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Neogen Reports 18% Increase in Net Income
Date:12/18/2009

LANSING, Mich., Dec. 18 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its net income for the second quarter of FY 2010, which ended Nov. 30, increased 18% from the previous year's second quarter. Adjusted for a 3-for-2 stock split effective Dec. 15, net income in the quarter rose to $0.20 per share, compared to the prior year's $0.17. Neogen's second quarter net income of $4,610,000 set another quarterly record for the 27-year-old company.

Second quarter revenues increased 13% to $35,251,000, also a quarterly record, compared to the prior year's $31,187,000. Year-to-date revenues for the first six months of fiscal year 2010 rose 13% to $67,598,000 from FY 2009's $59,992,000. Current year-to-date net income for the same six-month period increased 18% to $9,006,000 from $7,634,000 in FY 2009, or to $0.39 per share on a split-adjusted basis compared to the prior year's restated $0.34.

With its 3-for-2 stock split, Neogen's shareholders of record on Nov. 30 received one additional share of stock for each two shares held. The stock dividend was paid in newly issued common stock on Dec. 15. Neogen had 15,000,000 shares of common stock outstanding prior to the split, and now has 22,500,000 shares of common stock outstanding. All share and per-share numbers in this news release reflect the split as if it had taken place at the beginning of the periods presented.

"Our second quarter results were exceptional considering the economic situation encountered by many of our customers. We can report strong double-digit increases in revenues, same-store sales and profitability, while at the same time making solid progress in several fundamental areas during the quarter that will drive future growth," said James Herbert, Neogen's chief executive officer and chairman. "The broad-based advancemen
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