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Neogen reports second quarter results
Date:12/19/2013

LANSING, Mich., Dec. 19, 2013 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today that its revenues for the second quarter of FY 2014, which ended Nov. 30, increased 17% to $59,599,000, from the previous year's second quarter revenues of $50,737,000. This increase was aided in part by two acquisitions the company completed this year. Year to date, FY 2014 revenues increased 18% to $118,147,000 from FY 2013's $100,467,000.Second quarter net income was $6,207,000, compared to the prior year's $6,793,000. Adjusted for a 3-for-2 stock split effective Oct. 31, 2013, earnings per share in the current quarter were $0.17, compared to $0.19 a year ago. Current year-to-date net income was $14,045,000, or $0.38 per share, compared to $13,507,000, or $0.37 per share, for the same period a year ago.

The second quarter was the 87th of the past 92 quarters that Neogen reported revenue increases as compared with the previous year — including all consecutive quarters in the last eight years.

"We are pleased to report strong second quarter revenue increases, the result of broad-based organic sales growth throughout our worldwide markets, and the efficient integration of recent acquisitions into our operations," said James Herbert, Neogen's chief executive officer and chairman. "While pleased with our revenue growth, some investments made in the quarter to accelerate future growth impacted current quarter earnings."

"Last year in the second quarter, our revenues and gross margins were driven sharply higher by aflatoxin and DON outbreaks in the US and EU grain harvests, as well as a substantial opportunity to fill a market need for a small animal supplement," said Steve Snyder, Neogen's president and chief operating officer. "With clean crops this year and the product mix change, our gross margins were adversely impacted this quarter. These decreases in cro
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SOURCE Neogen Corporation
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