LANSING, Mich., June 18 /PRNewswire-FirstCall/ -- Fortune Magazine has named Neogen Corporation (Nasdaq: NEOG) as a selection in its annual list of the "40 best stocks to retire on."
Fortune first launched its Fortune 40 list in 2002, stating: "We wanted to assemble a diversified, dependable portfolio of stocks for the long term - a selection that could soar when the market did but also hold steady during darker times."
"We are pleased any time we receive independent recognition of Neogen's outstanding performance, and especially when it comes from a source as trusted as Fortune," said James Herbert, Neogen's CEO. "In our opinion, this list represents a valuable source of information for the investment community to help identify companies that are succeeding in a very difficult economic environment."
In making its selection, Fortune said: "Newcomers include biotech Neogen (NEOG), which sells an array of products focused on food safety from farm to factory, including test kits that help foodmakers detect allergens, toxins, and bacteria like E. coli. This business should benefit from increased regulation and growing consumer concern about the food supply. The company, which boasts zero debt, posted its 64th consecutive profitable quarter in March."
"This is one of the few companies that has grown through this entire [economic] mess, and we think it gets easier for them to grow from here," Steven Crowley of Craig-Hallum Capital Group told Fortune. Crowley said he expects Neogen's revenues to grow 10% and earnings to increase by 13% over the next year.
Fortune said that its Fortune 40, which is updated annually, has averaged 10% annualized returns since its inception in 2002, nearly doubling the S&P's 5.1% over the same time period
|SOURCE Neogen Corporation|
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