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Neogen Reports 34% Increase in Net Income, 20% Increase in Revenues
Date:3/25/2008

roved to 15.8% compared to 14.4% in the prior year. On a year-to-date basis, operating income has improved to 17.7% in the current fiscal year compared to 16.2% for the same nine-month period last year.

"With the difficulties that many companies are now facing in these challenging economic times, our third quarter results indicate that Neogen's business is somewhat recession resistant," said Lon Bohannon, Neogen's president and chief operating officer. "Our diversity of products provide unique solutions for many food and animal safety concerns, and allows us to overcome many challenges inherent in an economic downturn. Strong sales of disposable diagnostic test kits for both food and animal safety, along with sales added by recent acquisitions, led to the exceptional third quarter performance."

Neogen's Lansing, Mich.-based Food Safety Division and Lexington, Ky.- based Animal Safety Division both recorded 20% increases in third quarter revenue compared to the previous fiscal year. The Food Safety Division posted sales of $13,835,000 in the three-month period, compared to $11,565,000 in FY 2007. Year-to-date, the Food Safety Division's revenues, which are comprised entirely of organic sales growth, were up 21% to $42,068,000 for FY 2008.

Neogen Europe continued its exceptional growth performance in the quarter, with an increase of 35% over the prior year's comparable quarter. On a year-to-date basis, Neogen Europe has recorded a 37% increase in revenues. The Scottish subsidiary's sales represent a combination of sales of Neogen food safety products produced in the U.S. for the European market, and diagnostics manufactured in Scotland for worldwide distribution.

The Food Safety Division's performance in the third quarter was paced by a 45% increase in sales of Acumedia dehydrated culture media to traditional media customers (e.g., for manufacturing and clinical uses), and a 40% increase in media sales to the food industry to detect safety
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