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LANSING, Mich., March 19 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that despite obstacles posed by the declining global economy, its third quarter revenues increased 11% to $27,840,000, a record third quarter for the 26-year-old company, compared to the prior year's $25,180,000. Year-to-date, nine-month revenues rose 17% in the current fiscal year to $87,831,000 from FY 2008's $75,299,000.
Year-to-date net income for the first nine months of Neogen's 2009 fiscal year increased 17% to $10,457,000 from $8,923,000 in FY 2008, or $0.69 per share in the current year from the prior year's $0.60. Net income in Neogen's third quarter, which ended Feb. 28, increased to $2,823,000, or $0.19 per share, compared to the prior year's $2,658,000 ($0.18 per share).
The third quarter was the 64th consecutive profitable quarter from operations for the company, and the 68th quarter of the past 73 quarters to show increased revenues as compared with the previous year.
"Given the global economic situation, particularly in the last quarter, our performance was noteworthy," said James Herbert, Neogen's chief executive officer and chairman. "Though most segments of the food and animal industries have been severely impacted, food production will sustain its important position, and food and animal safety will play an ever increasing role. We will continue to work to capture a bigger share of the current market, and to position Neogen well for the new opportunities that will undoubtedly develop."
"There were clearly some factors in the general global economy that impacted our third quarter performance," said Lon Bohannon, Neogen's president and chief operating officer. "Customers have been more reluctant to take the inventory stocking orders that they had in the past. We have also seen
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