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Techne Corporation Releases Unaudited First Quarter Results for Fiscal Year 2009
Date:10/22/2008

MINNEAPOLIS, Oct. 22 /PRNewswire-FirstCall/ -- Techne Corporation's (Nasdaq: TECH) consolidated net earnings for the quarter ended September 30, 2008 increased 23.9% to $28.6 million or $.74 per diluted share compared with $23.1 million or $.58 per diluted share for the quarter ended September 30, 2007. Net earnings as a percentage of net sales improved from 39.8% in the first quarter of last year to 41.2% for the quarter ended September 30, 2008. The improvement in net earnings was mainly due to increased consolidated net sales. The unfavorable impact on consolidated net earnings of the change in exchange rates used to convert foreign currencies (primarily British pound sterling and Euros) to U.S. dollars was $310,000 ($.01 per diluted share) for the quarter ended September 30, 2008.

Consolidated net sales for the quarter ended September 30, 2008 were $69.3 million, an increase of 19.6% from the same prior-year quarter. Consolidated net sales were favorably affected by the strength of foreign currencies as compared to the U.S. dollar. Excluding the effect of changes in foreign currency exchange rates, consolidated net sales increased 18.4% for the quarter ended September 30, 2008 from the quarter ended September 30, 2007. The quarter ended September 30, 2008 included one more selling day than the comparable prior-year quarter.

Biotechnology net sales, which include sales by R&D Systems' Biotechnology Division, R&D Systems China and BiosPacific, for the quarter ended September 30, 2008, were $46.1 million, an increase of 18.7% from the same prior-year quarter. R&D Europe's net sales for the quarter were $18.9 million, an increase of 22.6% from the same prior-year quarter. R&D Europe's net sales increased 18.4% for the quarte
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