Neogen Reports 34% Increase in Net Income, 20% Increase i...( LANSING Mich. March 25 /- Neogen ...)

LANSING, Mich., March 25 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its net income for the third quarter of FY 2008, which ended Feb. 29, increased 34% from the previous year's third quarter. Net income in the quarter rose to $2,658,000, or $0.18 per share, compared to the prior year's $1,990,000 ($0.14 per share). Year-to-date net income for the first nine months of Neogen's 2008 fiscal year increased 31% to $8,923,000 from $6,822,000 in FY 2007, or $0.60 per share in the current year from the prior year's $0.48.

Third quarter revenues increased 20% to $25,180,000, a record third quarter for the 25-year-old company, compared to the prior year's $21,054,000. Year to date, nine-month revenues rose 19% in the current fiscal year to $75,299,000 from FY 2007's $63,463,000.

The third quarter was the 60th consecutive profitable quarter from operations for the company, and the 64th quarter of the past 69 quarters to show increased revenues as compared with the previous year.

"Our solid third quarter results are further evidence of operational strength throughout Neogen's worldwide operations," said James Herbert, Neogen's chief executive officer and chairman. "Neogen Europe, our Scottish subsidiary, continues to drive our exceptional international sales growth with a number of strong product lines. The excellent quarterly results also reflect a combination of domestic and international growth in a number of our core products."

For the quarter, operating income increased 32% to $3,981,000, and for the first nine months of the company's 2008 fiscal year, Neogen's operating income improved 29% to $13,326,000. Expressed as a percentage of revenues, operating income for the quarter imp
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