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Neogen reports 18% revenue increase
Date:9/24/2013

LANSING, Mich., Sept. 24, 2013 /PRNewswire/ -- Neogen Corporation (Nasdaq: NEOG) announced today that its revenue for the first quarter of FY 2014, which ended Aug. 31, was $58,548,000, an 18% increase compared to revenue of $49,729,000 in the first quarter of last year.

First quarter net income increased 17% to $7,839,000, or $0.32 per share, from the previous year's first quarter income of $6,714,000, or $0.28 per share. The first quarter revenues and net income represent quarterly records for the 31-year-old company.

"The first quarter was a great start for our new fiscal year, as Neogen continues to seize opportunities throughout our worldwide markets," said James Herbert, Neogen's chief executive officer and chairman. "The strong growth we are reporting today is the result of the efficient assimilation of our recent acquisitions, and significant growth in core product lines — especially in markets outside of the United States."

Neogen reported operating income of $12,418,000, an increase of 20% compared to the prior year's first quarter. Expressed as a percentage of sales, operating income was 21.2% for the quarter, compared to 20.8% in the year ago quarter. Neogen's gross margin was 51.9% of sales in its first quarter of the current year, compared to 53.3% of sales for FY 2013's first quarter. The decrease was due primarily to a mix shift toward lower margin products and services.

"We are obviously pleased to report our outstanding first quarter results, and growth in operating income that exceeded our rate of growth in revenues. These results provide evidence of general operational strength throughout Neogen," said Steve Quinlan, Neogen's chief financial officer. "Although we were able to report strong first quarter results, our
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