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Techne Corporation Releases Unaudited Second Quarter Results for Fiscal Year 2011
Date:2/1/2011

MINNEAPOLIS, Feb. 1, 2011 /PRNewswire/ -- Techne Corporation's (Nasdaq: TECH) consolidated net earnings for the quarter ended December 31, 2010 increased 7.3% to $26.5 million or $0.71 per diluted share compared with $24.7 million or $0.66 per diluted share for the quarter ended December 31, 2009.  The increase in consolidated net earnings for the quarter resulted from an increase in sales and a decrease in income taxes due to the renewal of the U.S. research and development credit. The $898,000 benefit ($0.02 per share) from the renewal of the research and development credit includes $659,000 that relates to the previous three calendar quarters.  For the six months ended December 31, 2010, Techne's consolidated net earnings increased 2.8% to $52.9 million or $1.42 per share compared with $51.5 million or $1.38 per share for the six months ended December 31, 2009.

Consolidated net sales for the quarter and six months ended December 31, 2010 were $67.7 million and $135.7 million, increases of 3.3% and 2.7%, respectively, from the quarter and six months ended December 31, 2009. Consolidated net sales for the quarter and six months were negatively affected by a stronger U.S. dollar as compared to foreign currencies for the quarter and six months ended December 31, 2009. Excluding the effect of changes in foreign currency exchange rates, consolidated net sales increased 5.1% and 4.5% for the quarter and six months ended December 31, 2010, respectively, from the comparable prior-year periods.

Biotechnology net sales, which include sales by R&D Systems' Biotechnology Division, R&D Systems China and BiosPacific, were $44.4 million for the quarter ended December 31, 2010, an increase of 4.8% from $42.4 million for the quarter ended December 31, 2009.  North American biotechnology sales to industrial pharmaceutical and biotechnology customers increased 3
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