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

to the positive operating results. We're also pleased to report that our revenue increase was the result of broad-based sales growth in both the animal safety and food safety divisions. As planned, immediately accretive acquisitions did significantly bolster revenues and earnings, but we were also able to achieve organic sales growth in excess of 10%."The fourth quarter was the 73rd consecutive profitable quarter from operations for the company, and the 77th quarter of the past 82 quarters to show increased revenues as compared with the previous year — including the last 25 quarters.

"As our consolidated balance sheet data shows, Neogen is now very well positioned to pursue a wide variety of growth strategies," said Steve Quinlan, Neogen's vice president and chief financial officer. "Our cash generation for the year was excellent. We also improved accounts receivable days outstanding and decreased our inventory as a percentage of sales."

Revenues from the company's Animal Safety segment grew 36% in FY 2011 compared to the prior year to $87,169,000. While the successful integration of the GeneSeek agricultural genetics business contributed to Animal Safety's revenue growth for the year, sales of existing product lines achieved solid organic growth of 12% when compared to the prior year.

Sales of Neogen's leading line of veterinary instruments again showed exceptional growth, increasing 21% for the year, and were led by large increases in sales of needles and syringes. The line also benefitted from the continuing success of retail sales of the products in farm and ranch stores. Neogen's line of BioSentry agricultural cleaners and disinfectants and its line of rodenticides also experienced significant sales increases, evidence that the company's efforts to market its disinfectants and rodenticides as synergistic biosecurity solutions are gaining increasing traction.

GeneSeek exceeded internal revenue expectations in its first year, e
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SOURCE Neogen Corporation
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