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Techne Corporation Releases Unaudited First Quarter Fiscal Year 2012 Financial Results
Date:10/25/2011

MINNEAPOLIS, Oct. 25, 2011 /PRNewswire/ -- Techne Corporation's (NASDAQ: TECH) financial results for the quarter ended September 30, 2011 include the following highlights:

  • First quarter earnings were $27.5 million or $.74 per diluted share.  Adjusted earnings for the quarter grew 13.2% to $30.0 million or $.81 per diluted share after adjustment for intangible asset amortization and costs recognized upon the sale of inventory that was written-up to fair value as part of acquisitions completed in the quarter ended June 30, 2011.
  • Foreign exchange transaction losses for the quarter ended September 30, 2011 were $524,000 compared to foreign exchange transaction gains of $505,000 for the quarter ended September 30, 2010 causing a negative $.02 impact on comparable earnings per diluted share.
  • Net sales as reported grew 14.2% to $77.6 million for the quarter.  Organic sales grew 3.2% in the quarter.  

  • Consolidated net sales and earnings for the quarter ended September 30, 2011 were impacted by the acquisition of Boston Biochem, Inc. (Boston Biochem) on April 1, 2011 and Tocris Holdings Limited (Tocris) on April 28, 2011, including the cost recognized upon the sale of inventory that was written-up to fair value as part of the acquisitions and increased amortization of acquired intangible assets.  Consolidated net sales for the quarter ended September 30, 2011 includes $5.6 million of sales from the acquired companies.

    A weaker U.S. dollar as compared to foreign currencies improved sales by $1.9 million in the quarter ended September 30, 2011 from the comparable prior-year period.

    The Biotechnology segment includes sales made through R&D Systems' Biotechnology Division, R&D Systems Europe, Tocris, R&D Systems China, BiosPacific and Boston Biochem. Biotechnology net sales were $72.3 million, an increase of 14.
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