LANSING, Mich., Sept. 24 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its revenues for the first quarter of FY 2009, which ended Aug. 31, increased 26% from the previous year's first quarter to $28,805,000. First quarter net income increased 24% from the prior year's $3,011,000 to $3,733,000, or to $0.25 per share in the current year compared to the previous year's $0.21.
Neogen's first quarter revenues, net income, and earnings per share all represent quarterly records for the 26-year-old company. The quarter also marked the 62nd consecutive profitable quarter from operations for the company, and was the 66th of the past 71 quarters when Neogen reported revenue increases as compared with the previous year.
"Our first quarter again demonstrated our consistent delivery of the exceptional performance investors have come to expect from us," said James Herbert, Neogen's chief executive officer and chairman. "Our outstanding first quarter results are further evidence of the operational strength throughout Neogen. The strong growth we are reporting today is the result of the efficient assimilation of acquisitions made within the previous year, and significant growth in our core product lines."
In spite of incremental costs associated with integrating three acquisitions during its last 12 months, Neogen's operating income increased 24% in the first quarter of FY 2009 to $5,653,000 -- 20% of the company's quarterly revenues.
"We continue to make strides in leveraging sales obtained through
acquisitions that have enabled us to drive down our sales and marketing,
and general and administrative expenses as percentages of our total
revenues," said Lon Bohannon, Neogen's president and chi
|SOURCE Neogen Corporation|
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