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Techne Corporation Releases Unaudited Fourth Quarter Results for Fiscal Year 2009
Date:8/4/2009

MINNEAPOLIS, Aug. 4 /PRNewswire-FirstCall/ -- Techne Corporation's (Nasdaq: TECH) consolidated net earnings for the quarter ended June 30, 2009 decreased 6.9% to $25.4 million or $.68 per diluted share compared with $27.3 million or $.70 per diluted share for the quarter ended June 30, 2008. For the fiscal year ended June 30, 2009, Techne's consolidated net earnings increased 1.6% to $105.2 million or $2.78 per diluted share compared with $103.6 million or $2.64 per diluted share for the fiscal year ended June 30, 2008. Net earnings as a percentage of net sales were 39.9% for the fiscal year ended June 30, 2009 as compared to 40.2% in fiscal 2008.

Foreign currency fluctuations and general economic conditions continued to have a negative impact on consolidated net sales and earnings in the quarter ended June 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 $1.1 million ($.03 per diluted share) for the quarter and $4.5 million ($.12 per diluted share) for fiscal year 2009, as compared to the same periods in fiscal 2008.

Consolidated net sales for the quarter and fiscal year ended June 30, 2009 were $64.9 million and $264.0 million, respectively. This was a 4.2% decrease and a 2.5% increase from the quarter and fiscal year ended June 30, 2008, respectively. 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 0.9% for the quarter ended June 30, 2009 and increased 5.9% for the fiscal year ended June 30, 2009, from the comparable prior year periods.

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