$NTIC
NORTHERN TECHNOLOGIES INTERNATIONAL CORP

2016 Q2 Form 10-Q Financial Statement

#000117184316011028 Filed on July 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $8.687M $8.278M
YoY Change 4.94% 19.6%
Cost Of Revenue $5.777M $5.595M
YoY Change 3.25% 19.81%
Gross Profit $2.909M $2.682M
YoY Change 8.46% 19.14%
Gross Profit Margin 33.49% 32.41%
Selling, General & Admin $3.465M $3.138M
YoY Change 10.43% 19.76%
% of Gross Profit 119.1% 116.98%
Research & Development $1.232M $1.065M
YoY Change 15.71% -3.21%
% of Gross Profit 42.34% 39.69%
Depreciation & Amortization $190.0K $170.0K
YoY Change 11.76% 21.43%
% of Gross Profit 6.53% 6.34%
Operating Expenses $4.697M $4.530M
YoY Change 3.69% 117.79%
Operating Profit $1.229M $1.181M
YoY Change 4.02% 588.78%
Interest Expense $15.47K $6.004K
YoY Change 157.58% -99.62%
% of Operating Profit 1.26% 0.51%
Other Income/Expense, Net $10.00K $0.00
YoY Change
Pretax Income $1.250M $1.180M
YoY Change 5.93% -32.95%
Income Tax $225.4K $114.2K
% Of Pretax Income 18.03% 9.68%
Net Earnings $917.4K $905.4K
YoY Change 1.32% -7.63%
Net Earnings / Revenue 10.56% 10.94%
Basic Earnings Per Share $0.20 $0.20
Diluted Earnings Per Share $0.20 $0.20
COMMON SHARES
Basic Shares Outstanding 4.539M 4.525M
Diluted Shares Outstanding 4.564M 4.595M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.870M $6.320M
YoY Change 8.7% -26.08%
Cash & Equivalents $4.627M $3.794M
Short-Term Investments $2.240M $2.530M
Other Short-Term Assets $910.0K $1.320M
YoY Change -31.06% 29.41%
Inventory $7.411M $6.730M
Prepaid Expenses $489.9K
Receivables $5.290M $4.920M
Other Receivables $1.860M $1.530M
Total Short-Term Assets $22.35M $20.82M
YoY Change 7.33% -6.55%
LONG-TERM ASSETS
Property, Plant & Equipment $7.298M $7.140M
YoY Change 2.21% 31.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.60M $21.53M
YoY Change -13.59% -2.58%
Other Assets $199.2K $1.110M
YoY Change -82.05% -7.5%
Total Long-Term Assets $23.13M $31.05M
YoY Change -25.51% 3.81%
TOTAL ASSETS
Total Short-Term Assets $22.35M $20.82M
Total Long-Term Assets $23.13M $31.05M
Total Assets $52.77M $51.87M
YoY Change 1.74% -0.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.769M $2.120M
YoY Change 30.63% 30.06%
Accrued Expenses $1.180M $1.120M
YoY Change 5.36% -40.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.953M $3.530M
YoY Change 11.98% -7.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.953M $3.530M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $7.080M $7.180M
YoY Change -1.39% -2.97%
SHAREHOLDERS EQUITY
Retained Earnings $35.10M
YoY Change
Common Stock $13.83M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.69M $44.70M
YoY Change
Total Liabilities & Shareholders Equity $52.77M $51.87M
YoY Change 1.74% -0.61%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $917.4K $905.4K
YoY Change 1.32% -7.63%
Depreciation, Depletion And Amortization $190.0K $170.0K
YoY Change 11.76% 21.43%
Cash From Operating Activities $1.800M -$350.0K
YoY Change -614.29% -91.97%
INVESTING ACTIVITIES
Capital Expenditures -$210.0K -$240.0K
YoY Change -12.5% 41.18%
Acquisitions
YoY Change
Other Investing Activities $500.0K $1.000M
YoY Change -50.0% -86.09%
Cash From Investing Activities $290.0K $770.0K
YoY Change -62.34% -89.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 40.00K
YoY Change -75.0% -103.57%
NET CHANGE
Cash From Operating Activities 1.800M -350.0K
Cash From Investing Activities 290.0K 770.0K
Cash From Financing Activities 10.00K 40.00K
Net Change In Cash 2.100M 460.0K
YoY Change 356.52% -70.13%
FREE CASH FLOW
Cash From Operating Activities $1.800M -$350.0K
Capital Expenditures -$210.0K -$240.0K
Free Cash Flow $2.010M -$110.0K
YoY Change -1927.27% -97.37%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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ntic Allocated Share Based Compensation Expense Estimate Next Fiscal Year
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ntic Allocated Share Based Compensation Expense Estimate Remainder Of Fiscal Year
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">2. <div style="display: inline; text-transform: uppercase">Recently Issued Accounting PronouncementS</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-transform: uppercase">&nbsp;</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">In May 2014, the Financial Accounting Standards Board (FASB) issued <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers, Topic 606</div> (Accounting Standards Update (ASU) No. 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one-year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company&#x2019;s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements, but believes there will be no material impact, if any.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In July 2015, the FASB issued ASU No. 2015-11, &#x201c;<div style="display: inline; font-style: italic;">Inventory</div>&#x201d;, which modifies the subsequent measurement of inventories recorded under a first-in-first-out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The new standard is effective for the Company&#x2019;s fiscal year 2018, with prospective application. The Company does not expect the adoption of the provisions of ASU 2015-11 to have a material impact on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">In November&nbsp;2015, FASB issued ASU 2015-17,&nbsp;<div style="display: inline; font-style: italic;">Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes</div>&nbsp;which requires that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. The amendment takes effect for public entities for fiscal years beginning after December&nbsp;15, 2017, with early adoption available. The Company is currently assessing the impact that ASU 2015-17 will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">During February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, &#x201c;<div style="display: inline; font-style: italic;">Leases</div>.&#x201d; ASU No. 2016-02 was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently assessing the effect that ASU No. 2016-02 will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 8; Value: 1 --> <!-- Field: /Page --> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">In March 2016, the FASB issued ASU No. 2016-07, &#x201c;<div style="display: inline; font-style: italic;">Investments &#x2013; Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting</div>.&#x201d; Among other things, the amendments in ASU 2016-07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor&#x2019;s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company is currently assessing the impact that ASU 2016-07 will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">In March 2016, the FASB issued ASU 2016-09, <div style="display: inline; font-style: italic;">Stock Compensation</div>, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.</div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; margin: 0pt 0">Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company&#x2019;s consolidated financial position or operating results.</div></div>
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