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Neogen Reports 18% Increase in Net Income, 12% Increase in Revenues
Date:9/24/2009

LANSING, Mich., Sept. 24 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its revenues for the first quarter of FY 2010, which ended Aug. 31, increased 12% from the previous year's first quarter to $32,347,000. First quarter net income increased 18% from the prior year's $3,733,000 to $4,395,000, or to $0.29 per share in the current year compared to the previous year's $0.25.

Neogen's first quarter revenues, net income, and earnings per share all represent quarterly records for the 27-year-old company. The company's record quarter came despite currency exchange rates that had an unfavorable impact of $1.0 million on Neogen's international net sales when compared to the prior year's first quarter.

"The first quarter was a great start for our new fiscal year as our food and animal safety strategy continues to gain worldwide strength," said James Herbert, Neogen's chief executive officer and chairman. "We are able to report that we grew our top line at a double-digit pace, and our profitability at a pace that exceeded revenue growth. These results provide further evidence of improving efficiencies and general operational strength throughout Neogen."

The quarter marked the 66th consecutive profitable quarter from operations for the company, and was the 70th of the past 75 quarters when Neogen reported revenue increases as compared with the previous year.

"We are obviously pleased to report that the 23% increase in our operating profit was approximately double the percentage increase in our revenues," said Lon Bohannon, Neogen's president and chief operating officer. "We believe that our growth performance at the operating profit line is evidence of our commitment to control costs as our revenues advance. The only
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SOURCE Neogen Corporation
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