<SEC-DOCUMENT>0001171843-16-011008.txt : 20160707
<SEC-HEADER>0001171843-16-011008.hdr.sgml : 20160707
<ACCEPTANCE-DATETIME>20160707080016
ACCESSION NUMBER:		0001171843-16-011008
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160707
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160707
DATE AS OF CHANGE:		20160707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHERN TECHNOLOGIES INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000875582
		STANDARD INDUSTRIAL CLASSIFICATION:	COATING, ENGRAVING & ALLIED SERVICES [3470]
		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:		161755531

	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>f8k_070716.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--July 7, 2016-->July 7, 2016 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Northern Technologies International Corporation</strong></font><br><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>DELAWARE </strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>001-11038</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>41-0857886</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Northern Technologies International Corporation Reports Financial Results for Third Quarter Fiscal 2016</strong></p><p style="text-align: center;"><p><p>MINNEAPOLIS, July  07, 2016  (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (NASDAQ:NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today reported its financial results for the third quarter of fiscal 2016.&#160;<br></p><p>Highlights of NTIC&#8217;s fiscal 2016 third quarter financial and operating results include:&#160;&#160;</p><ul type="disc"><li>Consolidated net sales increased 4.9% to a quarterly record $8,687,000</li><li>ZERUST&#174; product net sales increased 1.5% to $7,186,000</li><li>Natur-Tec&#174; product net sales increased 25.0% to a record $1,501,000</li><li>Total net sales of NTIC&#8217;s joint ventures increased 1.8% to $24,223,000</li><li>Joint venture operating income decreased 0.4% to $3,016,000</li><li>Net income attributable to NTIC increased 1.3% to $917,000, or $0.20 per diluted share</li></ul><p>&#8220;Driven by strong growth in Natur-Tec<sup>&#174;</sup> sales and stable demand for our ZERUST<sup>&#174; </sup>products, fiscal 2016 third quarter net sales increased almost 5% and set a new quarterly record,&#8221; said G. 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The increase was attributable to the corresponding increase in total sales of the joint ventures as fees for services provided to joint ventures are a function of the net sales of NTIC&#8217;s joint ventures, which were $24,223,090 during the three months ended May 31, 2016, compared to $23,796,532 for the three months ended May 31, 2015.&#160;</p><p>Operating expenses, as a percent of net sales, for the fiscal 2016 third quarter were 54.1%, compared to 54.7% for the same period last fiscal year, primarily a result of operating leverage on higher sales, stable selling, general and administrative expenses, and lower expenses incurred in support of joint ventures, partially offset by higher research and development expenses.&#160; Fiscal year-to-date, operating expenses, as a percent of net sales, were 58.9%, compared to 60.5% for the same period last fiscal year.&#160;</p><p>The company reported net income attributable to NTIC for the fiscal 2016 third quarter of $917,000, or $0.20 per diluted share, compared to net income attributable to NTIC of $905,000, or $0.20 per diluted share for the same period last fiscal year.&#160; For the first nine months of fiscal 2016, the company reported net income attributable to NTIC of $575,000, or $0.13 per diluted share, compared to net income attributable to NTIC of $1,785,000, or $0.39 per diluted share for the same period last fiscal year.&#160; The fiscal 2016 third quarter and nine month periods included $383,000 and $1,425,000, respectively, of expenses associated with legal and professional fees related to the termination of the joint venture agreement with Tianjin Zerust, the initiation of the liquidation of Tianjin Zerust, and the formation and initial operation of NTIC China.&#160;</p><p>NTIC&#8217;s balance sheet remains strong, with no debt, and working capital of $18,393,000 at May 31, 2016, including $4,627,000 in cash and cash equivalents and $2,240,000 in available for sale securities, compared to $15,604,000 at August 31, 2015, including $2,624,000 in cash and cash equivalents and $2,027,000 in available for sale securities.&#160;</p><p>At May 31, 2016, the company had $18,605,000 of investments in joint ventures, of which over 55% is cash, with the remaining balance invested in working capital.&#160;</p><p>Mr. Lynch added, &#8220;Our core ZERUST<sup>&#174;</sup> business, including in China, showed signs of strengthening during third fiscal quarter, and we are encouraged by the significant growth in Natur-Tec<sup>&#174;</sup> sales.&#160; While the ongoing instability in global oil prices challenges our expansion into the oil and gas industry, we continue to receive orders from both repeat clients and new ones. Consequently, we remain optimistic that our focus on this market segment will produce improving results in the fourth quarter of fiscal 2016 and beyond.&#160; We also continue to aggressively pursue our former Chinese joint venture partner in court, as he continues to block the orderly liquidation of the prior joint venture company.&#160; As a result, we are currently evaluating if, and when, we may need to write down our $1,900,000 investment in this former joint venture.&#160; If the company decides to write down this investment, the company would incur a $1,100,000 non-cash impairment charge.&#160; We continue to believe we are well positioned to defend NTIC against our former Chinese joint venture partner and expect a favorable outcome in the coming quarters.&#160; While fiscal 2016 has been a volatile year, with many moving parts, we are making significant progress enhancing our global brands, and we believe we are well positioned for significant long-term profitable growth.&#8221;&#160;</p><p><strong>Outlook</strong></p><p>For the fiscal year ending August 31, 2016, NTIC expects its net sales to be at the lower end of its previous guidance range of between $34.0 million and $37.0 million.&#160; The company also anticipates net income attributable to NTIC to be at the lower end of its previous guidance range between $2.0 million to $3.2 million, or between $0.40 and $0.70 per diluted share.</p><p>These estimates are subject to significant risks and uncertainties, including without limitation to risks and uncertainties relating to the change in NTIC&#8217;s Chinese operations, pending litigation against NTIC&#8217;s former Chinese joint venture partner, a possible future impairment charge on NTIC&#8217;s investment in Tianjin Zerust, and other risks and uncertainties.</p><p><strong>Conference Call and Webcast</strong></p><p>NTIC will host a conference call today at 8:00 a.m. Central Time to review its results of operations for the third quarter of fiscal 2016 and its future outlook, followed by a question and answer session.&#160; The conference call will be available to interested parties through a live audio webcast available through NTIC&#8217;s website at www.ntic.com or http://ir.ntic.com/events.cfm where the webcast will be archived and accessible for at least 12 months.&#160; The dial-in number for the conference call is (877) 670-9779 and the confirmation code is 40759336.</p><p><strong>About Northern Technologies International Corporation</strong></p><p>Northern Technologies International Corporation develops and markets proprietary environmentally beneficial products and services in over 60 countries either directly or via a network of subsidiaries, joint ventures, independent distributors and agents.&#160; NTIC&#8217;s primary business is corrosion prevention marketed primarily under the ZERUST&#174; brand. NTIC has been selling its proprietary ZERUST&#174; rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets, for over 40 years, and in recent years has targeted and expanded into the oil and gas industry. NTIC offers worldwide on-site technical consulting for rust and corrosion prevention issues.&#160; NTIC&#8217;s technical service consultants work directly with the end users of NTIC&#8217;s products to analyze their specific needs and develop systems to meet their technical requirements. NTIC also markets and sells a portfolio of bio-based and biodegradable polymer resins and finished products marketed under the Natur-Tec&#174; brand.&#160;&#160;</p><p><strong>Forward-Looking Statements</strong></p><p><em>Statements contained in this press release that are not historical information are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Such statements include NTIC&#8217;s expectations regarding its financial guidance for fiscal 2016, anticipated demand from the oil and gas sector and anticipated increased oil and gas sales in the fourth quarter and beyond, possible future impairment charges, anticipated favorable outcome&#160; in pending litigation with former Chinese joint venture partner, anticipated long-term profitable growth, and other statements that can be identified by words such as &#8220;believes,&#8221; &#8220;continues,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;potential,&#8221; &#8220;outlook,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;guidance&#8221; or words of similar meaning, the use of future dates and any other statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of NTIC&#8217;s management and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied.&#160; Such potential risks and uncertainties include, but are not limited to, in no particular order:&#160; the effect on NTIC&#8217;s business and operating results of the termination of NTIC&#8217;s joint venture relationship in China and sale of products and services in China through NTIC China, including without limitation a possible future impairment of NTIC&#8217;s investment in Tianjin Zerust; the ability of NTIC China to achieve significant sales; costs and expenses incurred by NTIC in connection with its pending litigation against its former Chinese joint venture partner and Cortec Corporation; NTIC&#8217;s dependence on the success of its joint ventures and fees and dividend distributions that NTIC receives from them; NTIC&#8217;s relationships with its joint ventures and its ability to maintain those relationships; NTIC&#8217;s dependence on its joint venture in Germany in particular due to its significance and the effect of a termination of this or NTIC&#8217;s other joint ventures on NTIC&#8217;s business and operating results; risks related to the possible exit of the United Kingdom from the European Union and the European sovereign debt crisis, economic slowdown and political unrest; risks associated with NTIC&#8217;s international operations; exposure to fluctuations in foreign currency exchange rates, including in particular the Euro compared to the U.S. dollar; the health of the U.S. and worldwide economies, including in particular the U.S. automotive industry; the level of growth in NTIC&#8217;s markets; NTIC&#8217;s investments in research and development efforts; acceptance of existing and new products; timing of NTIC&#8217;s receipt of purchase orders under supply contracts; variability in sales to customers in the oil and gas industry and the effect on NTIC&#8217;s quarterly financial results; increased competition; the costs and effects of complying with changes in tax, fiscal, government and other regulatory policies, including rules relating to environmental, health and safety matters; pending and potential litigation; and NTIC&#8217;s reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others. More detailed information on these and additional factors which could affect NTIC&#8217;s operating and financial results is described in the company&#8217;s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K. NTIC urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the company faces. 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vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">44,874,105</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">Non-controlling interest</td><td style="text-align: justify ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; 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vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 3,600,884</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4,806,247</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left; 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vertical-align: bottom ; ">4,432,494</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; ">Total joint venture operations</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,016,377</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,028,879</td><td style="padding-left: 0 ; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,434,627</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 4,507,716</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; 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text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 881,255</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,510,830</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; ">Research and development expenses</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; 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vertical-align: bottom ; ">&#160; 3,349,572</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,968,879</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; ">Total operating expenses</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4,697,018</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4,530,006</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 13,796,320</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">13,442,870</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">&#160;</td><td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">OPERATING INCOME</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,228,685</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,181,241</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 1,107,998</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,956,692</td><td style="padding-left: 0 ; text-align: left ; 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vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">25,504</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">INTEREST EXPENSE</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(15,465</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(6,004</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; (30,987</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(14,232</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td></tr><tr><td style="">OTHER INCOME</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6,294</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; text-align: right ;  vertical-align: bottom; ">&#8212;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 7,255</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,145</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">&#160;</td><td colspan="3" style="border-top: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="border-top: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ; 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vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,183,180</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 1,142,691</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,970,109</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">&#160;</td><td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">INCOME TAX EXPENSE</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">225,395</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">114,180</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 262,359</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">495,478</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">&#160;</td><td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">NET INCOME</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,023,987</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,069,000</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 880,332</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,474,631</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">&#160;</td><td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 305,099</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">689,575</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="">&#160;</td><td colspan="3" style="text-align: right ; 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border-bottom: double black 3pt ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; border-bottom: double black 3pt ; ">4,635,561</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; border-bottom: double black 3pt ; ">&#160;</td></tr></table><p>&#160;<br></p></p><p>Investor and Media Contacts:<br>Matthew Wolsfeld, CFO &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<br>NTIC &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <br>(763) 225-6600 &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</p></body></html>
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