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Neogen reports 30% increase in quarterly net income
Date:12/20/2012

LANSING, Mich., Dec. 20, 2012 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today that its net income for the second quarter of FY 2013, which ended Nov. 30, increased 30% to $6,793,000, from the previous year's second quarter net income of $5,237,000. For the quarter, earnings per share was $0.28, compared to $0.22 a year ago.

Second quarter revenues increased 13% to $50,737,000, a record quarter for the 30-year-old company, compared to the prior year's $44,891,000. Year to date, FY 2013 revenues increased 11% to $100,467,000 from FY 2012's $90,588,000. Year-to-date net income increased 20% to $13,507,000, or $0.56 per share, from $11,241,000 in FY 2012, or $0.47 per share.

"Our strong second quarter was led by significant initial sales of recently developed product lines, and an acquisition that was immediately accretive to both our top and bottom lines," said James Herbert, Neogen's chief executive officer and chairman. "We launched our innovative Reveal Q+ tests for mycotoxins in time to respond to significant mycotoxin outbreaks, and our new Reveal 3-D tests for food allergens specifically address expanding global regulatory testing requirements. Sales of Uniprim, the popular antibiotic we acquired in early October, were aided by our stronger sales and marketing organization."

The second quarter was the 75th consecutive profitable quarter from operations for the company, and the 83rd quarter of the past 88 quarters that Neogen reported revenue increases as compared with the previous year — including the last 31 consecutive quarters.

"A significant portion of our second quarter growth was due to increases in same-store sales of key products, including natural toxin and food allergen diagnostics on our Food Safety side, and small animal supplements and rodenticides on our Animal Safety side," said Lon Bohannon, Neogen's presi
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