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Techne Corporation Releases Unaudited Third Quarter Results for Fiscal Year 2011
Date:5/3/2011

MINNEAPOLIS, May 3, 2011 /PRNewswire/ -- Techne Corporation's (NASDAQ: TECH) consolidated pretax net earnings for the quarter ended March 31, 2011 increased 9.5% to $45.4 million compared with $41.4 million for the quarter ended March 31, 2010, mainly as a result of increased sales and foreign exchange transaction gains, partially offset by increased selling, general and administrative expenses. For the nine months ended March 31, 2011, Techne's consolidated pretax net earnings increased 3.5% to $122.0 million compared with $117.8 million per share for the nine months ended March 31, 2010, primarily as a result of increased sales and foreign exchange transaction gains.  

Techne's consolidated net earnings for the quarter ended March 31, 2011 decreased 4.1% to $31.1 million or $0.84 per diluted share compared with $32.4 million or $0.87 per diluted share for the quarter ended March 31, 2010.  For the nine months ended March 31, 2011, Techne's consolidated net earnings increased 0.1% to $84.0 million or $2.26 per diluted share compared to $83.9 million or $2.25 per diluted share for the nine months ended March 31, 2010.  The March 31, 2010 quarter and nine month results included a $4.7 million tax benefit, equating to $.12 per share, from a foreign exchange tax loss on Techne's repatriation of 50 million pound sterling from R&D Systems Europe to its U.S. based parent. 

Consolidated net sales for the quarter and nine months ended March 31, 2011 were $76.3 million and $211.9 million, increases of 8.5% and 4.7%, respectively, from the quarter and nine months ended March 31, 2010. Consolidated net sales for the quarter were positively affected by a weaker U.S. dollar as compared to foreign currencies for the quarter ended March 31, 2010.  Consolidated net sales for the nine months were negatively affected by a stronger U.S. dollar as compared t
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