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Neogen Reports 34% Increase in Net Income, 23% Increase in Revenues
Date:1/3/2008

On a six-month basis, operating income is 18.6% of sales compared to 17.2% in the prior year.

"Looking ahead, the outlook for the rest of the fiscal year is encouraging," said Lon Bohannon, Neogen's president and chief operating officer. "Our Food Safety Division has strong momentum, and we have identified numerous domestic and international sales opportunities to grow future sales. New product introductions, and the successful integration of Kane Enterprise products, have helped our Animal Safety Division's sales performance, and led to the division posting significant sales increases over the prior year."

Neogen's Food Safety Division led the company's second quarter revenue increase, with sales up 24% from $11,691,000 in FY 2007 to $14,474,000 in FY 2008. Year-to-date, the Food Safety Division's revenues were up 22% to $28,232,000 for FY 2008. The division's growth was led by the third consecutive quarter of outstanding growth (over 40%) in sales of the Soleris(TM) general microbial detection system, a nearly 40% increase in sales of its Acumedia(R) dehydrated culture media, and an increase in sales of dairy antibiotic testing products.

Scotland-based Neogen Europe, Ltd., experienced another strong quarter, with sales increasing 40% over FY 2007's second quarter. The sales increase was led by sales of mycotoxin test kits, dehydrated culture media, and Neogen's innovative AccuPoint(R) ATP Sanitation Monitoring System.

Neogen's Animal Safety Division second quarter revenues increased 21% to $12,736,000, compared to $10,498,000 in the previous fiscal year. For FY 2008's first six months, the Animal Safety Division's sales increased 13% over the comparable period last year to $21,886,000. While the August 2007 addition of Kane Enterprise's animal health products contributed significantly to the division's revenue gain, sales of existing products also experienced a solid 6% growth in the quarter.

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SOURCE Neogen Corporation
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