Northern Technologies Q4 Profit Increases - Quick Facts

(RTTNews) - Northern Technologies International Corp. (NTIC) reported that its fourth-quarter net income attributable to the company increased to $1.6 million, or $0.36 per share, from $429,000, or $0.10 per share in the same period in fiscal 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

The increase in net income was primarily the result of an increase in sales and correlating gross profit, as well as the receipt of $750,000 in life insurance proceeds as a result of the death of a former NTIC officer. Net income per share for the most recent period was benefited by $0.12 as a result of the receipt of the life insurance proceeds.

NTIC's consolidated net sales increased 18% to $6.1 million from $5.2 million in the same period in fiscal 2012 primarily due to an increase in demand for our ZERUST corrosion solutions.

For the fiscal year ending August 31, 2014, the company expects its net sales to range between $27.5 million and $29.0 million, inclusive of sales made by NTIC's majority-owned subsidiary in Brazil, and expects net income of between $4.1 million to $4.7 million, or between $0.95 and $1.05 per share. Analysts project annual earnings per share of $0.99.