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Techne Corporation Releases Unaudited First Quarter Results For Fiscal Year 2010
Date:10/28/2009

MINNEAPOLIS, Oct. 28 /PRNewswire-FirstCall/ -- Techne Corporation's (Nasdaq: TECH) consolidated net earnings for the quarter ended September 30, 2009 decreased 6.4% to $26.8 million or $.72 per diluted share compared with $28.6 million or $.74 per diluted share for the quarter ended September 30, 2008. The decline in net earnings was mainly due to foreign currency fluctuations, decreased consolidated net sales and lower interest income. Foreign currency fluctuations and general economic conditions continued to have a negative impact on consolidated net sales and earnings in the quarter ended September 30, 2009. The change in exchange rates used to convert foreign currencies (primarily British pound sterling and euros) to U.S. dollars reduced net earnings by $566,000 ($.01 per diluted share) for the quarter ended September 30, 2009 as compared to the same prior-year period.

Consolidated net sales for the quarter ended September 30, 2009 were $66.5 million, a 4.0% decrease from the quarter ended September 30, 2008. Consolidated net sales were negatively affected by the strength of the U.S. dollar as compared to foreign currencies. Excluding the effect of changes in foreign currency exchange rates, consolidated net sales decreased 2.2% for the quarter ended September 30 from the comparable prior-year period.

Biotechnology net sales, which include sales by R&D Systems' Biotechnology Division, R&D Systems China and BiosPacific, were $44.0 million for the quarter ended September 30, 2009, a decrease of 4.6% from the quarter ended September 30, 2008. The Company attributes the lower sales growth rate to continued customer caution in a time of economic uncertainty and the exceptionally strong growth rate of 18.7% in the first quarter of fiscal 2009 as compared to the same quarter in fiscal 2008. North American biotechnology
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