LANSING, Mich., July 24, 2012 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today that its revenues for the fourth quarter of its FY 2012, which ended May 31, increased 11.4% from the previous year's comparable quarter to $48,545,000. Net income for the fiscal year's final quarter was $0.25 per share, the same as the prior year's fourth quarter of $0.25 per share.
Neogen's revenues for its FY 2012 increased 6.6% to $184,046,000, up from $172,683,000 in the company's previous fiscal year. Net income for the fiscal year was $22,513,000, or $0.94 per share, compared to the prior year's net earnings of $22,839,000, or $0.96 per share.
"Last year at this time it was becoming apparent that our existing infrastructure would not sustain the levels of growth that we had reported in recent fiscal years," said James Herbert, Neogen's chief executive officer and chairman. "The results we are reporting today reflect an emphasis in our 2012 fiscal year to create an operational infrastructure that would allow for sustainable growth going forward at the levels we expect. As our improving third and fourth quarter revenue performances show, we are now better positioned to seize opportunities throughout our global food and animal safety markets."
The fourth quarter was the 77th consecutive profitable quarter from operations for the company, and the 81st quarter of the past 86 quarters to show increased revenues as compared with the previous year—including the last 29 quarters.
"I am pleased to report that we were able to achieve a key objective of ours in the fourth quarter — organic quarterly growth in excess of 10%," said Lon Bohannon, Neogen's president and chief operating officer. "This achievement is an indication that we are beginning to see a return on the investment we made in adding sales and marketing personnel earlier in the
|SOURCE Neogen Corporation|
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