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

dent and chief operating officer. "Another good indicator of our positive operational performance is that the increase in our profits from operations grew 33% quarter over quarter, a faster rate than our strong 25% increase in revenues for the quarter."

The second quarter was the 71st consecutive profitable quarter from operations for the company, and the 75th quarter of the past 80 quarters when Neogen reported revenue increases as compared with the previous year — including the last 23 consecutive quarters.

"Even considering the effect of a negative currency exchange, we had another excellent quarter in generating cash. We have now produced $19.6 million in cash from operations for the first six months of the current fiscal year — compared to $28 million for all of last year," said Richard Current, Neogen's chief financial officer. "Given that our overall growth strategy continues to stress cash acquisitions as well as organic sales growth, cash on hand balances around $40 million are not excessive by any reasonable measure."

Neogen's Food Safety Division's second quarter revenues increased 16% from $18,446,000 in FY 2010 to $21,341,000 in FY 2011. Year-to-date, the Food Safety Division's revenues were up 21% to $43,593,000 for FY 2011. Sales growth in Food Safety was broad-based across multiple market segments and product lines for the quarter and on a year-to-date basis. Despite being negatively affected by currency translation, Neogen's Scotland-based Neogen Europe subsidiary recorded a sales increase of 41% in the current quarter compared to the prior year, including sharp increases in sales of Acumedia® dehydrated culture media and food safety diagnostics.

Quarterly sales of Neogen's BetaStar® Combo dairy antibiotic test, launched in April 2009, tripled when compared to the prior year quarter. Developed to comply with the European Union's maximum residue levels, BetaStar Combo is the fastest single test for b
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SOURCE Neogen Corporation
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