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<SEC-DOCUMENT>0001206774-07-000062.txt : 20070111
<SEC-HEADER>0001206774-07-000062.hdr.sgml : 20070111
<ACCEPTANCE-DATETIME>20070111090912
ACCESSION NUMBER:		0001206774-07-000062
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070111
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070111
DATE AS OF CHANGE:		20070111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHERN TECHNOLOGIES INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000875582
		STANDARD INDUSTRIAL CLASSIFICATION:	CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
		IRS NUMBER:				410857886
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11038
		FILM NUMBER:		07524618

	BUSINESS ADDRESS:	
		STREET 1:		6680 N HIGHWAY 49
		STREET 2:		PO BOX 69
		CITY:			LINO LAKES
		STATE:			MN
		ZIP:			55014
		BUSINESS PHONE:		612-784-1250

	MAIL ADDRESS:	
		STREET 1:		6680 N HIGHWAY 49
		STREET 2:		PO BOX 69
		CITY:			LINO LAKES
		STATE:			MN
		ZIP:			55014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTHERN INSTRUMENTS CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>nt139420.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p  align="center"><font size="5" face="Times New Roman"><b>UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br>
</b></font>
<font size="3"><b>Washington, D.C.&#160; 20549</b></font></p>

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<p  align="center">
<font size="5" face="Times New Roman"><b>FORM 8-K</b></font></p>
<p  align="center">
<font size="3" face="Times New Roman"><b>Current Report<br> Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font></p>

<hr size="2" width="21%" noshade color=black>


<p  align="center">
<font size="2" face="Times New Roman"><b>Date of Report (Date of earliest event reported):<br>
January 11, 2007</b></font></p>

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<br>
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 <tr>
  <td  colspan="5"  valign="top">
  <p align="center">
<font size="6" face="Times New Roman"><b>NORTHERN   TECHNOLOGIES INTERNATIONAL CORPORATION</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>(Exact   name of registrant as specified in its charter)</b></font></p>  </td>
 </tr>
 <tr>
  <td width="30%" valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="30%" valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="30%" valign="top">
  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Delaware</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>001-11038</b></font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>41-0857886</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>(State or   Other Jurisdiction of Incorporation)</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>(Commission   File Number)</b></font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>(I.R.S.   Employer Identification Number)</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  colspan="3"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>4201 Woodland Road<br>   P.O. Box 69<br>   Circle Pines, Minnesota</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>55014</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="3"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>(Address   of Principal Executive Offices)</b></font></p>  </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>(Zip Code)</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>(651) 784-1250</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>(Registrant&#146;s   Telephone Number, Including Area Code)</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>N/A</b></font></p>  </td>
 </tr>
 <tr>
  <td  colspan="5"  valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>(Former   Name or Former Address, If Changed Since Last Report)</b></font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

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  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Wingdings">o</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">Written communications   pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>  </td>
 </tr>

<tr>
  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>

 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Wingdings">o</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Soliciting material   pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>  </td>
 </tr>

<tr>
  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>

 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Wingdings">o</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Pre-commencement   communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR   240.14d-2(b))</font></p>  </td>
 </tr>
<tr>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>

 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Wingdings">o</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Pre-commencement   communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR   240.13e-4(c))</font></p>  </td>
 </tr>

<tr>
  <td width="10%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>


 <tr>
  <td  colspan="2" valign="top">
  <hr size="4" width="100%" noshade color=black>

  </td>
 </tr>
</table>


<div style="page-break-before:always"></div>
<PAGE>
<br>

<p>
<font size="2" face="Times New Roman"><b>Section 2 &#150; Financial Information</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>Item 2.02. Results of Operations and Financial Condition</b>.</font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 9,
2007, Northern Technologies International Corporation publicly announced its
results of operations for the quarter ended November 30, 2006.&#160; For further
information, please refer to the press release attached hereto as Exhibit 99.1,
which is incorporated by reference herein. </font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in this report and the exhibit hereto shall not be deemed to be &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filings made by Northern Technologies International Corporation under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Section 9 &#150; Financial Statements and Exhibits</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>Item 9.01. Financial Statements and Exhibits. </b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Exhibits</i>. </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="80%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Exhibit No.</b></font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="left">
<font size="1" face="Times New Roman"><b>Description</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">99.1</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Press   Release issued January 9, 2007</font></p>  </td>
 </tr>
</table>


<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align="center">
<font size="2" face="Times New Roman"><b>SIGNATURE</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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 <tr>
  <td width="60%" valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td colspan="2" valign="top">
  <p>
 <font size="2" face="Times New Roman"><b>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION</b></font></p>
  </td>
  </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="35%"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">By:</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><img src="image001.gif" alt="Message" width="153" height="59"></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Matthew C.   Wolsfeld</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>Chief Financial Officer</i></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Dated:&nbsp;&nbsp;January   11, 2007</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>


<div style="page-break-before:always"></div>
<PAGE>
<br>

<p>
<font size="2" face="Times New Roman"><b>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION</b></font></p>

<p  align="center">
<font size="2" face="Times New Roman"><b>FORM 8-K</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b><u>Exhibit Index</u></b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="10%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Exhibit   No.</b></font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="40%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Description</b></font></p>  </td>
  <td width="5%" valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="40%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Method of   Filing</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">99.1</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">Press Release issued January 9,   2007</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">Filed herewith</font></p>  </td>
 </tr>
</table>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>nt139420ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>



<head>

<title></title>

</head>



<body bgcolor="white">









<p  align=right><font size="2" face="Times New Roman"><b>Exhibit 99.1</b></font></p>

<p>

<font size="2" face="Times New Roman"><b>FOR IMMEDIATE RELEASE</b></font></p>

<p  align="center">

<font size="2" face="Times New Roman"><b>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION<br> ANNOUNCES FISCAL YEAR 2007 FIRST QUARTER NET SALES AND EARNINGS</b></font></p>

<p>

<font size="2" face="Times New Roman">CIRCLE PINES, Minnesota, January 9, 2007 - Northern Technologies International Corporation (AMEX: NTI) announced today an increase in operating results for the first quarter of fiscal year 2007.</font></p>

<p>

<font size="2" face="Times New Roman">NTI&#146;s net income for the three months ended November 30, 2006 increased 56% to $990,224 as compared to $633,985 for the three months ended November 30, 2005 and net income per common share, basic and diluted, increased to $0.27 per share for the three months ended November 30, 2006 compared to $0.18 for the three months ended November 30, 2005 primarily as a result of the $724,495 gain on the sale of assets partially offset by a decrease in equity in income at various industrial chemical corporate joint ventures. </font></p>

<p>

<font size="2" face="Times New Roman">NTI&#146;s net income before taxes increased 24% or $216,241 to $1,122,224 for the three months ended November 30, 2006 compared to $905,985 for the same period in fiscal 2005. </font></p>

<p>

<font size="2" face="Times New Roman">NTI&#146;s total worldwide sales from its international joint ventures increased 14% to $18,879,432 during the three months ended November 30, 2006 as compared to $16,535,347 during the same period in fiscal 2005.&#160; </font></p>

<p>

<font size="2" face="Times New Roman">NTI&#146;s net sales increased 4.9% or $213,744 to $4,617,374 during the three months ended November 30, 2006 as compared to $4,403,630 during the same period in fiscal 2006 primarily as a result of the increase in net sales of traditional Zerust&#174; products and of React-NTI products to new and existing customers in North America.&#160;&#160;&#160; Net sales of traditional Zerust&#174; products increased $33,205 to $3,023,384 during the three months ended November 30, 2006 as compared to the same period in fiscal 2006.&#160; Net sales of React-NTI products increased $180,540 to $1,593,990 for the three months ended November 30, 2006 as compared to the same period in fiscal 2006.</font></p>



<p><font size="2" face="Times New Roman">NTIC&#146;s working capital was $2,454,282 at November 30, 2006, including $507,017 in cash and cash equivalents.&#160; </font></p>


<div style="page-break-before:always"></div>
<PAGE>
<br>


<p>

<font size="2" face="Times New Roman"><b>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARY</b></font></p>

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">



 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  colspan="2" valign="bottom">

  <p  align="center">

<font size="1" face="Times New Roman"><b>November 30,<br>   2006</b></font></p>  </td>

  <td  valign="bottom">

  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>

  <td  colspan="2" valign="bottom">

  <p  align="center">

<font size="1" face="Times New Roman"><b>November 30,<br>   2005</b></font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td width="68%" valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="2%" valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="1%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="12%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="2%" valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="1%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="12%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="1%" valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">NORTH AMERICAN OPERATIONS:</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:2em; text-indent:-1em">

<font size="2" face="Times New Roman">Net sales</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">4,617,374</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">4,403,630</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:2em; text-indent:-1em">

<font size="2" face="Times New Roman">Cost of sales</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">2,945,055</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">2,729,111</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:2em; text-indent:-1em">

<font size="2" face="Times New Roman">Gross profit</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">1,672,319</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">1,674,519</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:2em; text-indent:-1em">

<font size="2" face="Times New Roman">Operating expenses:</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">1,676,962</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">1,454,268</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:2em; text-indent:-1em"><font size="2" face="Times New Roman">NORTH AMERICAN OPERATING   (LOSS) INCOME</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">(4,643</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">)</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">220,251</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">INCOME FROM ALL CORPORATE   JOINT VENTURES AND HOLDING COMPANIES</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">451,811</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">677,994</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">INTEREST INCOME</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">935</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">26,801</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">INTEREST EXPENSE</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">(42,881</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">)</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">(3,649</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">)</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">OTHER INCOME</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">2,093</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">GAIN ON SALE OF ASSET</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">724,495</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">MINORITY INTEREST</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">(9,586</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">)</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">(15,412</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">)</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">INCOME BEFORE INCOME TAX   EXPENSE</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">1,122,224</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">905,985</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">INCOME TAX EXPENSE</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">132,000</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">272,000</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">NET&#160; INCOME</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">990,224</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">633,985</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">NET INCOME PER COMMON   SHARE:</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:5em; text-indent:-1em">

<font size="2" face="Times New Roman">Basic</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:2em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">0.27</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">0.18</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="3" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="3" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="3" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="3" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">WEIGHTED AVERAGE COMMON   SHARES ASSUMED OUTSTANDING:</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:5em; text-indent:-1em">

<font size="2" face="Times New Roman">Basic</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">3,624,314</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">3,589,993</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="3" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="3" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td >

  <hr size="3" width="100%" noshade color=black>



  </td>

  <td >

  <hr size="3" width="100%" noshade color=black>



  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

</table>



<p><font size="2" face="Times New Roman">Composite financial information from the audited and unaudited financial statements of the Company&#146;s joint ventures carried on the equity basis is summarized as follows:</font></p>

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">



 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  colspan="2" valign="bottom">

  <p  align="center">

<font size="1" face="Times New Roman"><b>November   30,<br>   2006</b></font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  colspan="2" valign="bottom">

  <p  align="center">

<font size="1" face="Times New Roman"><b>August 31,<br>   2006</b></font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td width="68%" valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="2%" valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="1%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="12%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="2%" valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="1%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="12%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="1%" valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Current assets</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">37,297,284</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">33,954,156</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">Total assets</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">43,952,531</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">39,030,247</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">Current liabilities</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">5,816,651</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">14,323,903</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Noncurrent liabilities</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">2,721,582</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">1,496,557</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">Joint ventures&#146; equity</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">25,414,299</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">23,209,788</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">Northern Technologies   International Corporation&#146;s share of Corporate Joint Ventures&#146; equity</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">11,840,314</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">10,772,102</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

</table>



<br>

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="90%">



 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  colspan="2" valign="bottom">

  <p  align="center">

<font size="1" face="Times New Roman"><b>November   30,<br>   2006</b></font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  colspan="2" valign="bottom">

  <p  align="center">

<font size="1" face="Times New Roman"><b>November   30,<br>   2005</b></font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td width="68%" valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="2%" valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="1%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="12%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="2%" valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td width="1%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="12%" valign="bottom">

  <hr size="1" width="100%" noshade color=black>



  </td>

  <td width="1%" valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Net sales</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">18,879,432</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">16,535,347</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">Gross profit</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">9,068,677</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">7,454,578</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr bgcolor="#cceeff">

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="2" face="Times New Roman">Net income</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em">

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">1,624,028</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p  align=right>

<font size="2" face="Times New Roman">1,539,415</font></p>  </td>

  <td  valign="bottom">

  <p>

<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

 <tr>

  <td  valign="bottom">

  <p><font size="2" face="Times New Roman">Northern Technologies   International Corporation&#146;s share of equity in income of Corporate Joint   Ventures</font></p>  </td>

  <td  valign="bottom">

  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p><font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right><font size="2" face="Times New Roman">635,   219</font></p>  </td>

  <td  valign="bottom">

  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

  <td  valign="bottom">

  <p><font size="2" face="Times New Roman">$</font></p>  </td>

  <td  valign="bottom">

  <p  align=right><font size="2" face="Times New Roman">729,518</font></p>  </td>

  <td  valign="bottom">

  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>

 </tr>

</table>


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<br>


<p><font size="2" face="Times New Roman"><b>About Northern Technologies International Corporation</b></font></p>

<p><font size="2" face="Times New Roman">The Company focuses on developing, marketing and selling proprietary environmentally responsible materials science based products and technical services in over 50 countries worldwide via a network of joint ventures.&#160; In fiscal 2006, the Company&#146;s primary revenues derived from the sales of ZERUST&#174; rust and corrosion inhibiting packaging products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets. During this same period, the Company also received revenues from sales of proprietary new technologies including anti-abrasion ink additives, as well as bio-based sintered metal mold release agents, bio-solvents, bio-emollients, bio-cleaners, bio-lubricants and fully bio-degradable plastic packaging.&#160; In a concerted effort to extend the Company&#146;s proprietary technologies, the Company engages in extensive scientific research and development programs in the areas of material science and
corrosion protection.</font></p>

<p><font size="2" face="Times New Roman">For more information, please contact Matthew Wolsfeld, CFO, Northern Technologies International Corporation, (763) 225-6600.</font></p>







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