Selling, general and administrative expenses for the quarter and fiscal year ended June 30, 2008 increased $1.1 million (14.6%) and $5.7 million (18.6%), respectively, from the same prior year periods. These increases include wage and salary increases and the hiring of additional marketing and administrative personnel to support the Company's sales growth. Selling, general and administrative expenses for the quarter ended June 30, 2008 also increased from the same prior year period due to increased profit sharing and bonuses of $841,000. Selling, general and administrative expenses for the fiscal year ended June 30, 2008 also increased because of additional profit sharing and bonuses of $2.0 million, increased legal fees of $837,000, R&D China selling, general and administrative expenses of $552,000, and the change in foreign currency exchange rates used to convert British pounds to U.S. dollars of $311,000.
The effective tax rates for both the quarter and fiscal year ended June 30, 2008 were 32.7% as compared to effective tax rates of 32.9% and 34.0% for the quarter and fiscal year ended June 30, 2007, respectively. Fiscal year 2008 rates were positively impacted by changes in state apportionment estimates. Without significant business developments, the Company expects its fiscal 2009 effective income tax rate to range from approximately 33.0% to 34.0%.
In November 2007, the Company's Board of Directors authorized the repurchase and retirement of up to $150 million of the Company's common stock. The Company repurchased approximately 140,000 shares of its common stock during the fourth quarter of fiscal 2008 for approximately $9.4 million. During fiscal 2008, the Company repurchased approximately 899,000 shares of its common stock for approximately $58.7 million.
Forward Looking Statements:
|SOURCE Techne Corporation|
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