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LANSING, Mich., Sept. 27, 2011 /PRNewswire/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its revenues for the first quarter of FY 2012, which ended Aug. 31, increased 6.5% to $45,697,000, from the previous year's first quarter revenues of $42,923,000. The current year's revenue increase is almost entirely comprised of products available in the prior year's first quarter.
First quarter net income increased 3.1% from the prior year to $6,004,000, or $0.25 per share. This compares to net income of $5,824,000 in the first quarter of FY 2011, also $0.25 per share. The first quarter revenues and net income represent quarterly records for the 29-year-old company.
"In the first quarter we continued our remarkable quarter-to-quarter success in consistent growth in sales and profits, while at the same time implementing our plan to ensure long-term growth," said James Herbert, Neogen's chief executive officer and chairman. "I'm very proud of our management team and employee group, who have kept our strong quarter-to-quarter growth going for more than 20 years."
The quarter marked the 74th consecutive profitable quarter from operations for the company, and was the 78th of the past 83 quarters when Neogen reported revenue increases as compared with the previous year — including the last 26 consecutive quarters.
"We are pleased to report yet another solid quarter, in spite of a difficult comparison with our previous fiscal year's first quarter. Last year at this time we reported a first quarter revenue increase of 33% that was bolstered by a significant spike in sales of two test kits primarily resulting from unusual weather conditions," said Lon Bohannon, Neogen's president and chief operating officer. "During the first quarter we were also able to move forward with some infrastructure improvements intended to accelerate future growth, including com
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