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Techne Corporation Releases Unaudited Fourth Quarter Results for Fiscal Year 2008
Date:8/5/2008

MINNEAPOLIS, Aug. 5 /PRNewswire-FirstCall/ -- Techne Corporation's (Nasdaq: TECH) consolidated net earnings for the quarter ended June 30, 2008 increased 18.9% to $27.3 million or $.70 per diluted share compared with $22.9 million or $.58 per diluted share for the quarter ended June 30, 2007. For the fiscal year ended June 30, 2008, Techne's consolidated net earnings increased 21.7% to $103.6 million or $2.64 per diluted share compared with $85.1 million or $2.15 per diluted share for the fiscal year ended June 30, 2007.

Net earnings as a percentage of net sales improved to 40.2% for the fiscal year ended June 30, 2008 from 38.1% in the fiscal year ended June 30, 2007. The improvement in net earnings was mainly due to increased consolidated net sales. The favorable 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 $296,000 ($.008 per diluted share) for the quarter and $1.3 million ($.034 per diluted share) for the fiscal year ended June 30, 2008.

Consolidated net sales for the quarter and fiscal year ended June 30, 2008 were $67.8 million and $257.4 million, respectively. This was an increase of 16.0% and 15.2% from the quarter and fiscal year ended June 30, 2007, respectively. 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 12.1% and 12.3% for the quarter and fiscal year ended June 30, 2008, respectively, from the comparable prior year periods.

Biotechnology net sales, which include sales by R&D Systems' Biotechnology Division, R&D Sy
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