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Neogen Reports Best Quarter in Its 26-Year History
Date:1/6/2009

LANSING, Mich., Jan. 6 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its net income for the second quarter of FY 2009, which ended Nov. 30, increased 20% from the previous year's second quarter. On a per-share basis, net income in the quarter rose to $0.26, compared to the prior year's $0.22. Neogen's second quarter net income of $3,901,000 set another quarterly record for the 26-year-old company.

Year-to-date net income for the first six months of Neogen's 2009 fiscal year increased 22% to $7,634,000 from $6,265,000 in FY 2008, or to $0.51 per share in the current year from the prior year's $0.42. Second quarter revenues increased 15% to $31,187,000, also a quarterly record, compared to the prior year's $27,210,000. Year-to-date revenues rose 20% during the fiscal year's first half to $59,992,000 from FY 2008's $50,118,000.

The second quarter was the 63rd consecutive profitable quarter from operations for the company, and the 67th quarter of the past 72 quarters to show increased revenues as compared with the previous year -- a span of 18 years.

"Despite the difficult economic climate, we are once again proud to report that the operational strength throughout Neogen delivered yet another strong quarterly performance," said James Herbert, Neogen's chief executive officer and chairman. "The second quarter was a healthy combination of growth in a number of our core products, and a great start for the product lines that we acquired within the past year. While economic difficulties are impacting every company, our strategy continues to provide opportunity for growth."

The second quarter saw a continuation of Neogen's tradition of successfully integrating acquisitions to provide incremental top line and, more importantly, bottom line growth. Recent acquisi
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SOURCE Neogen Corporation
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