"Our balance sheet remains strong, giving us the ability to seize opportunities as the business climate improves and pursue a wide variety of growth strategies," said Steve Quinlan, Neogen's chief financial officer.
Neogen's Animal Safety Division second quarter FY 2012 revenues increased to $22,849,000 from $22,590,000 in the same period last year. For FY 2012's first six months, the Animal Safety Division's sales increased 4.6% over FY 2011 year-to-date to $45,264,000. Strong quarterly revenue growth in the division's animal care lines were offset by decreases in revenues from the company's rodenticide and disinfectant product lines as well as a decline in GeneSeek agricultural genetic test service business.
Strong divisional performers for the quarter included a double-digit increase in sales of veterinary biologics, including a proprietary equine botulism vaccine, and significant sales increases in companion animal products sold through key veterinary distribution channels. Neogen's forensic test kit revenues were up 12% in the second quarter compared with the prior year quarter and the launch of an improved substrate product led to an increase in sales of test reagents.
Neogen's Food Safety Division's second quarter revenues increased 3.3% to $22,042,000 in FY 2012 from $21,341,000 in FY 2011. Year-to-date, the Food Safety Division's revenues increased 4.0% to $45,324,000 from $43,593,000 in FY 2011. Second quarter increases in sales of Soleris® test systems used to detect spoilage organisms and Neogen's AccuPoint® general sanitation test systems were partially offset by a decline in sales of dehydrated culture media. For both the quarter and year-to-date period, Neogen also achieved high double-digit increases in sales of
|SOURCE Neogen Corporation|
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