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Neogen Reports 16% Increase in Revenues
Date:7/21/2009

. Comparing the FY 2009 financial performance of Neogen's Scotland-based subsidiary to the prior year using British pounds, Neogen Europe recorded an exceptional 26% year-over-year revenue gain. However, when Neogen Europe's current-year revenues are translated into U.S. dollars for purposes of consolidation, its revenue gain is reduced to 3%, reflecting the significant impact on year-over-year comparisons as a result of currency translation.

"Despite the economic challenges that many of our customers encountered during the last quarter of our fiscal year, and the resulting uncertainty for some of our operating divisions, we made significant progress on a number of key objectives," said Lon Bohannon, Neogen's president and chief operating officer. "Our inventories came down $1.5 million during the three-month period that ended May 31, and gross margins improved from 46.8% in our third quarter to 50.1% in our fourth quarter. In addition, we were pleased to see our percentage growth in operating income exceed our percentage growth in revenue for the fourth quarter as we continue to emphasize cost reduction and productivity improvements."

"Cash flow from operations for FY 2009 improved $3.1 million when compared to FY 2008 with much of the improvement coming in the May quarter as a result of improvements in accounts receivable days outstanding and inventory turn," said Richard Current, Neogen's chief financial officer. "We are implementing systems and procedures to make the fourth quarter cash flows a model for FY 2010."

Revenues from the company's Animal Safety segment grew 29% in 2009 compared to the prior year. While the successful integration of the acquired DuPont line of disinfectants and cleaners, and IDS drug residue diagnostics, contributed the majority of Animal Safety's revenue growth for the year, sales of existing product lines achieved organic growth of 6% in the fourth quarter, and 4% for
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SOURCE Neogen Corporation
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