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Neogen Reports Second Quarter Results
Date:12/22/2011

LANSING, Mich., Dec. 22, 2011 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today that its revenues for the second quarter of FY 2012, which ended Nov. 30, increased 2.2% from the previous year's second quarter to $44,891,000. Net income for the quarter was $5,237,000, or $0.22 per share, compared to the prior year's second quarter net earnings of $6,110,000, or $0.26 per share.

Year-to-date revenues for the first six months of fiscal year 2012 increased to $90,588,000 from FY 2011's $86,853,000, an increase of 4.3%. Year-to-date net income for the same six-month period was $11,241,000, or $0.47 per share, compared to $11,935,000, or $0.51 per share, in FY 2011.

"While I am pleased to report that we remain solidly profitable, I am not pleased to report that we did not meet the high expectations we expect from ourselves," said James Herbert, Neogen's chief executive officer and chairman. "Going forward, our higher growth should return. Despite the results we are reporting today, the company made solid progress in several fundamental areas during the quarter that we expect to drive future growth."

The second quarter was the 75th consecutive profitable quarter from operations for the company, and the 79th quarter of the past 84 quarters when Neogen reported revenue increases as compared with the previous year.

"Although we made good progress in our efforts to expand our sales and marketing organizations to spur future growth, we fell short of our revenue and income goals for the quarter," said Lon Bohannon, Neogen's chief operating officer. "Significant future opportunities should be realized in the quarters ahead to return Neogen to the growth levels we have come to expect. From growing global markets to expanding worldwide regulations pertaining to food safety, the fundamentals for our business remain solid."

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SOURCE Neogen Corporation
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