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<SEC-DOCUMENT>0001206774-07-000970.txt : 20070411
<SEC-HEADER>0001206774-07-000970.hdr.sgml : 20070411
<ACCEPTANCE-DATETIME>20070411130903
ACCESSION NUMBER:		0001206774-07-000970
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070411
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070411
DATE AS OF CHANGE:		20070411

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:		07760750

	BUSINESS ADDRESS:	
		STREET 1:		4201 WOODLAND ROAD
		STREET 2:		PO BOX 69
		CITY:			CIRCLE PINES
		STATE:			MN
		ZIP:			55014
		BUSINESS PHONE:		(763) 225-6601

	MAIL ADDRESS:	
		STREET 1:		4201 WOODLAND ROAD
		STREET 2:		PO BOX 69
		CITY:			CIRCLE PINES
		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>nt110590.htm
<DESCRIPTION>FORM 8-K
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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>

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<p  align="center">
<font size="2" face="Times New Roman"><b>Date of Report (Date of earliest event reported):&#160; <br> April 11, 2007</b></font></p>

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<p  align="center">
<font size="6" face="Times New Roman"><b>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION<br> </b></font>
<font size="1" face="Times New Roman"><b>(Exact name of registrant as specified in its charter)</b></font></p>
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  <p  align="center">
<font size="2" face="Times New Roman"><b>Delaware</b></font></p>  </td>
  <td width="33%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>001-11038</b></font></p>  </td>
  <td width="33%" 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">
<font size="1" face="Times New Roman"><b>(State or   Other Jurisdiction<br>of Incorporation)</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>(Commission   File<br>Number)</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>(I.R.S.   Employer <br>Identification Number)</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  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>
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  <td  colspan="2" valign="top">
  <p  align="center"><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="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>55014</b></font></p>  </td>
 </tr>
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  <td  colspan="2" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>(Address   of Principal Executive Offices)</b></font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>(Zip Code)</b></font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman"><b>(651) 784-1250<br></b></font>
<font size="1" face="Times New Roman"><b>(Registrant&#146;s Telephone Number, Including Area Code)</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>N/A<br></b></font>
<font size="1" face="Times New Roman"><b>(Former Name or Former Address, If Changed Since Last Report)</b></font></p>
<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>
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<font size="2" face="Wingdings">o</font></p>  </td>
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  <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>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Wingdings">o</font></p>  </td>
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  <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>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<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>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<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  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>
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  <td  colspan="2" valign="top">
  <hr size="4" width="100%" noshade color=black>

  </td>
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</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 April 11, 2006, Northern Technologies International Corporation publicly announced its results of operations for the quarter ended February 28, 2007.&#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;<i>Exhibits</i>. </font></p>
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  <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 align="center" 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>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="75%" valign="top">
  <p>
<font size="1" face="Times New Roman"><b>Description</b></font></p>  </td>
 </tr>
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  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <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 align="center" 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 April 11, 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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  <td  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<br>INTERNATIONAL CORPORATION</b></font></p>  </td>
 </tr>
 <tr>
  <td width="60%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="4%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="36%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <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">By:&#160; </font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><img src="image01.gif" alt="Message"></font></p>  </td>
 </tr>
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  <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>
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  <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>
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  <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>
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  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Dated:&#160; April 11, 2006</font></p>  </td>
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  <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  align="center">
<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="15%" valign="top">
  <p align="center" 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="60%" valign="top">
  <p  align="left">
<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="15%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Method of   Filing</b></font></p>  </td>
 </tr>
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  <hr size="1" width="100%" noshade color=black>

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

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 </tr>
 <tr>
  <td  valign="top">
  <p align="center" 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>
<font size="2" face="Times New Roman">Press   Release issued April 11, 2007</font></p>  </td>
  <td  valign="top">
  <p>
<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>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>nt110590ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<title></title>
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<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 INCREASES IN FISCAL YEAR 2007 SECOND QUARTER<br>SALES AND EARNINGS</b></font></p>
<p>
<font size="2" face="Times New Roman">CIRCLE PINES, Minnesota, April 11, 2007 - Northern Technologies International Corporation (AMEX: NTI) announced today an increase in operating results for the three and six months ended February 28, 2007.</font></p>
<p>
<font size="2" face="Times New Roman">NTIC&#146;s net income for the three months ended February 28, 2007 increased 118.9% or $243,473 to $448,203 and $0.12 per share compared to $204,730 and $0.06 per share for the three months ended February 28, 2006. Additionally, net income for the six months ended February 28, 2007 increased 71.5% or $599,713 to $1,438,427 and $0.40 per share compared to $838,714 and $0.23 per share for the six months ended February 28, 2006. </font></p>
<p>
<font size="2" face="Times New Roman">NTI&#146;s total worldwide sales from its international joint ventures increased 26.1% to $39,272,049 during the six months ended February 28, 2007 as compared to $31,153,683 during the same period in fiscal 2006.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">NTI&#146;s net sales increased 2.9% and 3.9% during the three and six months ended February 28, 2007 as compared to the same periods in fiscal 2006 primarily as a result of the increase of React-NTI products to new and existing customers in North America offset by a slight decrease in net sales of Zerust&#174; products.&#160; Net sales of Zerust&#174; products decreased $89,301 to $5,716,602 or the six months ended February 28, 2007 as compared to the same period in fiscal 2006.&#160; Net sales of React-NTI products increased $412,248 to $2,785,667 for the six months ended February 28, 2007 as compared to the same period in fiscal 2006.&#160; </font></p>

<p><font size="2" face="Times New Roman">NTIC&#146;s working capital was $3,208,032 at February 28, 2007, including $240,554 in cash and cash equivalents.&#160; </font></p>
<p align="center">
<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="100%">

 <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="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Three Months Ended</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Six Months Ended</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><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  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><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  colspan="2" valign="bottom">
  <p  align="center"><font size="1" face="Times New Roman"><b>February 28,<br>2007</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>February 28,<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>February 28,<br>2007</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>February 28,<br>2006</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="46%" 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="10%" 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="10%" 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="10%" 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="10%" 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>
  <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:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Sales</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">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">3,884,895</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">3,775,693</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">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">8,502,269</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">8,179,322</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:3em; text-indent:-1em"><font size="2" face="Times New Roman">Cost   of goods sold</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">2,459,064</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">2,315,245</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">5,404,119</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">5,044,356</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:3em; 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">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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:3em; text-indent:-1em"><font size="2" face="Times New Roman">Gross   profit</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">1,425,831</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">1,460,448</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">3,098,150</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">3,134,966</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:3em; 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">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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">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">1,659,789</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">1,516,817</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">3,336,751</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">2,971,085</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">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">(233,958</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">(56,369</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">(238,601</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">163,881</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">INCOME FROM ALL CORPORATE   JOINT</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>
  <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:1em; text-indent:-1em">
<font size="2" face="Times New Roman">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">866,625</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">314,851</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">1,318,436</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">992,845</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">766</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">1,178</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">1,701</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">27,979</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">(47,483</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">(31,857</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">(90,364</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">(35,506</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">6,281</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>
  <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">8,374</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="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 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">1,700</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>
  <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">726,195</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">2,272</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">7,927</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">(7,314</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">(7,485</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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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">596,203</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">235,730</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">1,718,427</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">1,141,714</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">148,000</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">31,000</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">280,000</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">303,000</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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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 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">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">448,203</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">204,730</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">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">1,438,427</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">838,714</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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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 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>
  <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:3em; text-indent:-1em"><font size="2" face="Times New Roman">Basic</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">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.12</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.06</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">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.40</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.23</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:3em; 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">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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:3em; text-indent:-1em"><font size="2" face="Times New Roman">Diluted</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">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">0.12</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">0.06</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">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">0.39</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">0.23</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:3em; 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"><hr size="1" width="100%" noshade color=black>
   </td>
   <td  valign="bottom"><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  valign="bottom"><hr size="1" width="100%" noshade color=black>
   </td>
   <td  valign="bottom"><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  valign="bottom"><hr size="1" width="100%" noshade color=black>
   </td>
   <td  valign="bottom"><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  valign="bottom"><hr size="1" width="100%" noshade color=black>
   </td>
   <td  valign="bottom"><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">WEIGHTED AVERAGE COMMON   SHARES</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>
  <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:1em; text-indent:-1em"><font size="2" face="Times New Roman">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>
  <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:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Basic</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">3,664,248</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">3,597,815</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">3,644,126</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">3,593,926</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:3em; text-indent:-1em"><font size="2" face="Times New Roman">Diluted</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">3,690,260</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">3,628,594</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">3,679,023</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">3,618,101</font></p>  </td>
  <td  valign="bottom" >
  <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">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="100%">

 <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>February   28,<br>2007</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>August 31,<br>2006</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="72%" 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="10%" 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="10%" 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">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">36,481,058</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</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">42,967,257</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">13,733,953</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">Non-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">3,522,544</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">25,710,645</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 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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <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">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">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">12,021,431</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</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="100%">

 <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>February   28, 2007</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>February   28, 2006</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="72%" 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="10%" 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="10%" 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">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">39,272,049</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">31,153,683</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">18,925,025</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">14,703,559</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">3,133,779</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">2,742,286</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">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">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size="2" face="Times New Roman">1,629,734</font></p>  </td>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p><font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size="2" face="Times New Roman">1,315,326</font></p>  </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"><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 2007, 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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