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

1 were $5.2 million and $14.7 million, increases of 4.3% and 5.4% from the comparable prior-year periods.

Selling, general and administrative expenses for the quarter and nine months ended March 31, 2011 increased $1.6 million (20.4%) and $439,000 (1.8%) from the quarter and nine months ended March 31, 2010. The increase in selling, general and administrative expense for the quarter and nine months resulted primarily from increased profit sharing expense of $704,000 and $418,000, respectively.  

Foreign exchange transaction gains for the quarter and nine months ended March 31, 2011 were $249,000 and $667,000, respectively, compared to foreign exchange transaction losses of $372,000 and $329,000 for the quarter and nine months ended March 31, 2010, respectively.

The effective tax rate for the quarter and nine months ended March 31, 2011 was 31.6% and 31.2% as compared to 21.8% and 28.8% for the same prior-year periods. The effective rates for the prior year periods were abnormally low due to the tax benefit received following repatriation of funds from the U.K. to the U.S.  Excluding this benefit, the effective tax rates for the quarter and nine months ended March 31, 2010 would have been 33.1% and 32.8% for the quarter and nine months ended March 31, 2010, respectively, The improvement in the effective tax rate in fiscal 2011 was the result of renewal of the U.S. research and development credit and an increase in the deduction for qualified production activities.

Under separate press releases, the Company has announced two acquisitions subsequent to March 31, 2011.  On April 1, 2011, the Company, through its R&D Systems and R&D Europe subsidiaries, acquired the assets of Boston Biochem, Inc., a Massachusetts based company, and Boston Biochem Limited, a U.K. based company.  Boston Biochem, Inc. is a leading developer and manufacturer of innovative ubiquitin-related research products and Boston Biochem Limited wa
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