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Neogen Reports 30% Increase in Net Income
Date:7/26/2011

LANSING, Mich., July 26, 2011 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today that net income for its 2011 fiscal year, which ended May 31, increased 30% from the previous year to $22,839,000. Net income in the fiscal year increased to $0.96 per share, compared to the prior year's $0.76 per share.

Neogen's revenues for its FY 2011 increased 23% to $172,683,000, up from $140,509,000 in the company's previous fiscal year. Both revenues and net income for the 2011 fiscal year established new all-time highs for the 29-year-old company. Neogen's fourth quarter revenues increased 12% on a year-to-year comparison to $43,594,000. Net income in the fourth quarter increased 29% to $5,962,000 from $4,635,000 in FY 2010, or to $0.25 per share compared to $0.20 per share in FY 2010.

"The results we are reporting today clearly indicate Neogen is capturing a piece of the growing global demand for food and animal safety products," said James Herbert, Neogen's chief executive officer and chairman. "Neogen is uniquely positioned to continue to seize food and animal safety opportunities wherever in the world they may exist — from farms, ranches and aquaculture operations, through food processing and food service."

For the first time, Neogen's percentage of sales from international markets exceeded 42% of total revenues. Neogen's FY 2011 operating income increased 33% compared to the prior year to $35,835,000, or to 20.8% of revenues, compared with $26,879,000, or 19.1% of revenues in FY 2010.

"Our 2011 fiscal year marked the first time we have been able to record an operating margin in excess of 20% for a full year — a long-standing benchmark goal of ours," said Lon Bohannon, Neogen's president and chief operating officer. "The achievement is a strong indication that as revenues increase, our ongoing cost-saving measures are also contributing
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