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

------ ------ ------ ------ Gross margin 15,477 14,102 59,433 53,233 Other expenses Sales & marketing 5,853 5,567 22,906 20,648 Administrative 3,102 3,018 11,484 10,927 Research & development 1,119 824 4,555 3,639 ----- --- ----- ----- Total other expenses 10,074 9,409 38,945 35,214 ------ ----- ------ ------ Operating income 5,403 4,693 20,488 18,019 Other income 89 7 1,136 479 -- - ----- --- Income before tax 5,492 4,700 21,624 18,498 Income tax 2,075 1,525 7,750 6,400 ----- ----- ----- ----- Net income $3,417 $3,175 $13,874 $12,098 Net income per diluted share $0.23 $0.21 $0.92 $0.81 Other information: Shares to calculate per share 15,020 14,837 15,058 14,999 Depreciation & amortization $999 $933 $3,891 $3,516 Interest income 52 85 247 442 Gross margin (% of sales) 50.1% 52.0% 50.1% 52.0% Operating income (% of sales) 17.5% 17.3% 17.3% 17.6% Revenue increase vs. FY 2008 13.9% 15.9% Net income increase vs. FY 2008 7.6% 14.7%

    NEOGEN CORPORATION UNAUDITED SUMMARIZED CONSOLIDATED
    BALANCE SHEET DATA
    (In thousands)

                                             May 31      May 31
                                               2009
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SOURCE Neogen Corporation
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