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Neogen Reports 33% Increase in Net Income
Date:1/4/2011

LANSING, Mich., Jan. 4, 2011 /PRNewswire/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its net income for the second quarter of FY 2011, which ended Nov. 30, increased 33% from the previous year's second quarter. Net income in the quarter rose to $6,110,000, or $0.26 per share, compared to the prior year's $0.20.

Second quarter revenues increased 25% to $43,931,000, compared to the prior year's $35,251,000. Year-to-date revenues for the first six months of fiscal year 2011 rose 28% to $86,853,000 from FY 2010's $67,598,000. Current year-to-date net income for the same six-month period increased 33% to $11,935,000 from $9,006,000 in FY 2010, or to $0.51 per share compared to the prior year's $0.39. The second quarter revenues and net income represent quarterly records for the 28-year-old company.

"While we are very pleased to report yet another solid quarter of revenue and earnings growth, an analysis of the growth is even more encouraging," said James Herbert, Neogen's chief executive officer and chairman. "The growth was the result of broad-based advancements throughout our market segments. It was a combination of a continual flow of new products from R&D and immediately accretive acquired product lines. The quarter showed indications that some customers are now more willing to make capital expenditures that had earlier been delayed."

Operating income as a percentage of sales increased to 21.9% in the current quarter from the previous year's comparable quarter of 20.5%. On a six-month basis, operating income is 22.1% of sales compared to 21.0% in the prior year.  

"We're extremely pleased to report another quarter where operating income exceeded 20% of sales since we view 20% as a benchmark of our success in controlling costs and achieving continuous improvement in operational efficiencies," said Lon Bohannon, Neogen's presi
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SOURCE Neogen Corporation
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