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Document And Entity Information
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6 Months Ended | |
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Feb. 28, 2013
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Apr. 12, 2013
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | Northern Technologies International Corporation | |
| Document Type | 10-Q | |
| Current Fiscal Year End Date | --08-31 | |
| Entity Common Stock, Shares Outstanding | 4,421,870 | |
| Amendment Flag | false | |
| Entity Central Index Key | 0000875582 | |
| Entity Current Reporting Status | Yes | |
| Entity Voluntary Filers | No | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Well-known Seasoned Issuer | No | |
| Document Period End Date | Feb. 28, 2013 | |
| Document Fiscal Year Focus | 2013 | |
| Document Fiscal Period Focus | Q2 |
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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- Definition
Amounts due for royalties and service fees outside of the normal course of business from entities in which the reporting entity shares joint control with another party or group, due within 1 year (or 1 business cycle). No definition available.
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- Definition
Amount due from customers or clients, but not joint ventures, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. No definition available.
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- Definition
Amounts due from joint ventures, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold to joint ventures in the normal course of business. No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Gross amount, as of the balance sheet date, of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)
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Feb. 28, 2013
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Aug. 31, 2012
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| Trade, allowance (in Dollars) | $ 20,000 | $ 20,000 |
| Preferred stock, par value (in Dollars per share) | $ 0 | $ 0 |
| Preferred stock, shares authorized | 10,000 | 10,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock par value (in Dollars per share) | $ 0.02 | $ 0.02 |
| Common stock, shares authorized | 10,000,000 | 10,000,000 |
| Common stock, shares issued | 4,418,821 | 4,403,656 |
| Common stock, shares outstanding | 4,418,821 | 4,403,656 |
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Issuance value per share of no-par value, nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Operations (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | ||
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Feb. 28, 2013
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Feb. 29, 2012
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Feb. 28, 2013
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Feb. 29, 2012
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| NET SALES: | ||||
| Net sales, excluding joint ventures | $ 4,485,203 | $ 4,125,618 | $ 9,255,590 | $ 8,403,261 |
| Net sales, to joint ventures | 761,147 | 848,710 | 1,282,507 | 1,403,181 |
| Total net sales | 5,246,350 | 4,974,328 | 10,538,097 | 9,806,442 |
| Cost of goods sold | 3,633,913 | 3,480,082 | 7,324,885 | 6,689,558 |
| Gross profit | 1,612,437 | 1,494,246 | 3,213,212 | 3,116,884 |
| JOINT VENTURE OPERATIONS: | ||||
| Equity in income of joint ventures | 1,138,438 | 1,224,675 | 2,292,734 | 2,582,355 |
| Fees for services provided to joint ventures | 1,770,881 | 1,298,126 | 3,617,158 | 2,743,378 |
| Total joint venture operations | 2,909,319 | 2,522,801 | 5,909,892 | 5,325,733 |
| OPERATING EXPENSES: | ||||
| Selling expenses | 1,174,065 | 1,014,082 | 2,345,160 | 2,122,568 |
| General and administrative expenses | 1,143,987 | 1,100,812 | 2,392,683 | 2,370,825 |
| Expenses incurred in support of joint ventures | 321,456 | 235,557 | 691,143 | 435,821 |
| Research and development expenses | 912,393 | 974,777 | 1,850,599 | 1,789,082 |
| Total operating expenses | 3,551,901 | 3,325,228 | 7,279,585 | 6,718,296 |
| OPERATING INCOME | 969,855 | 691,819 | 1,843,519 | 1,724,321 |
| INTEREST INCOME | 22,288 | 12,631 | 47,634 | 20,691 |
| INTEREST EXPENSE | (6,988) | (7,284) | (13,462) | (13,250) |
| OTHER INCOME | 6,825 | 13,650 | ||
| INCOME BEFORE INCOME TAX EXPENSE | 985,155 | 703,991 | 1,877,691 | 1,745,412 |
| INCOME TAX EXPENSE | 240,000 | 100,000 | 374,000 | 206,000 |
| NET INCOME | 745,155 | 603,991 | 1,503,691 | 1,539,412 |
| NET INCOME ATTRIBUTABLE TO NON CONTROLLING INTEREST | 310,745 | (2,202) | 679,659 | (25,538) |
| NET INCOME ATTRIBUTABLE TO NTIC | $ 434,410 | $ 606,193 | $ 824,032 | $ 1,564,950 |
| NET INCOME PER COMMON SHARE: | ||||
| Basic (in Dollars per share) | $ 0.10 | $ 0.14 | $ 0.19 | $ 0.36 |
| Diluted (in Dollars per share) | $ 0.10 | $ 0.14 | $ 0.18 | $ 0.35 |
| WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING: | ||||
| Basic (in Shares) | 4,418,821 | 4,398,356 | 4,409,954 | 4,366,932 |
| Diluted (in Shares) | 4,485,076 | 4,466,435 | 4,460,197 | 4,440,001 |
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Royalties and service fees from transactions directly with the reporting entity's joint ventures outside the normal course of business. No definition available.
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Net sales either directly to end users or to distributors worldwide, but not sales to the reporting entity's joint ventures and not sales by the reporting entity's joint ventures. No definition available.
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- Definition
Net sales by the reporting entity to the reporting entity's joint ventures, but not sales by the reporting entity either directly to end users or to distributors or sales by the reporting entity’s joint ventures. No definition available.
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
Other costs incurred during the reporting period related to other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Expenses recognized in the period that are directly related to the selling and distribution of products or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Feb. 28, 2013
|
Feb. 29, 2012
|
Feb. 28, 2013
|
Feb. 29, 2012
|
|
| NET INCOME | $ 745,155 | $ 603,991 | $ 1,503,691 | $ 1,539,412 |
| OTHER COMPREHENSIVE INCOME (LOSS) – FOREIGN CURRENCY TRANSLATION ADJUSTMENT | (25,641) | (65,805) | 395,544 | (1,253,876) |
| COMPREHENSIVE INCOME (LOSS) | 719,514 | 538,186 | 1,899,235 | 285,536 |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 331,252 | 300 | 734,687 | (32,842) |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO STOCKHOLDERS | $ 388,262 | $ 537,886 | $ 1,164,548 | $ 318,378 |
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from joint ventures for royalties and service fees outside of the normal course of business. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers or clients, but not joint ventures, for the credit sale of goods and services. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from joint ventures for the credit sale of goods and services that have been delivered or sold to joint ventures in the normal course of business. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the acquisition of business during the period (for example, cash that was held by the acquired business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gains (losses) included in earnings resulting from the sale or disposal of tangible assets. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash outflow in the form of ordinary dividends to noncontrolling interests, generally out of earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Dividends received on equity and other investments during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from the stock plan during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 1 - Interim Financial Information
|
6 Months Ended |
|---|---|
|
Feb. 28, 2013
|
|
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
1. INTERIM
FINANCIAL INFORMATION
In
the opinion of management, the accompanying unaudited
consolidated financial statements contain all necessary
adjustments, which are of a normal recurring nature, and
present fairly the consolidated financial position of
Northern Technologies International Corporation and its
subsidiaries (the Company) as of February 28, 2013 and August
31, 2012 and the results of their operations for the three
and six months ended February 28, 2013 and February 29, 2012
and their cash flows for the six months ended February 28,
2013 and February 29, 2012, in conformity with accounting
principles generally accepted in the United States of America
(U.S. GAAP).
Certain
amounts reported in the consolidated financial statements for
the previous reporting periods have been reclassified to
conform to the current period presentation. These
reclassifications did not have a material impact on the
Company’s previously reported consolidated balance
sheets or statements of cash flows.
These
consolidated financial statements should be read in
conjunction with the consolidated financial statements and
related notes contained in the Company’s annual report
on Form 10-K for the fiscal year ended August 31,
2012. These consolidated financial statements also
should be read in conjunction with the
“Management’s Discussion and Analysis of
Financial Condition and Results of Operations” section
appearing in this report.
Operating
results for the three and six months ended February 28, 2013
are not necessarily indicative of the results that may be
expected for the full fiscal year ending August 31,
2013.
The
Company evaluates events occurring after the date of the
consolidated financial statements requiring recording or
disclosure in the consolidated financial statements.
|
| X | ||||||||||
|
- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 2 - NTI ASEAN
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 28, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination Disclosure [Text Block] |
2. NTI
ASEAN
NTI
Asean LLC (NTI Asean) is an entity that holds investments in
eight entities operating in the Association of Southeast
Asian Nations (ASEAN) region, including the following
countries: China, Indonesia, Korea, Malaysia, Philippines,
Singapore, Taiwan and Thailand.
Prior
to September 1, 2012, the Company owned 50% of NTI Asean,
which it considered to be less than a majority, of the equity
and voting rights and accounted for its investment using the
equity method. On September 1, 2012, the Company
obtained an additional 10% ownership interest in NTI Asean in
exchange for a license agreement, and thereafter holds 60% of
the equity and voting rights of NTI Asean.
The
Company accounted for the transaction resulting in the
additional ownership as a business
combination. Beginning in the first quarter of
fiscal 2013, the Company consolidated the results of NTI
Asean. Immediately prior to the transaction, the
Company re-measured the fair value of NTI Asean and
determined that there was no difference between the fair
value and the book value of the entity. As a
result, there was no accounting impact related to the
business combination in the consolidated statements of
operations.
The
Company determined the fair value of NTI Asean using the
capitalized income method, including a capitalization rate of
25%. The allocation of the total transaction
amount was as follow:
The
following is a summary of certain line items of the
Company’s consolidated statement of operations for the
three months ended February 29, 2012 as reported and on a pro
forma basis, assuming the consolidation of NTI Asean on the
Company’s consolidated financial statements as of the
beginning of such period:
The
following is a summary of certain line items of the
Company’s consolidated statements of operations for the
six months ended February 29, 2012 as reported and on a pro
forma basis, assuming the consolidation of NTI Asean on the
Company’s consolidated financial statements as of the
beginning of such period:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 3 - Inventories
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 28, 2013
|
|||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Text Block] |
3. INVENTORIES
Inventories
consisted of the following:
|
||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 4 - Property and Equipment, Net
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 28, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment Disclosure [Text Block] |
4. PROPERTY
AND EQUIPMENT, NET
Property
and equipment, net consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 5 - Patents and Trademarks, Net
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 28, 2013
|
|||||||||||||||||||||||||||||||||||||
| Intangible Assets Disclosure [Text Block] |
5. PATENTS
AND TRADEMARKS, NET
Patents
and trademarks, net consisted of the following:
Patent
and trademark costs are amortized over seven
years. Costs incurred related to patents and
trademarks are capitalized until filed and approved, at which
time the amounts capitalized to date are amortized and any
further costs, including maintenance costs, are expensed as
incurred. Amortization expense is estimated to
approximate $80,000 in each of the next five fiscal
years.
|
||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 6 - Investments in Joint Ventures
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2013
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| Equity Method Investments and Joint Ventures Disclosure [Text Block] |
6. INVESTMENTS
IN JOINT VENTURES
The
financial statements of the Company’s foreign joint
ventures are initially prepared using the accounting
principles accepted in the respective joint ventures’
countries of domicile. Amounts related to
foreign joint ventures reported in the below tables and the
accompanying consolidated financial statements have
subsequently been adjusted to approximate U.S. GAAP in all
material respects. All material profits recorded
on sales from the Company to its joint ventures of goods that
remain in inventory, have been eliminated for financial
reporting purposes.
Financial
information from the audited and unaudited financial
statements of the Company’s joint venture in Germany,
Excor Korrosionsschutz – Technologien und Produkte GmbH
(EXCOR), China, NTI Asean and all of the Company’s
other joint ventures, are summarized as follows:
*Prior
to September 1, 2012, the Company owned 50% of NTI Asean,
which included the joint venture in China, and disclosed its
financial information accordingly. On September 1, 2012, the
Company obtained an additional 10% ownership interest in NTI
Asean and has consolidated the results of NTI Asean
subsequent to that date. As a result the Company
now discloses the financial information for only its joint
venture in China and not all of NTI Asean accordingly.
The
Company records expenses that are directly attributable to
the joint ventures on the consolidated statements of
operations on the line “Expenses incurred in support of
joint ventures”. The expenses include items
such as employee compensation and benefit expenses, travel
expense and consulting expense.
The
Company did not make any other joint venture investments
during the six months ended February 28, 2013 and
February 29, 2012.
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| X | ||||||||||
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- Definition
The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 7 - Corporate Debt
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6 Months Ended |
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Feb. 28, 2013
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| Debt Disclosure [Text Block] |
7. CORPORATE
DEBT
As
of February 28, 2013, Northern Technologies Holding Company,
LLC (NTI LLC) had a term loan with a principal amount of
$971,474 outstanding that NTI LLC obtained from PNC Bank,
National Association (PNC Bank) in connection with the
purchase of NTIC’s corporate headquarters in September
2006. The term loan matures on January 10, 2016,
bears interest at an annual rate based on the daily LIBOR
rate plus 2.15% and is payable in consecutive monthly
installments equal to approximately $6,343 (inclusive of
principal but exclusive of interest). The term
loan is secured by a first lien on the real estate and
building owned by NTI LLC and all of the assets of the
Company and is guaranteed by the Company.
The
Company has a revolving line of credit with PNC Bank of
$3,000,000. No amounts were outstanding under the
line of credit as of February 28, 2013 and August 31,
2012. At the option of the Company, outstanding
advances under the line of credit bear interest at either (a)
an annual rate based on LIBOR plus 2.15% for the applicable
LIBOR interest period selected by the Company or (b) at the
rate publicly announced by PNC Bank from time to time as its
prime rate. Interest is payable in arrears (a) for the
portion of advances bearing interest under the prime rate on
the last day of each month during the term thereof and (b)
for the portion of advances bearing interest under the LIBOR
option on the last day of the respective LIBOR interest
period selected for such advance. Any unpaid
interest is payable on the maturity date. As of
February 28, 2013, the interest rate was 2.93% and the
weighted average rate was 3.04% for the six months ended
February 28, 2013. As of February 29, 2012, the
interest rate was 3.24% and the weighted average rate was
3.13% for the six months ended February 29,
2012. The revolving line of credit is secured by
cash, receivables and inventory.
The
term loan and the line of credit are governed under separate
loan agreements (collectively, the Loan
Agreements). The Loan Agreements contain standard
covenants, including affirmative financial covenants, such as
the maintenance of a minimum fixed charge coverage ratio, and
negative covenants, which, among other things, limit the
incurrence of additional indebtedness, loans and equity
investments, disposition of assets, mergers and
consolidations and other matters customarily restricted in
such agreements. Under the Loan Agreements, the Company is
subject to a minimum fixed charge coverage ratio of
1.10:1.00. As of February 28, 2013, the Company
was in compliance with all debt covenants.
On
December 11, 2012, PNC Bank extended the maturity date of the
line of credit from January 9, 2013 to January 8, 2014, and
waived a technical covenant default by the Company to deliver
quarterly compliance certificates. All other terms
of the line of credit and the loan agreement and other
documents evidencing the line of credit remain the
same.
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| X | ||||||||||
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 8 - Stockholders' Equity
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6 Months Ended | ||||||||||
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Feb. 28, 2013
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| Stockholders' Equity Note Disclosure [Text Block] |
8. STOCKHOLDERS’
EQUITY
During
the six months ended February 28, 2013, the Company did not
purchase or retire any shares of its common
stock. The following stock options to purchase
shares of common stock were exercised during the six months
ended February 28, 2013:
The
Company granted stock options under the Northern Technologies
International Corporation Amended and Restated 2007 Stock
Incentive Plan (the 2007 Plan) to purchase an aggregate of
118,294 shares of its common stock to various employees and
directors during the six months ended February 28,
2013. The weighted average per share exercise
price of the stock options is $10.25, which is equal to the
fair market value of the Company’s common stock on the
date of grant.
During
the six months ended February 29, 2012, the Company did not
purchase or retire any shares of its common
stock. The following stock options to purchase
shares of common stock were exercised during the six months
ended February 29, 2012:
The
Company granted stock options under the 2007 Plan to purchase
an aggregate of 26,000 shares of its common stock to various
employees and directors during the six months ended February
29, 2012. The weighted average per share exercise
price of the stock options is $16.45, which is equal to the
fair market value of the Company’s common stock on the
date of grant.
During
the six months ended February 29, 2012, the Company paid
stock bonuses under the 2007 Plan for an aggregate of 42,707
shares of its common stock to various employees at a grant
price of $14.42 per share. The aggregate fair
value of the shares of the Company’s common stock as of
the date of payment of the stock bonuses was $615,830, based
on the closing sale price of a share of the Company’s
common stock on the date of payment. The fair value of common
stock granted during the six months ended February 29, 2012
was based on fiscal 2011 performance and was included in
accrued liabilities at August 31, 2011.
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| X | ||||||||||
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- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 9 - Net Income Per Common Share
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Feb. 28, 2013
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| Earnings Per Share [Text Block] |
9. NET
INCOME PER COMMON SHARE
Basic
net income per common share is computed by dividing net
income by the weighted average number of common shares
outstanding. Diluted net income per share assumes
the exercise of stock options using the treasury stock
method, if dilutive.
Options
to purchase shares of common stock of 48,000 were excluded
from the computation of common share equivalents for the
three and six months ended February 28, 2013, as the exercise
prices of such options were greater than market price of a
share of common stock. Options to purchase shares
of common stock of 26,000 were excluded from the computation
of common share equivalents for the three and six months
ended February 29, 2012, as the exercise prices of such
options were greater than market price of a share of common
stock.
The
following is a reconciliation of the earnings per share
computation for the three and six months ended February 28,
2013 and February 29, 2012:
The
dilutive impact summarized above relates to the periods when
the average market price of the Company’s common stock
exceeded the exercise price of the potentially dilutive
option securities granted. Earnings per common
share were based on the weighted average number of common
shares outstanding during the periods when computing the
basic earnings per share. When dilutive, stock options are
included as equivalents using the treasury stock market
method when computing the diluted earnings per share.
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| X | ||||||||||
|
- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 10 - Stock-Based Compensation
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Feb. 28, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
10. STOCK-BASED
COMPENSATION
The
Company has two stock-based compensation plans under which
stock options and other stock-based awards have been granted,
including the Northern Technologies International Corporation
Amended and Restated 2007 Stock Incentive Plan and the
Northern Technologies International Corporation Employee
Stock Purchase Plan (the ESPP). The Compensation
Committee of the Board of Directors and the Board of
Directors administers these plans.
The
2007 Plan provides for the grant of incentive stock options,
non-statutory stock options, stock appreciation rights,
restricted stock, stock unit awards, performance awards and
stock bonuses to eligible recipients to enable the Company
and its subsidiaries to attract and retain qualified
individuals through opportunities for equity participation in
the Company, and to reward those individuals who contribute
to the achievement of the Company’s economic
objectives. Subject to adjustment as provided in
the 2007 Plan, up to a maximum of 800,000 shares of the
Company’s common stock are issuable under the 2007
Plan. Options granted under the 2007 Plan
generally have a term of five years and become exercisable
over a three- or four-year period beginning on the one-year
anniversary of the date of grant. Options are
granted at per share exercise prices equal to the market
value of the Company’s common stock on the date of
grant. To date, only stock options and stock
bonuses have been granted under the 2007 Plan.
The
maximum number of shares of common stock of the Company
available for issuance under the ESPP is 100,000 shares,
subject to adjustment as provided in the ESPP. The
ESPP provides for six-month offering periods beginning on
September 1 and March 1 of each year. The purchase
price of the shares is 90% of the lower of the fair market
value of common stock at the beginning or end of the offering
period. This discount may not exceed the maximum
discount rate permitted for plans of this type under Section
423 of the Internal Revenue Code of 1986, as
amended. The ESPP is compensatory for financial
reporting purposes.
The
Company granted options to purchase an aggregate of 118,294
and 26,000 shares of its common stock during the six months
ended February 28, 2013 and February 29, 2012,
respectively. The fair value of option grants is
determined at date of grant, using the Black-Scholes option
pricing model with the assumptions listed below. Based
on these valuations, the Company recognized compensation
expense of $137,550 and $145,046 during the six months ended
February 28, 2013 and February 29, 2012, respectively,
related to the options that vested during such time
period. The stock-based expense recorded reduced
after-tax net income per share by $0.03 for each of the six
months ended February 28, 2013 and February 29, 2012,
respectively. As of February 28, 2013, the total
compensation cost for non-vested options not yet recognized
in the Company’s consolidated statements of operations
was $478,992 net of estimated
forfeitures. Additional stock-based compensation
expense of $173,220 is expected through the remainder of
fiscal year 2013, and expense of $185,815 and $99,964 is
expected to be recognized during fiscal 2014 and fiscal 2015,
respectively. Future option grants will impact the
compensation expense recognized.
The
Company currently estimates a ten percent forfeiture rate for
stock options and continually reviews this estimate for
future periods.
The
fair value of each option grant is estimated on the grant
date using the Black-Scholes option-pricing model with the
following assumptions and results for the grants:
The
weighted average per share fair value of options granted
during six months ended February 28, 2013 and February 29,
2012 was $5.53 and $7.14, respectively. The
weighted average remaining contractual life of the options
outstanding as of February 28, 2013 and February 29, 2012 was
4.58 years and 2.07 years, respectively.
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| X | ||||||||||
|
- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 11 - Geographic And Segment Information
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Feb. 28, 2013
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| Segment Reporting Disclosure [Text Block] |
11. GEOGRAPHIC
AND SEGMENT INFORMATION
Net
sales by geographic location as a percentage of total
consolidated net sales for the three and six months ended
February 28, 2013 and February 29, 2012 were as
follows:
Net
sales by geographic location are based on the location of the
customer.
Fees
for services provided to joint ventures by geographic
location as a percentage of total fees for services provided
to joint ventures during the three months ended
February 28, 2013 and February 29, 2012 were as
follows:
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