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Techne Corporation Releases Unaudited Second Quarter Results for Fiscal Year 2008
Date:1/29/2008

y, compared to 79.6% and 79.1% for the quarter and six months ended December 31, 2006. Biotechnology gross margins decreased to 79.4% and 79.8% for the quarter and six months ended December 31, 2007 from 80.8% and 80.2% for the same prior-year periods mainly as a result of higher volume sales to diagnostic customers. The decrease in Biotechnology gross margins was partially offset by higher margins in Europe due to favorable exchange rates and changes in sales mix as a result of higher sales growth in the Biotechnology Division as compared to the sales growth in the lower margin Hematology Division.

Selling, general and administrative expenses for the quarter and six months ended December 31, 2007 increased $1.8 million (20.6%) and $2.8 million (17.9%), respectively. These increases primarily resulted because of wage and salary increases and the hiring of additional marketing and administrative personnel to support the Company's sales growth. The second quarter increase also resulted from increased professional fees of $340,000, increased stock option expense of $352,000, additional profit sharing of $331,000, R&D China selling, general and administrative expenses of $144,000, and the change in foreign currency exchange rates used to convert British pounds to U.S. dollars of $116,000. Second quarter selling, general and administrative expenses increased approximately $2.5 million from the first quarter of fiscal 2008 due primarily because of costs associated with production and printing of the annual catalogs and the annual granting of stock options to the Company's Board of Directors (approximately $1.2 million).

Selling, general and administrative expenses for the six months ended December 31, 2007 also increased because of increased professional fees of $386,000, increased stock option expense of $357,000, additional profit sharing of $536,000, R&D China selling, general and administrative expenses of $244,000 and the change in foreign currency exch
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SOURCE Techne Corporation
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