dividend yield
|
0.00%
|
0.00% | |||||
Expected volatility
|
48.0%
|
48.8% | |||||
Expected life of option (years)
|
5 | - |
10
|
5 | |||
Average risk-free interest rate
|
0.71%
|
1.31% |
11.
|
GEOGRAPHIC AND SEGMENT INFORMATION
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|||||||||||||
Inside the U.S.A. to unaffiliated customers
|
69.8 | % | 58.0 | % | 68.9 | % | 61.2 | % | ||||||||
Outside the U.S.A to:
|
||||||||||||||||
Joint ventures in which the Company is a shareholder directly and indirectly
|
11.1 | % | 10.9 | % | 14.9 | % | 12.6 | % | ||||||||
Unaffiliated customers
|
19.1 | % | 31.1 | % | 16.2 | % | 26.2 | % | ||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended
|
||||||||||||||||
May 31,
2013
|
% of Total Fees
for Services
Provided to
Joint Ventures
|
May 31,
2012
|
% of Total Fees for
Services Provided
to Joint Ventures
|
|||||||||||||
China*
|
$ | 524,724 | 27.3 | % | $ | — | 0.0 | % | ||||||||
Germany
|
250,000 | 13.0 | % | 241,338 | 32.9 | % | ||||||||||
Japan
|
177,432 | 9.3 | % | 260,026 | 35.4 | % | ||||||||||
Thailand*
|
169,085 | 8.8 | % | — | 0.0 | % | ||||||||||
Korea**
|
147,867 | 7.7 | % | 61,152 | 8.4 | % | ||||||||||
Sweden
|
141,000 | 7.4 | % | 141,257 | 19.2 | % | ||||||||||
Poland
|
113,339 | 5.9 | % | 113,305 | 15.4 | % | ||||||||||
France
|
104,645 | 5.5 | % | 128,480 | 17.5 | % | ||||||||||
Finland
|
85,246 | 4.4 | % | 127,344 | 17.3 | % | ||||||||||
United Kingdom
|
65,193 | 3.4 | % | 83,879 | 11.4 | % | ||||||||||
India
|
— | 0.0 | % | (492,602 | ) | (67.1 | )% | |||||||||
Other
|
139,416 | 7.3 | % | 70,158 | 9.6 | % | ||||||||||
$ | 1,917,947 | 100.0 | % | $ | 734,337 | 100.0 | % |
*
|
Joint venture owned by NTI Asean.
|
**
|
Joint venture owned by NTI Asean as of May 31, 2013, but not as of May 31, 2012. NTI Asean results are not included on the consolidated financial statements for the three months ended May 31, 2012. (See Note 2)
|
Nine Months Ended
|
||||||||||||||||
May 31,
2013
|
% of Total Fees
for Services
Provided to
Joint Ventures
|
May 31,
2012
|
% of Total Fees for
Services Provided
to Joint Ventures
|
|||||||||||||
China*
|
$ | 1,468,622 | 26.5 | % | $ | — | 0.0 | % | ||||||||
Germany
|
742,213 | 13.4 | % | 742,171 | 21.3 | % | ||||||||||
Japan
|
548,618 | 9.9 | % | 763,548 | 22.0 | % | ||||||||||
Thailand*
|
471,074 | 8.5 | % | — | 0.0 | % | ||||||||||
Korea**
|
409,997 | 7.4 | % | 138,149 | 4.0 | % | ||||||||||
France
|
381,043 | 6.9 | % | 397,123 | 11.4 | % | ||||||||||
Poland
|
379,650 | 6.9 | % | 341,603 | 9.8 | % | ||||||||||
Sweden
|
305,619 | 5.5 | % | 446,191 | 12.8 | % | ||||||||||
Finland
|
245,426 | 4.4 | % | 378,751 | 10.9 | % | ||||||||||
United Kingdom
|
168,005 | 3.1 | % | 244,017 | 7.0 | % | ||||||||||
India
|
— | 0.0 | % | (192,758 | ) | (5.5 | )% | |||||||||
Other
|
414,838 | 7.5 | % | 218,920 | 6.3 | % | ||||||||||
$ | 5,535,105 | 100.0 | % | $ | 3,477,715 | 100.0 | % |
*
|
Joint venture owned by NTI Asean.
|
**
|
Joint venture owned by NTI Asean as of May 31, 2013, but not as of May 31, 2012. NTI Asean results are not included on the consolidated financial statements for the nine months ended May 31, 2012. (See Note 2)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|||||||||||||
ZERUST® sales
|
$ | 5,418,271 | $ | 7,220,258 | $ | 14,923,966 | $ | 16,243,683 | ||||||||
Natur-Tec™ sales
|
458,762 | 584,646 | 1,491,164 | 1,367,663 | ||||||||||||
$ | 5,877,033 | $ | 7,804,904 | $ | 16,415,130 | $ | 17,611,346 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||||||||||
May 31,
2013
|
% of
Product
Sales*
|
May 31,
2012
|
% of
Product
Sales*
|
May 31,
2013
|
% of
Product
Sales*
|
May 31,
2012
|
% of
Product
Sales*
|
|||||||||||||||||||||||||
Direct cost of goods sold
|
||||||||||||||||||||||||||||||||
ZERUST®
|
$ | 3,115,980 | 57.5 | % | $ | 3,046,644 | 42.2 | % | $ | 8,383,345 | 56.2 | % | $ | 8,074,031 | 49.7 | % | ||||||||||||||||
Natur-Tec®
|
367,485 | 80.1 | % | 501,749 | 85.8 | % | 1,260,305 | 84.5 | % | 1,160,014 | 84.8 | % | ||||||||||||||||||||
Indirect cost of goods sold
|
570,899 | — | 595,121 | — | 1,735,599 | — | 1,599,027 | — | ||||||||||||||||||||||||
Total net cost of goods sold
|
$ | 4,054,364 | $ | 4,143,514 | $ | 11,379,249 | $ | 10,833,072 |
*
|
The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category.
|
At May 31, 2013
|
||||||||||||
Brazil
|
North America
|
Total
|
||||||||||
Total assets
|
$ | 1,308,385 | $ | 45,202,928 | $ | 46,511,313 |
At August 31, 2012
|
||||||||||||
Brazil
|
North America
|
Total
|
||||||||||
Total assets
|
$ | 1,744,693 | $ | 40,132,934 | $ | 41,877,627 |
Nine Months Ended May 31, 2013
|
||||||||||||
Brazil
|
North America
|
Total
|
||||||||||
Net sales
|
$ | 1,699,084 | $ | 14,716,046 | $ | 16,415,130 | ||||||
Operating income
|
$ | (263,353 | ) | $ | 3,600,643 | $ | 3,337,290 |
Nine Months Ended May 31, 2012
|
||||||||||||
Brazil
|
North America
|
Total
|
||||||||||
Net sales
|
$ | 4,004,399 | $ | 13,606,947 | $ | 17,611,346 | ||||||
Operating income
|
$ | 1,780,269 | $ | 2,382,388 | $ | 4,162,657 |
12.
|
RESEARCH AND DEVELOPMENT
|
13.
|
COMMITMENTS AND CONTINGENCIES
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Three Months Ended
|
||||||||||||||||||||||||
May 31, 2013
|
% of
Net Sales
|
May 31, 2012
|
% of
Net Sales
|
$
Change
|
%
Change
|
|||||||||||||||||||
Net sales, excluding joint ventures
|
$ | 5,041,096 | 85.8 | % | $ | 7,175,825 | 91.9 | % | $ | (2,134,729 | ) | (29.7 | )% | |||||||||||
Net sales, to joint ventures
|
835,937 | 14.2 | % | 629,079 | 8.1 | % | 206,858 | 32.9 | % | |||||||||||||||
Cost of goods sold
|
4,054,364 | 69.0 | % | 4,143,514 | 53.1 | % | (89,150 | ) | (2.2 | )% | ||||||||||||||
Equity in income of joint ventures
|
1,440,335 | 24.5 | % | 1,822,972 | 23.4 | % | (382,637 | ) | (21.0 | )% | ||||||||||||||
Fees for services provided to joint ventures
|
1,917,947 | 32.6 | % | 734,337 | 9.4 | % | 1,183,610 | 161.2 | % | |||||||||||||||
Selling expenses
|
1,243,687 | 21.1 | % | 1,270,996 | 16.3 | % | (27,309 | ) | (2.1 | )% | ||||||||||||||
General and administrative expenses
|
1,105,710 | 18.8 | % | 1,147,744 | 14.7 | % | (42,034 | ) | (3.7 | )% | ||||||||||||||
Expenses incurred in support of joint ventures
|
335,132 | 5.7 | % | 294,169 | 3.8 | % | 40,963 | 13.9 | % | |||||||||||||||
Research and development expenses
|
1,002,651 | 17.1 | % | 1,067,454 | 13.7 | % | (64,803 | ) | (6.1 | )% |
Nine Months Ended
|
||||||||||||||||||||||||
May 31, 2013
|
% of
Net Sales
|
May 31, 2012
|
% of
Net Sales
|
$
Change
|
%
Change
|
|||||||||||||||||||
Net sales, excluding joint ventures
|
$ | 14,296,686 | 87.1 | % | $ | 15,579,086 | 88.5 | % | $ | (1,282,400 | ) | (8.2 | )% | |||||||||||
Net sales, to joint ventures
|
2,118,444 | 12.9 | % | 2,032,260 | 11.5 | % | 86,184 | 4.2 | % | |||||||||||||||
Cost of goods sold
|
11,379,249 | 69.3 | % | 10,833,072 | 61.5 | % | 546,177 | 5.0 | % | |||||||||||||||
Equity in income of joint ventures
|
3,733,069 | 22.7 | % | 4,405,327 | 25.0 | % | (672,258 | ) | (15.3 | )% | ||||||||||||||
Fees for services provided to joint ventures
|
5,535,105 | 33.7 | % | 3,477,715 | 19.8 | % | 2,057,390 | 59.2 | % | |||||||||||||||
Selling expenses
|
3,588,847 | 21.9 | % | 3,393,564 | 19.3 | % | 195,283 | 5.8 | % | |||||||||||||||
General and administrative expenses
|
3,498,393 | 21.3 | % | 3,518,569 | 20.0 | % | (20,176 | ) | (0.6 | )% | ||||||||||||||
Expenses incurred in support of joint ventures
|
1,026,275 | 6.3 | % | 729,990 | 4.1 | % | 296,285 | 40.6 | % | |||||||||||||||
Research and development expenses
|
2,853,250 | 17.4 | % | 2,856,536 | 16.2 | % | (3,286 | ) | (0.1 | )% |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|||||||||||||
ZERUST® sales
|
$ | 5,418,271 | $ | 7,220,258 | $ | 14,923,966 | $ | 16,243,683 | ||||||||
Natur-Tec® sales
|
458,762 | 584,646 | 1,491,164 | 1,367,663 | ||||||||||||
Total net sales
|
$ | 5,877,033 | $ | 7,804,904 | $ | 16,415,130 | $ | 17,611,346 |
·
|
The effect of current worldwide economic conditions, the European sovereign debt crisis and turmoil and disruption in the global credit and financial markets on NTIC’s business;
|
·
|
The health of the U.S. automotive industry on NTIC’s business;
|
·
|
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, especially in light of anticipated succession planning issues;
|
·
|
NTIC’s dependence upon sales by Zerust Brazil to Petrobras and the effect of such sales on NTIC’s quarterly operating results, including in particular its net sales and margins;
|
·
|
The variability in NTIC’s sales of ZERUST® products and services into oil and gas industry and Natur-Tec® products and NTIC’s equity income of joint ventures, which variability in sales and equity in income of joint venture in turn, subject NTIC’s earnings to quarterly fluctuations;
|
·
|
Risks associated with NTIC’s international operations and exposure to fluctuations in foreign currency exchange rates and import duties and taxes;
|
·
|
Fluctuations in the cost and availability of raw materials, including resins and other commodities;
|
·
|
The success of and risks associated with NTIC’s emerging new businesses and products and services, including in particular NTIC’s ability and the ability of NTIC’s joint ventures to sell ZERUST® products and services into oil and gas industry and Natur-Tec® products and the often lengthy and extensive sales process involved in selling such products and services;
|
·
|
NTIC’s ability to introduce new products and services that respond to changing market conditions and customer demand;
|
·
|
Market acceptance of NTIC’s existing and new products, especially in light of existing and new competitive products;
|
·
|
Maturation of certain existing markets for NTIC’s ZERUST® products and services and NTIC’s ability to grow market share and succeed in penetrating other existing and new markets;
|
·
|
Increased competition, especially with respect to NTIC’s ZERUST® products and services, and the effect of such competition on NTIC’s and its joint ventures’ pricing, net sales and margins;
|
·
|
NTIC’s reliance upon and its relationships with its distributors, independent sales representatives and joint ventures;
|
·
|
NTIC’s reliance upon suppliers, including in particular its single supply source for its base bioplastics resins;
|
·
|
The costs and effects of complying with laws and regulations and changes in tax, fiscal, government and other regulatory policies, including rules relating to environmental, health and safety matters;
|
·
|
The transition of the manufacturing of certain select ZERUST® rust and corrosion inhibiting products in house at NTIC’s corporate headquarters location in Circle Pines, Minnesota;
|
·
|
Unforeseen product quality or other problems in the development, production and usage of new and existing products;
|
·
|
Unforeseen production expenses incurred in connection with new customers and new products;
|
·
|
Loss of or changes in executive management or key employees;
|
·
|
Ability of management to manage around unplanned events;
|
·
|
NTIC’s reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others;
|
·
|
Fluctuations in NTIC’s effective tax rate; and
|
·
|
NTIC’s reliance upon its management information systems.
|
ITEM 3.
|
PART II
|
OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
Exhibit No.
|
Description
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
31.2
|
Certification of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
32.1
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
|
|
32.2
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
|
Exhibit No.
|
Description
|
|
101
|
The following materials from Northern Technologies International Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) the unaudited Consolidated Balance Sheets, (ii) the unaudited Consolidated Statements of Operations, (iii) the unaudited Consolidated Statements of Comprehensive Income, (iv) the unaudited Consolidated Statements of Cash Flows, and (v) Notes to Condensed Financial Statements (furnished herewith)*
|
*
|
Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this quarterly report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be deemed part of a registration statement, prospectus or other document filed under Section 11 or 12 of the Securities Act of 1933, as amended, or otherwise subject to the liability of those sections, except as shall be expressly set forth by specific reference in such filings.
|
![]() |
||
Date: July 12, 2013
|
Matthew C. Wolsfeld, CPA
|
|
Chief Financial Officer
|
||
(Principal Financial and Accounting Officer and
|
||
Duly Authorized to Sign on Behalf of the Registrant)
|
Exhibit
No.
|
Description
|
Method of Filing
|
31.1
|
Certification of Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
31.2
|
Certification of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
32.1
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Furnished herewith
|
32.2
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Furnished herewith
|
101
|
The following materials from Northern Technologies International Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) the unaudited Consolidated Balance Sheets, (ii) the unaudited Consolidated Statements of Operations, (iii) the unaudited Consolidated Statements of Comprehensive Income, (iv) the unaudited Consolidated Statements of Cash Flows, and (v) Notes to Condensed Financial Statements*
|
Furnished herewith
|
*
|
Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this quarterly report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be deemed part of a registration statement, prospectus or other document filed under Section 11 or 12 of the Securities Act of 1933, as amended, or otherwise subject to the liability of those sections, except as shall be expressly set forth by specific reference in such filings.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Northern Technologies International Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
Date: July 12, 2013
|
![]() |
||
G. Patrick Lynch
|
|||
President and Chief Executive Officer
|
|||
(principal executive officer)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Northern Technologies International Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have::
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
Date: July 12, 2013
|
![]() |
||
Matthew C. Wolsfeld, CPA
|
|||
Chief Financial Officer and Corporate Secretary
|
|||
(principal financial officer)
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
![]() |
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
![]() |
Note 11 - Geographic And Segment Information
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] |
Net
sales by geographic location as a percentage of total
consolidated net sales for the three and nine months ended
May 31, 2013 and 2012 were as follows:
Net
sales by geographic location are based on the location of the
customer.
Fees
for services provided to joint ventures by geographic
location as a percentage of total fees for services provided
to joint ventures during the three and nine months ended May
31, 2013 and 2012 were as follows:
The
following table sets forth the Company’s net sales for
the three and nine months ended May 31, 2013 and 2012 by
segment:
The
following table sets forth the Company’s cost of goods
sold for the three and nine months ended May 31, 2013
and 2012 by segment:
The
Company’s management utilizes product net sales and
direct and indirect cost of goods sold for each product in
reviewing the financial performance of a product
type. Further allocation of Company expenses or
assets, aside from amounts presented in the tables above, is
not utilized in evaluating product performance, nor does such
allocation occur for internal financial reporting.
Sales
to the Company’s joint ventures are included in the
foregoing geographic and segment information, however, sales
by the Company’s joint ventures to other parties are
not included. The foregoing geographic and segment
information represents only sales and cost of goods sold
recognized directly by the Company.
The
geographical distribution of key financial statement data is
as follows:
Total
assets located in Brazil primarily consist of cash and cash
equivalents, customer receivables and
inventory. These assets are periodically reviewed
to assure the net realizable value from the estimated future
production based on forecasted sales exceeds the carrying
value of the assets.
|
Note 12 - Research and Development (Details) (USD $)
|
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
Research and Development Contracts [Member]
|
Aug. 31, 2012
Research and Development Contracts [Member]
|
|
Note 12 - Research and Development (Details) [Line Items] | ||||||
Research and Development Expense | $ 1,002,651 | $ 1,067,454 | $ 2,853,250 | $ 2,856,536 | ||
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross | 206,046 | 297,258 | ||||
Contract Receivable | 143,395 | |||||
Deferred Revenue | $ 96,861 |
Consolidated Statements of Operations (Unaudited) (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|
NET SALES: | ||||
Net sales, excluding joint ventures | $ 5,041,096 | $ 7,175,825 | $ 14,296,686 | $ 15,579,086 |
Net sales, to joint ventures | 835,937 | 629,079 | 2,118,444 | 2,032,260 |
Total net sales | 5,877,033 | 7,804,904 | 16,415,130 | 17,611,346 |
Cost of goods sold | 4,054,364 | 4,143,514 | 11,379,249 | 10,833,072 |
Gross profit | 1,822,669 | 3,661,390 | 4,935,881 | 6,778,274 |
JOINT VENTURE OPERATIONS: | ||||
Equity in income of joint ventures | 1,440,335 | 1,822,972 | 3,733,069 | 4,405,327 |
Fees for services provided to joint ventures | 1,917,947 | 734,337 | 5,535,105 | 3,477,715 |
Total joint venture operations | 3,358,282 | 2,557,309 | 9,268,174 | 7,883,042 |
OPERATING EXPENSES: | ||||
Selling expenses | 1,243,687 | 1,270,996 | 3,588,847 | 3,393,564 |
General and administrative expenses | 1,105,710 | 1,147,744 | 3,498,393 | 3,518,569 |
Expenses incurred in support of joint ventures | 335,132 | 294,169 | 1,026,275 | 729,990 |
Research and development expenses | 1,002,651 | 1,067,454 | 2,853,250 | 2,856,536 |
Total operating expenses | 3,687,180 | 3,780,363 | 10,966,765 | 10,498,659 |
OPERATING INCOME | 1,493,771 | 2,438,336 | 3,337,290 | 4,162,657 |
INTEREST INCOME | 2,984 | 15,726 | 50,618 | 36,417 |
INTEREST EXPENSE | (50,986) | (6,264) | (64,448) | (19,514) |
OTHER INCOME | 6,825 | 20,475 | ||
INCOME BEFORE INCOME TAX EXPENSE | 1,445,769 | 2,454,623 | 3,323,460 | 4,200,035 |
INCOME TAX EXPENSE | 158,000 | 814,000 | 532,000 | 1,020,000 |
NET INCOME | 1,287,769 | 1,640,623 | 2,791,460 | 3,180,035 |
NET INCOME ATTRIBUTABLE TO NON CONTROLLING INTEREST | 360,657 | 186,586 | 1,040,316 | 161,048 |
NET INCOME ATTRIBUTABLE TO NTIC | $ 927,112 | $ 1,454,037 | $ 1,751,144 | $ 3,018,987 |
NET INCOME PER COMMON SHARE: | ||||
Basic (in Dollars per share) | $ 0.21 | $ 0.33 | $ 0.40 | $ 0.69 |
Diluted (in Dollars per share) | $ 0.21 | $ 0.33 | $ 0.39 | $ 0.68 |
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING: | ||||
Basic (in Shares) | 4,421,379 | 4,399,290 | 4,415,452 | 4,379,175 |
Diluted (in Shares) | 4,468,861 | 4,461,044 | 4,464,774 | 4,448,472 |
Note 4 - Property and Equipment, Net
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] |
Property
and equipment, net consisted of the following:
|
Note 6 - Investments in Joint Ventures (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement [Table Text Block] |
|
Note 12 - Research and Development
|
9 Months Ended | ||
---|---|---|---|
May 31, 2013
|
|||
Research, Development, and Computer Software Disclosure [Text Block] | |||
Research, Development, and Computer Software Disclosure [Text Block] |
The
Company expenses all costs related to product research and
development as incurred. The Company
incurred $2,853,250 and $2,856,536 of expense during the nine
months ended May 31, 2013 and 2012, respectively, in
connection with its research and development
activities. These costs related
to product research and development are net of reimbursements
related to certain research and development contracts
of $206,046 and $297,258 for the nine months ended May
31, 2013 and 2012, respectively. The net fees are
accounted for in the “Research and Development
Expenses” section of the consolidated statements of
operations.
The
Company has certain research and development
contracts. The Company accrues proceeds received
under such contracts and offsets research and development
expenses incurred in equal installments over the timelines
associated with completion of the contracts’ specific
objectives and milestones. At May 31, 2013, the Company had
$143,395 as a receivable, and as of August 31, 2012, the
Company had $96,861 of deferred amounts in other accrued
liabilities as the Company had not yet performed under the
obligations of the contract at that time.
|
Note 6 - Investments in Joint Ventures (Details) - Condensed Income Statement of EXCOR and NTI ASEAN, and All Other Joint Ventures: (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 82,788,711 | $ 83,746,872 | ||
Gross profit | 39,447,084 | 40,201,265 | ||
Net income | 7,626,711 | 8,165,791 | ||
Northern Technologies International Corporation’s share of equity in income of joint ventures | 1,440,335 | 1,822,972 | 3,733,069 | 4,405,327 |
EXCOR [Member]
|
||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 26,043,775 | 25,785,840 | ||
Gross profit | 13,624,792 | 13,423,067 | ||
Net income | 4,954,595 | 4,830,477 | ||
Northern Technologies International Corporation’s share of equity in income of joint ventures | 2,478,109 | 2,396,596 | ||
China [Member]
|
||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 10,802,206 | |||
Gross profit | 5,134,820 | |||
Net income | 815,664 | |||
Northern Technologies International Corporation’s share of equity in income of joint ventures | 407,809 | |||
All Other [Member]
|
||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 45,942,730 | 41,594,775 | ||
Gross profit | 20,687,472 | 19,594,413 | ||
Net income | 1,856,452 | 1,393,897 | ||
Northern Technologies International Corporation’s share of equity in income of joint ventures | 847,151 | 932,501 | ||
NTI ASEAN [Member]
|
||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 16,366,258 | |||
Gross profit | 7,183,786 | |||
Net income | 1,941,417 | |||
Northern Technologies International Corporation’s share of equity in income of joint ventures | $ 1,076,230 |
Note 10 - Stock-Based Compensation (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
|
Note 9 - Net Income Per Common Share (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
|
Note 11 - Geographic And Segment Information (Details) - Net Sales By Geographic Location as Percentage of Total Consolidated Net Sales (Percentage of Total Consolidated Net Sales [Member])
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|
Note 11 - Geographic And Segment Information (Details) - Net Sales By Geographic Location as Percentage of Total Consolidated Net Sales [Line Items] | ||||
Net Sales, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Inside the U.S.A to Unaffiliated Customers [Member]
|
||||
Note 11 - Geographic And Segment Information (Details) - Net Sales By Geographic Location as Percentage of Total Consolidated Net Sales [Line Items] | ||||
Net Sales, Percentage | 69.80% | 58.00% | 68.90% | 61.20% |
Joint Ventures In Which The Company Is A Shareholder Directly And Indirectly - Outside the U.S.A [Member]
|
||||
Note 11 - Geographic And Segment Information (Details) - Net Sales By Geographic Location as Percentage of Total Consolidated Net Sales [Line Items] | ||||
Net Sales, Percentage | 11.10% | 10.90% | 14.90% | 12.60% |
Unaffiliated Customers - Outside the U.S.A [Member]
|
||||
Note 11 - Geographic And Segment Information (Details) - Net Sales By Geographic Location as Percentage of Total Consolidated Net Sales [Line Items] | ||||
Net Sales, Percentage | 19.10% | 31.10% | 16.20% | 26.20% |
Note 5 - Patents and Trademarks, Net (Details) (USD $)
|
9 Months Ended |
---|---|
May 31, 2013
|
|
Note 5 - Patents and Trademarks, Net (Details) [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months (in Dollars) | $ 80,000 |
Patents and Trademarks [Member]
|
|
Note 5 - Patents and Trademarks, Net (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Note 8 - Stockholders' Equity (Details) (USD $)
|
9 Months Ended | |
---|---|---|
May 31, 2013
|
May 31, 2012
|
|
Note 8 - Stockholders' Equity (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 118,294 | 26,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 10.25 | $ 16.45 |
Common Stock Bonuses [Member]
|
||
Note 8 - Stockholders' Equity (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 42,707 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 14.42 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Aggregate Fair Value (in Dollars) | $ 615,830 |
Note 11 - Geographic And Segment Information (Details) - Net Sales By Segment (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Sales | $ 5,877,033 | $ 7,804,904 | $ 16,415,130 | $ 17,611,346 |
ZERUST [Member]
|
||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Sales | 5,418,271 | 7,220,258 | 14,923,966 | 16,243,683 |
Natur-Tec [Member]
|
||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Sales | $ 458,762 | $ 584,646 | $ 1,491,164 | $ 1,367,663 |
Note 2 - NTI ASEAN (Details) - Pro Forma Effects of Consolidation of NTI Asean on the Company's Consolidated Financial Statements as of the Beginning of the Period For the Three Months Ended November 30, 2011: (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|
Note 2 - NTI ASEAN (Details) - Pro Forma Effects of Consolidation of NTI Asean on the Company's Consolidated Financial Statements as of the Beginning of the Period For the Three Months Ended November 30, 2011: [Line Items] | ||||
Net sales | $ 5,877,033 | $ 7,804,904 | $ 16,415,130 | $ 17,611,346 |
Cost of goods sold | 4,054,364 | 4,143,514 | 11,379,249 | 10,833,072 |
Gross profit | 1,822,669 | 3,661,390 | 4,935,881 | 6,778,274 |
Joint venture operations | 3,358,282 | 2,557,309 | 9,268,174 | 7,883,042 |
Operating expenses | 3,687,180 | 3,780,363 | 10,966,765 | 10,498,659 |
Operating income | 1,493,771 | 2,438,336 | 3,337,290 | 4,162,657 |
Income before income tax expense | 1,445,769 | 2,454,623 | 3,323,460 | 4,200,035 |
Income tax expense | 158,000 | 814,000 | 532,000 | 1,020,000 |
Net income | 1,287,769 | 1,640,623 | 2,791,460 | 3,180,035 |
Net income attributable to non-controlling interest | 360,657 | 186,586 | 1,040,316 | 161,048 |
Net income attributable to NTIC | 927,112 | 1,454,037 | 1,751,144 | 3,018,987 |
Net income per common diluted share (in Dollars per share) | $ 0.21 | $ 0.33 | $ 0.39 | $ 0.68 |
As Reported [Member]
|
||||
Note 2 - NTI ASEAN (Details) - Pro Forma Effects of Consolidation of NTI Asean on the Company's Consolidated Financial Statements as of the Beginning of the Period For the Three Months Ended November 30, 2011: [Line Items] | ||||
Net sales | 7,804,904 | 17,611,346 | ||
Cost of goods sold | 4,143,514 | 10,833,072 | ||
Gross profit | 3,661,390 | 6,778,274 | ||
Joint venture operations | 2,557,309 | 7,883,042 | ||
Operating expenses | 3,780,363 | 10,498,659 | ||
Operating income | 2,438,336 | 4,162,657 | ||
Income before income tax expense | 2,454,623 | 4,200,035 | ||
Income tax expense | 814,000 | 1,020,000 | ||
Net income | 1,640,623 | 3,180,035 | ||
Net income attributable to non-controlling interest | 186,586 | 161,048 | ||
Net income attributable to NTIC | 1,454,037 | 3,018,987 | ||
Net income per common diluted share (in Dollars per share) | $ 0.33 | $ 0.68 | ||
NTI ASEAN [Member]
|
||||
Note 2 - NTI ASEAN (Details) - Pro Forma Effects of Consolidation of NTI Asean on the Company's Consolidated Financial Statements as of the Beginning of the Period For the Three Months Ended November 30, 2011: [Line Items] | ||||
Joint venture operations | 870,663 | 2,569,943 | ||
Operating expenses | 110,637 | 133,772 | ||
Operating income | 760,026 | 2,436,171 | ||
Income before income tax expense | 760,026 | 2,436,171 | ||
Income tax expense | 99,208 | 284,019 | ||
Net income | 660,818 | 2,152,152 | ||
Net income attributable to non-controlling interest | (264,327) | (860,861) | ||
Net income attributable to NTIC | 396,491 | 1,291,291 | ||
Net income per common diluted share (in Dollars per share) | $ 0.09 | $ 0.29 | ||
Eliminated in Consolidation [Member]
|
||||
Note 2 - NTI ASEAN (Details) - Pro Forma Effects of Consolidation of NTI Asean on the Company's Consolidated Financial Statements as of the Beginning of the Period For the Three Months Ended November 30, 2011: [Line Items] | ||||
Joint venture operations | (384,115) | (1,076,230) | ||
Operating income | (384,115) | (1,076,230) | ||
Income before income tax expense | (384,115) | (1,076,230) | ||
Net income | (384,115) | (1,076,230) | ||
Net income attributable to NTIC | (384,115) | (1,076,230) | ||
Net income per common diluted share (in Dollars per share) | $ (0.09) | $ (0.24) | ||
Pro Forma [Member]
|
||||
Note 2 - NTI ASEAN (Details) - Pro Forma Effects of Consolidation of NTI Asean on the Company's Consolidated Financial Statements as of the Beginning of the Period For the Three Months Ended November 30, 2011: [Line Items] | ||||
Net sales | 7,804,904 | 17,611,346 | ||
Cost of goods sold | 4,143,514 | 10,833,072 | ||
Gross profit | 3,661,390 | 6,778,274 | ||
Joint venture operations | 3,043,857 | 9,376,755 | ||
Operating expenses | 3,891,000 | 10,632,431 | ||
Operating income | 2,814,247 | 5,522,598 | ||
Income before income tax expense | 2,830,534 | 5,559,976 | ||
Income tax expense | 913,208 | 1,304,019 | ||
Net income | 1,917,326 | 4,255,957 | ||
Net income attributable to non-controlling interest | (77,741) | (699,813) | ||
Net income attributable to NTIC | $ 1,466,413 | $ 3,234,048 | ||
Net income per common diluted share (in Dollars per share) | $ 0.33 | $ 0.73 |
Note 9 - Net Income Per Common Share (Details) - Reconciliation of the Earnings Per Share Computations (USD $)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 31, 2013
|
May 31, 2012
|
May 31, 2013
|
May 31, 2012
|
|
Reconciliation of the Earnings Per Share Computations [Abstract] | ||||
Net income attributable to NTIC (in Dollars) | $ 927,112 | $ 1,454,037 | $ 1,751,144 | $ 3,018,987 |
Basic – weighted shares outstanding | 4,421,379 | 4,399,290 | 4,415,452 | 4,379,175 |
Weighted shares assumed upon exercise of stock options | 47,482 | 61,754 | 49,322 | 65,297 |
Diluted – weighted shares outstanding | 4,468,861 | 4,461,044 | 4,464,774 | 4,448,472 |
Basic earnings per share: (in Dollars per share) | $ 0.21 | $ 0.33 | $ 0.40 | $ 0.69 |
Diluted earnings per share: (in Dollars per share) | $ 0.21 | $ 0.33 | $ 0.39 | $ 0.68 |
Note 8 - Stockholders' Equity (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
9 Months Ended | |
---|---|---|
May 31, 2013
|
May 31, 2012
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,791,460 | $ 3,180,035 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Expensing of fair value of stock options vested | 213,347 | 216,712 |
Depreciation expense | 316,118 | 255,641 |
Amortization expense | 53,264 | 113,624 |
Loss on disposal of assets | 13,842 | |
Equity in income from joint ventures | (3,733,069) | (4,405,327) |
Receivables: | ||
Trade, excluding joint ventures | (306,554) | (341,903) |
Trade, joint ventures | (385,542) | 41,562 |
Fees for services receivables, joint ventures | 199,532 | 199,871 |
Income taxes | (116,816) | (6,403) |
Inventories | (1,085,743) | (117,023) |
Prepaid expenses and other | 195,848 | (539,868) |
Accounts payable | (526,505) | (479,801) |
Income tax payable | 2,783 | 138,132 |
Accrued liabilities | (684,857) | 571,824 |
Net cash used in operating activities | (3,052,892) | (1,172,924) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Dividends received from joint ventures | 3,017,586 | 3,045,544 |
Additions to property and equipment | (1,160,344) | (402,620) |
Effect of NTI Asean consolidation on cash (Note 2) | 1,612,768 | |
Additions to patents | (167,652) | (125,555) |
Net cash provided by investing activities | 3,302,358 | 2,517,369 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of note payable | (57,089) | (57,089) |
Dividend received by non-controlling interest | (1,352,841) | |
Proceeds from employee stock purchase plan | 56,739 | 55,410 |
Proceeds from exercise of stock options | 157,021 | 15,040 |
Net cash (used in) provided by financing activities | (1,196,170) | 13,361 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH: | (14,686) | (158,270) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (961,390) | 1,199,536 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 4,137,547 | 3,266,362 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 3,176,157 | $ 4,465,898 |
Note 2 - NTI ASEAN
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] |
NTI
Asean LLC (NTI Asean) is an entity that holds investments in
eight entities operating in the Association of Southeast
Asian Nations (ASEAN) region, including the following
countries: China, Indonesia, Korea, Malaysia, Philippines,
Singapore, Taiwan and Thailand.
Prior
to September 1, 2012, the Company owned 50% of NTI Asean,
which it considered to be less than a majority, of the equity
and voting rights and accounted for its investment using the
equity method. On September 1, 2012, the Company
obtained an additional 10% ownership interest in NTI Asean in
exchange for a license agreement, and thereafter holds 60% of
the equity and voting rights of NTI Asean.
The
Company accounted for the transaction resulting in the
additional ownership as a business
combination. Beginning in the first quarter of
fiscal 2013, the Company consolidated the results of NTI
Asean. Immediately prior to the transaction, the
Company re-measured the fair value of NTI Asean and
determined that there was no difference between the fair
value and the book value of the entity. As a
result, there was no accounting impact related to the
business combination in the consolidated statements of
operations.
The
Company determined the fair value of NTI Asean using the
capitalized income method, including a capitalization rate of
25%. The allocation of the total transaction
amount was as follow:
The
following is a summary of certain line items of the
Company’s consolidated statement of operations for the
three months ended May 31, 2012 as reported and on a pro
forma basis, assuming the consolidation of NTI Asean on the
Company’s consolidated financial statements as of the
beginning of such period:
The
following is a summary of certain line items of the
Company’s consolidated statements of operations for the
nine months ended May 31, 2012 as reported and on a pro forma
basis, assuming the consolidation of NTI Asean on the
Company’s consolidated financial statements as of the
beginning of such period:
|
Note 5 - Patents and Trademarks, Net
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
|||||||||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] |
Patents
and trademarks, net consisted of the following:
Patent
and trademark costs are amortized over seven
years. Costs incurred related to patents and
trademarks are capitalized until filed and approved, at which
time the amounts capitalized to date are amortized and any
further costs, including maintenance costs, are expensed as
incurred. Amortization expense is estimated to
approximate $80,000 in each of the next five fiscal
years.
|
Note 3 - Inventories
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
|||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] |
Inventories
consisted of the following:
|
Note 8 - Stockholders' Equity (Details) - Exercised Stock Options (USD $)
|
9 Months Ended | |||||
---|---|---|---|---|---|---|
May 31, 2012
|
May 31, 2013
Exercise 1 [Member]
|
May 31, 2013
Exercise 2 [Member]
|
May 31, 2013
Exercise 3 [Member]
|
May 31, 2013
Exercise 4 [Member]
|
May 31, 2013
Exercise 5 [Member]
|
|
Note 8 - Stockholders' Equity (Details) - Exercised Stock Options [Line Items] | ||||||
Options Exercised | 1,966 | 25,140 | 4,000 | 1,734 | 1,500 | 666 |
Exercise Price (in Dollars per share) | $ 7.65 | $ 9.95 | $ 8.57 | $ 7.65 | $ 9.76 | $ 7.75 |
Note 11 - Geographic And Segment Information (Tables)
|
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
May 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 11 - Geographic And Segment Information (Tables) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Cost of Good Sold from Segments to Consolidated [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees For Services Provided to Joint Ventures [Member]
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 11 - Geographic And Segment Information (Tables) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
|
Note 3 - Inventories (Details) - Inventories (USD $)
|
May 31, 2013
|
Aug. 31, 2012
|
---|---|---|
Inventories [Abstract] | ||
Production materials | $ 1,140,800 | $ 1,462,615 |
Finished goods | 4,076,176 | 2,688,582 |
$ 5,216,976 | $ 4,151,197 |
Note 6 - Investments in Joint Ventures (Details) - Condensed Balance Sheet of EXCOR and NTI ASEAN, and All Other Joint Ventures (USD $)
|
May 31, 2013
|
Aug. 31, 2012
|
---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | $ 63,547,204 | $ 61,973,725 |
Total assets | 69,688,319 | 68,585,974 |
Current liabilities | 19,288,471 | 18,686,181 |
Noncurrent liabilities | 3,358,593 | 4,700,458 |
Joint ventures’ equity | 47,041,255 | 45,199,335 |
Northern Technologies International Corporation’s share of joint ventures’ equity | 23,320,080 | 21,461,492 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 20,877,265 | 19,403,150 |
EXCOR [Member]
|
||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | 23,056,084 | 24,357,139 |
Total assets | 25,425,172 | 26,620,589 |
Current liabilities | 3,056,560 | 4,749,574 |
Joint ventures’ equity | 22,368,612 | 21,871,015 |
Northern Technologies International Corporation’s share of joint ventures’ equity | 11,184,308 | 10,935,509 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 11,153,403 | 10,904,604 |
China [Member]
|
||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | 13,964,465 | |
Total assets | 13,993,902 | |
Current liabilities | 6,212,433 | |
Noncurrent liabilities | 869,532 | |
Joint ventures’ equity | 6,911,937 | |
Northern Technologies International Corporation’s share of joint ventures’ equity | 3,455,969 | |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 3,405,969 | |
All Other [Member]
|
||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | 26,526,655 | 22,257,619 |
Total assets | 30,269,245 | 26,442,929 |
Current liabilities | 10,019,478 | 8,172,750 |
Noncurrent liabilities | 2,489,061 | 3,644,493 |
Joint ventures’ equity | 17,760,706 | 14,625,686 |
Northern Technologies International Corporation’s share of joint ventures’ equity | 8,679,803 | 6,840,579 |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | 6,327,893 | 5,184,101 |
NTI ASEAN [Member]
|
||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Current assets | 15,358,967 | |
Total assets | 15,522,456 | |
Current liabilities | 5,763,857 | |
Noncurrent liabilities | 1,055,965 | |
Joint ventures’ equity | 8,702,634 | |
Northern Technologies International Corporation’s share of joint ventures’ equity | 3,685,404 | |
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings | $ 3,314,445 |