Navigation Links
Neogen Announces New Share Repurchase Program
Date:12/11/2008

LANSING, Mich., Dec. 11 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its Board of Directors has initiated a new share repurchase program to purchase up to 500,000 shares of the company's common stock. In a joint move, the Board rescinded the previous stock repurchase program first approved in 1999.

The shares will be repurchased on the open market or in negotiated transactions, depending on market conditions and other factors. Accordingly, there is no guarantee as to the exact number of shares to be repurchased. Shares repurchased under the program will be retired. Currently, there are approximately 14,700,000 outstanding shares of Neogen common stock.

"Management and the Board of Directors believe that the company's shares are undervalued from time to time -- and especially so in the very unusual market conditions that we have seen recently," said James Herbert, Neogen's CEO. "We see no fundamental reason for our stock to be at its current value. The repurchase program does not mean that we are discontinuing our strategy of using cash and borrowing power for synergistic acquisitions. This is one of several management initiatives aimed at increasing shareholder value."

Neogen last repurchased shares of its common stock in its 2003 fiscal year. Of the more than 1.2 million shares authorized for repurchase under the 1999 plan, the company repurchased approximately 875,000 shares.

"The share repurchase program reflects the Board's confidence in Neogen's long-term growth prospects," said Lon Bohannon, Neogen's president. "Our management also remains enthusiastic about the company's continued substantial opportunities for increased sales in markets dedicated to food and animal safety."

Neogen Corporation develops and markets products dedicated to food and animal safety. The company's Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen's Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements, disinfectants, and rodenticides.

Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's most recently filed Form 10-K.


'/>"/>
SOURCE Neogen Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Neogen Acquires Kane Enterprises
2. Neogen Reports 25% Increase in Net Income, 13% Increase in Revenues
3. Neogen Acquires Assets of Rivard Instruments
4. Neogen Reports 34% Increase in Net Income, 23% Increase in Revenues
5. Neogen Launches Quickest Test Available for Tetracyclines in Milk
6. NeoGenomics Announces Results for the Fourth Quarter and Full Year FY 2007
7. Webcast Alert: Neogen Corporation Announces 3rd Quarter Results
8. Neogen Reports 34% Increase in Net Income, 20% Increase in Revenues
9. NeoGenomics Files Annual Report on Form 10-KSB with the SEC
10. NeoGenomics Schedules Its Q1 2008 Earnings Release for May 7, 2008
11. Neogen Forms Mexican Subsidiary
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/23/2017)... Jan. 23, 2017  Alkahest Inc. ("Alkahest"), a ... neurodegenerative diseases and other age-related conditions, announced today ... as Chief Medical Officer. In this role, Dr. ... activities at Alkahest and serve on the Executive ... served as Executive Director at Dynavax, where he ...
(Date:1/21/2017)... , ... January 21, 2017 , ... ... endeavors to bring to market a pioneering medical device for the treatment of ... an engagement contract with Emergo, a global regulatory consultancy that helps companies like ...
(Date:1/20/2017)... ... January 20, 2017 , ... The two newest companies ... options for patients. Vironika, a spin out from The Wistar Institute, and Sanguis, launched ... space at 3624 Market Street. , Vironika is developing a treatment for a ...
(Date:1/19/2017)... Research and Markets has announced the addition of the ... Global Opportunity Analysis and Industry Forecast, 2014-2022" report to their ... Cancer ... reach $15,737 million by 2022 from $6,521 in 2015, growing at ... Omic technologies segment accounted for more than half of the revenue ...
Breaking Biology Technology:
(Date:12/15/2016)... HILLS, Mich. , Dec. 15, 2016  There ... unlocking car doors or starting the engine. Continental will ... in Las Vegas . Through the ... (Passive Start and Entry) and biometric elements, the international ... field of vehicle personalization and authentication. "The ...
(Date:12/8/2016)... 8, 2016 Market Research Future published a half cooked ... Mobile Biometric Security and Service Market is expected to grow over ... Market Highlights: ... Mobile Biometric Security and Service ... increasing need of authentication and security from unwanted cyber threats. The ...
(Date:12/7/2016)... AVIV, Israel , December 7, 2016 ... with the expansion of its patent portfolio, which grew to over 40 ... , , ... by its recently filed patent entitled " System, Device, and ... covers technology that enables device makers to forego costly hardware components needed ...
Breaking Biology News(10 mins):