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Techne Corporation Releases Unaudited Third Quarter And Nine Month Fiscal Year 2013 Results
Date:4/30/2013

iods ended March 31, 2013 included foreign exchange transaction gains of $289,000 and $360,000, respectively, compared to foreign exchange transaction gains of $164,000 and foreign exchange transaction losses of $465,000 for the quarter and nine-month periods ended March 31, 2012, respectively.

The effective tax rate for the quarter and nine-month periods ended March 31, 2013 were 25.5% and 29.8% as compared to 26.5% and 30.0% for the same prior-year periods. In January 2013, the U.S. federal credit for research and development was reinstated retroactively for the period of January 2012 through December 2013.  As a result, in addition to the credit for the quarter ended March 31, 2013, the Company recorded the credit for calendar 2012 in the third quarter of fiscal 2013.  Also included in third quarter fiscal 2013 income taxes was a reduction in U.S. tax expense due to changes in estimates related to foreign source income.  Income taxes for the quarter and nine-month periods ended March 31, 2012 were positively impacted by $3.0 million due to the reversal of a valuation allowance on deferred tax assets related to the excess tax basis in the Company's investments in unconsolidated entities.  Effective tax rates for the remainder of fiscal 2013 are expected to be 30% to 32%. 

The Company's investment in ChemoCentryx, Inc. (CCXI) is included in short-term available for sale investments at March 31, 2013 at a fair-value of $87.5 million.  The Company's unrealized gain of $58.0 million on the investment, net of a deferred tax liability of $20.8 million, was included in accumulated other comprehensive income at March 31, 2013.

The Company did not repurchase any shares of its common stock during the quarter or nine-month periods ended March 31, 2013.  Approximately $127 million remains available at March 31, 2013 for the repurchase and retirement of shares under the currently open authorization.

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