Neogen Reports 16% Increase in Revenues( LANSING Mich. July 21 /- ...)

LANSING, Mich., July 21 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) today announced a 16% increase in revenues for its 2009 fiscal year, which ended May 31, and a continuation of the company's outstanding record of profitability.

Neogen's revenues for FY 2009 were $118,721,000, up from $102,418,000 in the company's previous fiscal year. The 2009 results reflect changes in currency exchange rates that had an unfavorable impact of $2.7 million on Neogen's international net sales. Net income per share was $0.92 in FY 2009, compared to $0.81 in the prior year. Both revenues and net income for the 2009 fiscal year established new all-time highs for the 27-year-old company.

Neogen's fourth quarter revenues increased 14% on a year-to-year comparison to $30,890,000. Quarterly net income per share was $0.23 for the final FY 2009 three-month period. In the prior year, the company's fourth quarter revenues were $27,119,000 and net income was $0.21 per share. Neogen's fourth quarter was the 65th consecutive profitable quarter from operations for the company, and the 69th quarter of the past 74 quarters to show increased revenues as compared with the previous year.

"We are very pleased to announce these exceptional results in this difficult business environment," said James Herbert, Neogen's chief executive officer and chairman. "Neogen's mission to provide food and animal safety solutions to diverse domestic and international markets has shown some resilience to the economic downturn. We continue to see a world of opportunity ahead for us, and we will continue to execute the growth strategies necessary to seize the opportunities."

For the first time in any fiscal year, Neogen's percentage of sales from international markets exceeded 40% of total revenues
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