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Neogen Reports 27% Increase in Quarterly Net Income
Date:3/22/2011

LANSING, Mich., March 22, 2011 /PRNewswire/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its net income for the third quarter of FY 2011, which ended Feb. 28, increased 27% from the previous year to $4,943,000 — or to $0.21 per share, compared to the prior year's $0.17 per share.

Third quarter revenues increased 25% to $42,235,000, a record third quarter for the 28-year-old company, compared to the prior year's $33,833,000. Year to date, nine-month revenues increased 27% in the current fiscal year to $129,088,000 from FY 2010's $101,431,000. Current year-to-date net income for the same nine-month period increased 31% to $16,878,000 from $12,887,000 in FY 2010, or to $0.71 per share compared to the prior year's $0.56 per share.

"We are very pleased to report our solid third quarter results, especially when considering the comparison to our outstanding third quarter performance last fiscal year," said James Herbert, Neogen's chief executive officer and chairman. "The fact that we are reporting a significant revenue increase this quarter is a testimony to the diversified nature of Neogen's products, our synergistic acquisition strategy, and our international expansion."

The third quarter was the 72nd consecutive profitable quarter from operations for the company, and the 76th quarter of the past 81 quarters to show increased revenues as compared with the previous year — including the last 24 consecutive quarters.

"Our strong third quarter growth was a mix of the accretive GeneSeek acquisition and solid same-store sales increases," said Lon Bohannon, Neogen's president and chief operating officer. "On the animal safety side, our comprehensive biosecurity marketing effort continues to gain traction as we achieved significant increases in sales of rodenticides, cleaners and disinfectants. We see these products as natural complements t
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SOURCE Neogen Corporation
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