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Northern Technologies International Corporation 10-Q ntic --08-31 4525109 false 0000875582 Yes No Accelerated Filer No 2015 Q3 2015-05-31

<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> 1. </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> INTERIM FINANCIAL INFORMATION </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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 May 31, 2015 and August 31, 2014 and the results of their operations for the three and nine months ended May 31, 2015 and 2014 and their cash flows for the nine months ended May 31, 2015 and 2014, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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, 2014.  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. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Operating results for the three and nine months ended May 31, 2015 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2015. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Certain amounts reported in the consolidated financial statements for the previous reporting periods have been reclassified to conform to the current period presentation.  Beginning in the second quarter of fiscal 2015, the Company reclassified dividends received from equity method from investing cash flows to operating cash flows on the consolidated statements of cash flows for all periods presented.  The classification reflects the continued profitability and returns of those profits to its owners, including the Company.  The reclassification did not impact net income or equity. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements. </div>

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 2.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> In May 2014, the Financial Accounting Standards Board (FASB) issued revised guidance on revenue recognition.  The standard provides a single revenue recognition model which is intended to improve comparability over a range of industries, companies and geographical boundaries and will also result in enhanced disclosures.  The changes are effective for the Company’s fiscal year ended August 31, 2018, and interim periods within that year.  The Company is currently reviewing the revised guidance and assessing the potential impact on its consolidated financial statements. </div>

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 3.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> INVENTORIES </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Inventories consisted of the following: </div> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> August 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Production materials </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,509,359</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,242,649</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Finished goods </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">5,223,082</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">4,718,750</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">6,732,441</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">5,961,399</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table>

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5961399

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 4.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> PROPERTY AND EQUIPMENT, NET </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Property and equipment, net consisted of the following: </div> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> August 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Land </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">310,365</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">310,365</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Buildings and improvements </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">6,317,360</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">5,695,268</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Machinery and equipment </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">3,662,754</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">3,713,145</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">10,290,479</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">9,718,778</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Less accumulated depreciation </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">(3,154,144</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">)</td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">(3,240,791</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">7,136,334</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">6,477,987</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table>

310365

6317360

5695268

3662754

3713145

10290479

9718778

3154144

3240791

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 5.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> PATENTS AND TRADEMARKS, NET </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Patents and trademarks, net consisted of the following: </div> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> August 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Patents and trademarks </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">2,426,627</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">2,287,840</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Less accumulated amortization </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">(1,155,888</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">)</td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">(1,090,140</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">1,270,739</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">1,197,700</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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 $90,000 in each of the next five fiscal years. </div>

P7Y

90000

2426627

2287840

1155888

1090140

1270739

1197700

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-6" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 6.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> INVESTMENTS IN JOINT VENTURES </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Financial information from the financial statements of the Company’s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH (EXCOR), joint venture in China, Tianjin-Zerust Anticorrosion Co., Ltd. (Tianjin Zerust), for the periods for which it was accounted for under the equity method (See Note 7) and all of the Company’s other joint ventures, are summarized as follows: </div> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td colspan="10" valign="bottom" width="43%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: center">At May 31, 2015</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Total </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> EXCOR </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> All Other </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current assets </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">49,454,666</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">22,205,218</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">27,249,448</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total assets </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">52,993,622</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">24,155,320</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">28,838,303</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current liabilities </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">12,368,822</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,298,480</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,070,342</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Noncurrent liabilities </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,231,277</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,231,277</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Joint ventures’ equity </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">39,393,523</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">20,856,840</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">18,536,683</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of joint ventures’ equity </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">19,644,767</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">10,428,422</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,216,345</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">17,583,956</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">10,397,517</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">7,186,439</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> At August 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Total </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> EXCOR </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Tianjin </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Zerust </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> All Other </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current assets </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">61,491,957</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">24,361,157</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,774,680</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">27,356,120</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total assets </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">65,466,964</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">26,652,165</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,793,803</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">29,020,996</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current liabilities </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">17,542,634</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,512,143</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,438,380</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,592,111</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Noncurrent liabilities </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,929,488</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">868,377</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,061,111</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Joint ventures’ equity </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">45,994,842</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">23,140,022</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,487,046</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">18,367,775</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of joint ventures’ equity </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">22,961,989</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">11,570,013</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">2,243,524</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,148,452</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">20,540,523</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">11,539,108</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">2,193,524</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">6,807,891</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; BORDER-TOP: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left; BORDER-TOP: black 1.1pt solid"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Total </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> EXCOR </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Tianjin </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Zerust </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> All Other </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net sales </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">75,974,770</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">27,580,051</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,735,457</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">44,659,262</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Gross profit </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">37,469,186</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">15,113,100</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,783,673</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">20,572,413</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net income </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,634,318</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">6,334,009</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">265,648</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,034,661</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of equity in income of joint ventures </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,806,247</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,152,489</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">132,824</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,520,934</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BORDER-TOP: medium none"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; BORDER-TOP: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left; BORDER-TOP: black 1.1pt solid"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Total </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> EXCOR </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Tianjin </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Zerust </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> All Other </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net sales </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">88,213,101</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">29,020,416</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">11,952,115</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">47,240,570</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Gross profit </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">41,609,619</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">15,000,023</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">5,550,166</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">21,059,430</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net income </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,960,639</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">5,574,387</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,543,155</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,913,097</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of equity in income of joint ventures </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,416,664</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">2,787,048</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">659,684</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">969,932</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> All material profits recorded on sales from the Company to its joint ventures have been eliminated for financial reporting purposes. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> On January 2, 2015, the Company announced that, effective as of December 31, 2014, the Company terminated its joint venture agreements with its previous joint venture in China, Tianjin Zerust, and began the process of liquidating the joint venture entity.  The Company intends to conduct future business in China through a newly formed wholly owned subsidiary, NTIC (Shanghai) Co. Ltd. (NTIC China).  As of December 31, 2014, the Company started recognizing Tianjin Zerust based on its carrying value instead of the equity method since the Company no longer expects to significantly affect the joint venture’s operations or decision making during its anticipated liquidation. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company records expenses that are directly attributable to the joint ventures on its consolidated statements of operations in the line item “Expenses incurred in support of joint ventures.”  The expenses include items such as employee compensation and benefit expenses, travel expense and consulting expense. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company did not make any joint venture investments during the nine months ended May 31, 2015. On May 31, 2014, NTI Asean bought out the other 50% owner in its joint venture in Singapore for $110,988, thereby increasing NTI Asean’s ownership in the joint venture from 50% to 100%.  The Company did not make any other joint venture investments during the nine months ended May 31, 2014. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> On November 30, 2013, the Company agreed to sell its indirect ownership interest in Mütec GmbH (Mütec), the Company’s former joint venture in Germany which manufactures proprietary electronic sensing instruments.  Since the purchase price paid to the Company was less than the book value of the Company’s investment in Mütec, the Company recognized a $50,000 impairment charge during the three months ended November 30, 2013, which is included in the consolidated statements of operations in the line item “Equity income of joint ventures.”  In connection with the transaction, the owner of Mütec borrowed $168,000 from the Company to be repaid over four years with no interest.  As of May 31, 2015 and August 31, 2014, $134,097 and $156,854 was due to the Company related to this transaction. </div>

0.50

110988

1.00

50000

168000

P4Y

134097

156854

<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td colspan="10" valign="bottom" width="43%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: center">At May 31, 2015</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Total </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> EXCOR </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> All Other </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current assets </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">49,454,666</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">22,205,218</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">27,249,448</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total assets </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">52,993,622</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">24,155,320</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">28,838,303</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current liabilities </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">12,368,822</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,298,480</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,070,342</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Noncurrent liabilities </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,231,277</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,231,277</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Joint ventures’ equity </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">39,393,523</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">20,856,840</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">18,536,683</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of joint ventures’ equity </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">19,644,767</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">10,428,422</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,216,345</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="55%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">17,583,956</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">10,397,517</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">7,186,439</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> At August 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Total </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> EXCOR </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Tianjin </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Zerust </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> All Other </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current assets </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">61,491,957</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">24,361,157</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,774,680</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">27,356,120</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total assets </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">65,466,964</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">26,652,165</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,793,803</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">29,020,996</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current liabilities </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">17,542,634</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,512,143</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,438,380</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,592,111</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Noncurrent liabilities </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,929,488</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">868,377</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,061,111</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Joint ventures’ equity </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">45,994,842</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">23,140,022</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,487,046</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">18,367,775</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of joint ventures’ equity </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">22,961,989</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">11,570,013</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">2,243,524</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,148,452</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">20,540,523</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">11,539,108</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">2,193,524</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">6,807,891</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table>

49454666

22205218

27249448

61491957

24361157

9774680

27356120

52993622

24155320

28838303

65466964

26652165

9793803

29020996

12368822

3298480

9070342

17542634

3512143

4438380

9592111

1231277

1929488

868377

1061111

39393523

20856840

18536683

45994842

23140022

4487046

18367775

19644767

10428422

9216345

22961989

11570013

2243524

9148452

17583956

10397517

7186439

20540523

11539108

2193524

6807891

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; BORDER-TOP: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left; BORDER-TOP: black 1.1pt solid"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Total </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> EXCOR </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Tianjin </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Zerust </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> All Other </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net sales </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">75,974,770</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">27,580,051</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,735,457</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">44,659,262</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Gross profit </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">37,469,186</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">15,113,100</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,783,673</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">20,572,413</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net income </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,634,318</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">6,334,009</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">265,648</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,034,661</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of equity in income of joint ventures </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,806,247</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">3,152,489</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">132,824</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,520,934</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BORDER-TOP: medium none"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; BORDER-TOP: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left; BORDER-TOP: black 1.1pt solid"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Total </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> EXCOR </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Tianjin </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Zerust </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> All Other </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net sales </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">88,213,101</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">29,020,416</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">11,952,115</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">47,240,570</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Gross profit </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">41,609,619</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">15,000,023</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">5,550,166</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">21,059,430</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net income </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">9,960,639</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">5,574,387</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,543,155</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,913,097</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Northern Technologies International Corporation’s share of equity in income of joint ventures </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,416,664</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">2,787,048</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">659,684</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">969,932</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table>

75974770

27580051

3735457

44659262

37469186

15113100

1783673

20572413

9634318

6334009

265648

3034661

3152489

132824

1520934

88213101

29020416

11952115

47240570

41609619

15000023

5550166

21059430

9960639

5574387

1543155

1913097

2787048

659684

969932

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 7.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> CHINA OPERATIONS </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> On January 2, 2015, the Company announced that, effective as of December 31, 2014, the Company terminated its joint venture agreements with its previous joint venture in China, Tianjin Zerust, began the process of liquidating the joint venture entity, and has commenced conducting business in China through a newly formed wholly owned subsidiary, NTIC (Shanghai) Co. Ltd. on January 1, 2015.  Effective December 31, 2014, the Company’s investment in Tianjin Zerust is reported at carrying value based on the Company’s decreased level of influence over the entity, and the Company has reclassified previously unrecognized gains on foreign currency translation from other comprehensive income.  Any declines in the fair value are reflected as adjustments to the carrying value.  No such adjustments were recorded during the nine months ended May 31, 2015. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The investment in Tianjin Zerust is as follows: </div> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="83%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Investment </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="83%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Equity method investment – August 31, 2014 </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">2,243,524</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="83%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Equity in earnings – nine months ended May 31, 2015 </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">132,824</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Reclassification of translation gains on foreign currency translation </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">(492,680</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">)</td> </tr> <tr> <td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Investment at carrying value – May 31, 2015 </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">1,883,668</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company incurred expenses of $1,138,000 during the nine months ended May 31, 2015 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.  Such expenses consisted primarily of legal expenses and personnel expenses associated with the establishment of the subsidiary and the hiring of new personnel.  These expenses are recorded as operating expenses on the consolidated statements of operations and are partially off-set by the gross margin contribution from sales of NTIC China . </div>

1138000

2243524

132824

492680

1883668

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-8" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 8.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> CORPORATE DEBT </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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 both May 31, 2015 and August 31, 2014.  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. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The line of credit is subject to 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 agreement, the Company is subject to a minimum fixed charge coverage ratio of 1.10:1.00.  As of May 31, 2015, the Company was in compliance with all debt covenants. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> On January 5, 2015, PNC Bank extended the maturity date of the line of credit from January 7, 2015 to January 7, 2016 under substantially similar terms, and waived a technical covenant default by the Company to deliver quarterly compliance certificates. </div>

3000000

0.0215

1.10

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-9" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 9.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> STOCKHOLDERS’ EQUITY </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> During the nine months ended May 31, 2015, 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 nine months ended May 31, 2015: </div> <table cellpadding="0" cellspacing="0" width="60%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Options Exercised </div> </td> <td valign="top" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Exercise Price </div> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 18,000 </div> </td> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> $ 7.65 </div> </td> </tr> <tr> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2,333 </div> </td> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 10.20 </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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 45,067 shares of its common stock to various employees and directors during the nine months ended May 31, 2015.  The weighted average per share exercise price of the stock options is $20.10, which was equal to the fair market value of the Company’s common stock on the date of grant. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> During the nine months ended May 31, 2014, 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 nine months ended May 31, 2014: </div> <table cellpadding="0" cellspacing="0" width="60%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Options Exercised </div> </td> <td valign="top" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Exercise Price </div> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 44,000 </div> </td> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> $ 7.65 </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company granted stock options under the 2007 Plan to purchase an aggregate of 56,373 shares of its common stock to various employees and directors during the nine months ended May 31, 2014.  The weighted average per share exercise price of the stock options is $14.83, which was equal to the fair market value of the Company’s common stock on the date of grant. </div>

45067

20.10

56373

14.83

<table cellpadding="0" cellspacing="0" width="60%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Options Exercised </div> </td> <td valign="top" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Exercise Price </div> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 18,000 </div> </td> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> $ 7.65 </div> </td> </tr> <tr> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2,333 </div> </td> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 10.20 </div> </td> </tr> </table><table cellpadding="0" cellspacing="0" width="60%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Options Exercised </div> </td> <td valign="top" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Exercise Price </div> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 44,000 </div> </td> <td valign="bottom" width="50%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> $ 7.65 </div> </td> </tr> </table>

18000

7.65

2333

10.20

44000

7.65

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-10" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 10.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> NET INCOME PER COMMON SHARE </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The following is a reconciliation of the net income per share computation for the three and nine months ended May 31, 2015 and 2014: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Numerators: </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net income attributable to NTIC </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">905,435</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">980,217</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,785,056</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">2,863,847</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="40%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Denominator: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Basic – weighted shares outstanding </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,525,109</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,461,880</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,519,279</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,452,798</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Weighted shares assumed upon exercise of stock options </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">69,883</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">128,464</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">116,282</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">130,376</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Diluted – weighted shares outstanding </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,594,992</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,590,344</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,635,561</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,583,174</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Basic earnings per share: </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.20</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.22</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.40</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.64</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Diluted earnings per share: </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.20</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.21</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.39</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.63</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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 (loss) per common share were based on the weighted average number of common shares outstanding during the periods when computing the basic earnings (loss) per share. When dilutive, stock options are included as equivalents using the treasury stock market method when computing the diluted earnings (loss) per share. </div>

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Numerators: </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net income attributable to NTIC </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">905,435</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">980,217</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">1,785,056</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">2,863,847</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="40%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Denominator: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Basic – weighted shares outstanding </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,525,109</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,461,880</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,519,279</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,452,798</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Weighted shares assumed upon exercise of stock options </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">69,883</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">128,464</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">116,282</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">130,376</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Diluted – weighted shares outstanding </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,594,992</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,590,344</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,635,561</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">4,583,174</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Basic earnings per share: </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.20</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.22</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.40</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.64</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Diluted earnings per share: </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.20</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.21</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.39</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">0.63</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table>

69883

128464

116282

130376

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-11" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 11.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> STOCK-BASED COMPENSATION </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company has two stock-based compensation plans under which stock options and other stock-based awards have been granted, 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 administer these plans. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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 ten 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.  The Company issues new shares upon the exercise of options.  As of May 31, 2015, only stock options and stock bonuses had been granted under the 2007 Plan. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company granted options to purchase an aggregate of 45,067 and 56,373 shares of its common stock during the nine months ended May 31, 2015 and 2014, 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.  The Company recognized compensation expense of $378,421 and $345,319 during the nine months ended May 31, 2015 and 2014, respectively, related to the options that vested during such time period.  As of May 31, 2015, the total compensation cost for non-vested options not yet recognized in the Company’s consolidated statements of operations was $376,847 net of estimated forfeitures.  Stock-based compensation expense of $117,262 is expected through the remainder of fiscal year 2015, and $179,785 and $79,800 is expected to be recognized during fiscal 2016 and fiscal 2017, respectively, based on outstanding options as of May 31, 2015.  Future option grants will impact the compensation expense recognized. Stock-based compensation expense is included in general and administrative expense on the consolidated statements of operations. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company currently estimates a ten percent forfeiture rate for stock options and continually reviews this estimate for future periods. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 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: </div> <table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="33%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Dividend yield </div> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">0.00</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">0.00</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Expected volatility </div> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">46.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">47.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Expected life of option (years) </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">10</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">10</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Average risk-free interest rate </div> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1.63</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1.36</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The weighted average per share fair value of options granted during nine months ended May 31, 2015 and 2014 was $11.58 and $8.57, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2015 and 2014 was 6.56 years and 5.44 years, respectively. </div>

800000

P10Y

P3Y

P4Y

100000

0.90

45067

56373

378421

345319

376847 117262 179785 79800 0.10

11.58

8.57

P6Y204D

P5Y160D

<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="33%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Dividend yield </div> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">0.00</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">0.00</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Expected volatility </div> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">46.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">47.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Expected life of option (years) </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">10</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">10</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Average risk-free interest rate </div> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1.63</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1.36</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> </table>

0.0000

0.466

0.473

P10Y

0.0163

0.0136

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-12" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 12.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> GEOGRAPHIC AND SEGMENT INFORMATION </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net sales by geographic location as a percentage of total consolidated net sales for the three and nine months ended May 31, 2015 and 2014 were as follows: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="48%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Inside the U.S.A. to unaffiliated customers </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">63.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">69.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">63.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">67.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="48%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Outside the U.S.A to: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="48%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt"> Joint ventures in which the Company is a shareholder directly and indirectly </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">13.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">11.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">12.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="48%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Unaffiliated customers </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">29.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">17.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">24.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">20.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="48%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net sales by geographic location are based on the location of the customer. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Fees for services provided to joint ventures accounted for under the equity method by geographic location as a percentage of total fees for services provided to joint ventures during the three and nine months ended May 31, 2015 and 2014 were as follows: </div> <table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" nowrap="nowrap" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Total Fees for Services Provided to Joint Ventures </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Total Fees for Services Provided to Joint Ventures </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Germany </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">219,182</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">16.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">257,215</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">12.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Poland </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">149,771</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">11.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">152,157</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Thailand </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">128,164</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">148,113</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Japan </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">124,772</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">170,079</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">8.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> France </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">108,788</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">8.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">139,719</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Sweden </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">103,234</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">130,613</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> United Kingdom </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">93,229</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">127,697</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Finland </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">74,711</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">87,416</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">4.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> India </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">72,285</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">204,777</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">10.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> China </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">0.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">478,979</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">23.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Other </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">229,828</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">17.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">104,840</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">5.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="50%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">1,303,964</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">2,001,775</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> </table> <table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" nowrap="nowrap" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Total Fees for Services Provided to Joint Ventures </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Total Fees for Services Provided to Joint Ventures </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Germany </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">660,135</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">14.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">784,326</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">12.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> China </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">516,139</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">11.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">1,590,612</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">25.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Poland </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">437,607</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">469,242</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Thailand </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">425,316</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">431,112</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Japan </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">409,316</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">510,769</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">8.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> France </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">318,686</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">390,794</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> United Kingdom </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">304,600</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">282,329</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">4.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Sweden </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">262,451</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">332,806</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Finland </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">220,926</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">269,155</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">4.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> India </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">215,548</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">4.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">371,635</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Other </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">661,770</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">14.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">736,314</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">11.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="50%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">4,432,494</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">6,169,094</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The following table sets forth the Company’s net sales for the three and nine months ended May 31, 2015 and 2014 by segment: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="48%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> ZERUST® sales </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7,076,760</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5,992,095</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">19,098,816</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">17,296,159</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Natur-Tec™ sales </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">1,200,815</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">928,725</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">3,121,563</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">2,152,769</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="48%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total net sales </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">8,277,575</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6,920,820</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">22,220,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">19,448,928</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2015 and 2014 by segment: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Product Sales* </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Product Sales* </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Product Sales* </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Product Sales* </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Direct cost of goods sold </div> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="28%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> ZERUST® </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">3,942,776</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">55.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">3,288,809</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">54.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">10,452,467</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">54.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">9,336,363</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">54.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="28%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Natur-Tec® </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">889,976</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">74.1</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">695,778</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">74.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">2,391,599</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">76.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">1,635,815</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">76.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Indirect cost of goods sold </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">762,455</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">684,735</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">2,215,492</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">1,907,008</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total net cost of goods sold </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">5,595,207</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">4,669,322</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">15,059,558</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">12,879,186</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-13" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> * </div> </td> <td> <div align="left"> The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category. </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company utilizes product net sales and direct and indirect cost of goods sold for each product in reviewing the financial performance of a product type. Further allocation of Company expenses or assets, aside from amounts presented in the tables above, is not utilized in evaluating product performance, nor does such allocation occur for internal financial reporting. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Sales to the Company’s joint ventures are included in the foregoing geographic and segment information, however, sales by the Company’s joint ventures to other parties are not included. The foregoing geographic and segment information represents only sales and cost of goods sold recognized directly by the Company. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The geographical distribution of key financial statement data is as follows: </div> <table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> As of </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> As of </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> August 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Brazil </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,046,801</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,429,054</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> China </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,395,952</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> India </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">389,659</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">363,894</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> United States </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">49,038,999</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">52,264,827</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Total assets </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">51,871,411</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">54,057,775</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="33%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Brazil </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">2,103,589</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,865,137</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> China </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">442,262</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> India </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">708,635</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">361,700</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> United States </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">18,965,893</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">17,222,091</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Total net sales </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">22,220,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">19,448,928</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="33%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Brazil </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">(72,785</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">(75,491</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> China </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">(585,790</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td align="right" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> India </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">20,440</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">5,872</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> United States </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">3,594,827</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">5,002,383</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Total operating income </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">2,956,692</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">4,932,764</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total assets located in Brazil, China and India primarily consist of cash and cash equivalents, customer receivables and inventory.  These assets are periodically reviewed to assure the net realizable value from the estimated future production based on forecasted sales exceeds the carrying value of the assets.  Total assets located in the United States include the Company’s investments in joint ventures. </div>

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="48%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Inside the U.S.A. to unaffiliated customers </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">63.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">69.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">63.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">67.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="48%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Outside the U.S.A to: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="48%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt"> Joint ventures in which the Company is a shareholder directly and indirectly </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">13.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">11.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">12.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="48%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Unaffiliated customers </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">29.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">17.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">24.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">20.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="48%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> </table>

0.630

0.690

0.638

0.674

0.073

0.136

0.117

0.124

0.297

0.174

0.245

0.202

1.000

<table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" nowrap="nowrap" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Total Fees for Services Provided to Joint Ventures </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Total Fees for Services Provided to Joint Ventures </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Germany </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">219,182</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">16.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">257,215</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">12.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Poland </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">149,771</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">11.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">152,157</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Thailand </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">128,164</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">148,113</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Japan </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">124,772</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">170,079</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">8.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> France </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">108,788</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">8.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">139,719</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Sweden </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">103,234</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">130,613</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> United Kingdom </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">93,229</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">127,697</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Finland </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">74,711</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">87,416</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">4.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> India </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">72,285</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">204,777</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">10.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> China </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">0.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">478,979</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">23.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Other </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">229,828</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">17.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">104,840</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">5.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="50%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">1,303,964</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">2,001,775</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> </table><table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" nowrap="nowrap" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Total Fees for Services Provided to Joint Ventures </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Total Fees for Services Provided to Joint Ventures </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Germany </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">660,135</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">14.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">784,326</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">12.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> China </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">516,139</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">11.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">1,590,612</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">25.8</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Poland </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">437,607</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">469,242</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Thailand </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">425,316</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">431,112</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Japan </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">409,316</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">9.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">510,769</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">8.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> France </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">318,686</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7.2</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">390,794</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> United Kingdom </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">304,600</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">282,329</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">4.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Sweden </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">262,451</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">332,806</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Finland </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">220,926</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">269,155</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">4.4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="50%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> India </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">215,548</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">4.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">371,635</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="50%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Other </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">661,770</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">14.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">736,314</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">11.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="50%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">4,432,494</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">6,169,094</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">100.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> </table>

219182 0.168 257215 0.128 149771 0.115 152157 0.076 128164 0.098 148113 0.074 124772 0.096 170079 0.085 108788 0.084 139719 0.070 103234 0.079 130613 0.065 93229 0.072 127697 0.064 74711 0.057 87416 0.044 72285 0.055 204777 0.102 0.000 478979 0.239 229828 0.176 104840 0.053 1303964 1.000 2001775 1.000 660135 0.149 784326 0.127 516139 0.116 1590612 0.258 437607 0.099 469242 0.076 425316 0.096 431112 0.070 409316 0.092 510769 0.083 318686 0.072 390794 0.063 304600 0.069 282329 0.046 262451 0.059 332806 0.054 220926 0.050 269155 0.044 215548 0.049 371635 0.060 661770 0.149 736314 0.119 4432494 1.000 6169094 1.000

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="48%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> ZERUST® sales </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">7,076,760</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">5,992,095</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">19,098,816</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">17,296,159</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Natur-Tec™ sales </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">1,200,815</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">928,725</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">3,121,563</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">2,152,769</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="48%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total net sales </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">8,277,575</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">6,920,820</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">22,220,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="TEXT-ALIGN: right">19,448,928</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table>

7076760

5992095

19098816

17296159

1200815

928725

3121563

2152769

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Three Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Product Sales* </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Product Sales* </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Product Sales* </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> % of Product Sales* </div> </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Direct cost of goods sold </div> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> <td valign="bottom"> </td> <td colspan="2" nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td align="left" valign="bottom" width="28%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> ZERUST® </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">3,942,776</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">55.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">3,288,809</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">54.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">10,452,467</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">54.7</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">9,336,363</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">54.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="28%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> Natur-Tec® </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">889,976</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">74.1</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">695,778</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">74.9</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">2,391,599</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">76.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">1,635,815</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">76.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Indirect cost of goods sold </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">762,455</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">684,735</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">2,215,492</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">1,907,008</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total net cost of goods sold </div> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">5,595,207</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">4,669,322</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">15,059,558</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">12,879,186</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table>

3942776

0.557

3288809

0.549

10452467

0.547

9336363

0.540

889976

0.741

695778

0.749

2391599

0.766

1635815

0.760

762455

684735

2215492

1907008

<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> As of </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" nowrap="nowrap" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> As of </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> August 31, 2014 </div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Brazil </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,046,801</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,429,054</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> China </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,395,952</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> India </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">389,659</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">363,894</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> United States </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">49,038,999</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">52,264,827</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Total assets </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">51,871,411</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">54,057,775</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table>

1046801

1429054

1395952

389659

363894

49038999

52264827

<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="33%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Brazil </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">2,103,589</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">1,865,137</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> China </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">442,262</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> India </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">708,635</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">361,700</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> United States </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">18,965,893</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">17,222,091</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Total net sales </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">22,220,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">19,448,928</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table>

2103589

1865137

442262

708635

361700

18965893

17222091

<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="33%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Nine Months Ended </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Brazil </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">(72,785</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">(75,491</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> China </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">(585,790</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td align="right" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> India </div> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">20,440</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="TEXT-ALIGN: right">5,872</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> United States </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">3,594,827</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">5,002,383</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="64%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Total operating income </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">2,956,692</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: right">4,932,764</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.75pt double; TEXT-ALIGN: left"> </td> </tr> </table>

-72785

-75491

-585790

20440

5872

3594827

5002383

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-14" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 13.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> RESEARCH AND DEVELOPMENT </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company expenses all costs related to product research and development as incurred.   The Company incurred $2,968,879 and $3,342,497 of expense during the nine months ended May 31, 2015 and 2014, respectively, in connection with its research and development activities.  These amounts are net of reimbursements related to certain research and development contracts.  Such reimbursements totaled $0 and $45,788 for the nine months ended May 31, 2015 and 2014, respectively.  The net fees are accounted for in the “Research and Development Expenses” section of the consolidated statements of operations. </div>

45788

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-15" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 14.  </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> COMMITMENTS AND CONTINGENCIES </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> On August 19, 2014, the Compensation Committee of the Board of Directors of the Company approved the material terms of an annual bonus plan for the Company’s executive officers as well as certain officers and employees for the fiscal year ending August 31, 2015.  For fiscal 2015 as in past years, the total amount available under the bonus plan for all plan participants, including executive officers, is dependent upon the Company’s earnings before interest, taxes and other income, as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI).  Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary and the individual’s position and level of responsibility within the company.  In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout will be determined based upon the Company’s actual Adjusted EBITOI for fiscal 2015 compared to a pre-established target Adjusted EBITOI for fiscal 2015 and 25% of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives.  The payment of bonuses under the plan are discretionary and may be paid to executive officer participants in both cash and shares of the Company’s common stock, the exact amount and percentages will be determined by the Company’s Board of Directors, upon recommendation of the Compensation Committee, after the completion of the Company’s consolidated financial statements for fiscal 2015.  There was an accrual of $466,000 for management bonuses for the nine months ended May 31, 2015 compared to an accrual of $1,063,000 for management bonuses for the nine months ended May 31, 2014. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Three joint ventures (consisting of the Company’s joint venture in Korea, Thailand and remaining payables balance to the Company at Tianjin Zerust) accounted for 54.1% of the Company’s trade joint venture receivables at May 31, 2015.  Three joint ventures (consisting of the Company’s joint ventures in Korea, Thailand and Tianjin Zerust) accounted for 62.9% of the Company’s trade joint venture receivables at August 31, 2014. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> On March 23, 2015, the Company and NTI Asean LLC (NTI Asean), a majority owned subsidiary of the Company, filed a lawsuit in Tianjin No 1 Intermediate People’s Court against two individuals, Meng Tao and Xu Hui, related to breaches of duties and contractual commitments owed to NTI Asean under certain agreements related to the Company’s former joint venture in China, Tianjin Zerust Anti-Corrosion Technologies Ltd (Tianjin Zerust).  The lawsuit alleges, among other things, that Mr. Meng Tao and Xu Hui have engaged in self-dealing, usurped business opportunities, and received economic benefits that were required to go to Tianjin Zerust.  At this point it is too early in the lawsuit to reasonably estimate the amount of any recovery to NTI Asean, if any.  On April 21, 2015, the Company and NTI Asean initiated a lawsuit in the District Court for the Second Judicial District, County of Ramsey, State of Minnesota against Cortec Corporation alleging, among other things, that Cortec Corporation aided and abetted breaches of duties and contractual commitments owed to the Company and NTI Asean related to the Company’s joint venture in China, Tianjin Zerust. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> From time to time, the Company is subject to other various claims and legal actions in the ordinary course of its business.  The Company records a liability in its consolidated financial statements for costs related to claims, including future legal costs, settlements and judgments, where the Company has assessed that a loss is probable and an amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount.  The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that material loss may be have been incurred.  In the opinion of management, as of May 31, 2015, the amount of liability, if any, with respect to these matters, individually or in the aggregate, will not materially affect the Company’s consolidated results of operations, financial position or cash flows. </div>

0.75 0.25

466000

1063000

0.541 0.629

<table border="0" cellpadding="0" cellspacing="0" id="hangingindent-16" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 27pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 15. </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> FAIR VALUE MEASUREMENTS </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Assets and liabilities that are measured at fair value on a recurring basis primarily relate to marketable equity securities. These items are marked-to-market at each reporting period. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Fair Value Measurements </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Using Inputs Considered as </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Fair Value as of </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> May 31, 2015 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Level 1 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Level 2 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Level 3 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Available for sale securities </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">2,527,847</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">2,527,847</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Fair Value Measurements </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Using Inputs Considered as </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Fair Value as of </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> August 31, 2014 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Level 1 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Level 2 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Level 3 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Available for sale securities </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">5,519,766</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">5,519,766</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left">$</td> <td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: right">—</td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.1pt solid; TEXT-ALIGN: left"> </td> </tr> </table>

2527847

5519766