**Exhibit 99.1**

 

**REVISED CONSOLIDATED STATEMENTS OF OPERATIONS OF NORTHERN TECHNOLOGIESINTERNATIONAL CORPORATION AND SUBSIDIARIES FOR THE FISCAL YEARS ENDED AUGUST31, 2009 AND 2008 (UNAUDITED)**

** **
| ** **                                           | ** ** | **2009**   | ** ** | **2008**   | ** ** |
|------------------------------------------------------|------------|------------|------------|------------|------------|
| NORTH AMERICAN OPERATIONS:                           |       |       |       |       |       |
| Net sales, excluding joint ventures                  |       | $          | 7,428,499  |       | $          | 10,890,652 |   |
| Net sales, to joint ventures                         |       | 1,146,809  |       | 1,800,100  |       |
|                                                 |       | 8,575,308  |       | 12,690,752 |       |
| Cost of goods sold                                   |       | 5,620,668  |       | 7,638,690  |       |
| Gross profit                                         |       | 2,954,640  |       | 5,052,062  |       |
|                                                 |       |       |       |       |       |
| JOINT VENTURES:                                      |       |       |       |       |       |
| Equity in income of joint ventures                   |       | 367,238    |       | 3,792,197  |       |
| Gain on sale of joint venture                        |       | —     |       | 172,767    |       |
| Fees for services provided to joint ventures         |       | 3,378,193  |       | 5,956,403  |       |
|                                                 |       | 3,745,431  |       | 9,921,367  |       |
|                                                 |       |       |       |       |       |
| OPERATING EXPENSES:                                  |       |       |       |       |       |
| Selling                                              |       | 2,439,321  |       | 3,294,882  |       |
| General and administrative                           |       | 2,804,257  |       | 3,514,437  |       |
| Expenses incurred in support of joint ventures       |       | 1,427,616  |       | 2,873,975  |       |
| Research and development                             |       | 3,024,205  |       | 2,532,791  |       |
| Loss on impairment                                   |       | 554,000    |       | —     |       |
|                                                 |       | 10,249,399 |       | 12,216,085 |       |
|                                                 |       |       |       |       |       |
| OPERATING (LOSS) INCOME                              |       | (3,549,328 | )          | 2,757,344  |       |
|                                                 |       |       |       |       |       |
| INTEREST INCOME                                      |       | 6,340      |       | 23,815     |       |
| INTEREST EXPENSE                                     |       | (132,411   | )          | (123,874   | )          |
| OTHER INCOME                                         |       | 25,025     |       | 28,407     |       |
| GAIN ON SALE OF ASSETS                               |       | —     |       | 5,529      |       |
| MINORITY INTEREST                                    |       | 3,398      |       | 32,735     |       |
|                                                 |       |       |       |       |       |
| (LOSS) INCOME BEFORE INCOME TAX EXPENSE              |       | (3,646,976 | )          | 2,723,956  |       |
|                                                 |       |       |       |       |       |
| INCOME TAX (BENEFIT) EXPENSE                         |       | (302,000   | )          | 170,000    |       |
|                                                 |       |       |       |       |       |
| NET (LOSS) INCOME                                    |       | $          | (3,344,976 | )          | $          | 2,553,956 |   |
|                                                 |       |       |       |       |       |
| NET (LOSS) INCOME PER COMMON SHARE:                  |       |       |       |       |       |
| Basic                                                |       | $          | (0.89      | )          | $          | 0.69 |   |
| Diluted                                              |       | $          | (0.89      | )          | $          | 0.68 |   |
|                                                 |       |       |       |       |       |
| WEIGHTED AVERAGE COMMON SHARES ASSUMED  OUTSTANDING: |       |       |       |       |       |
| Basic                                                |       | 3,749,012  |       | 3,714,940  |       |
| Diluted                                              |       | 3,749,012  |       | 3,757,492  |       |

 

Theabove amounts have been reclassified to conform to the current periodpresentation.  These reclassificationsdid not have a material impact on the Company’s previously reportedconsolidated balance sheets or statements of cash flows. The Company hasreclassified various line items in the statements of operations to betterprovide the results of its joint ventures, as well as its North American operations.  These reclassifications changed the Company’soperating income (loss), but did not impact its net income (loss) or net income(loss) per common share.

 

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