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

7% from $63.0 million for the quarter ended September 30, 2010.  Biotechnology growth was 2.8% for the quarter ended September 30, 2011 if the sales from the acquisitions and foreign currency benefit are excluded.

Customer sales growth for the Biotechnology segment, excluding sales from products of the acquired entities, from the same prior-year period include:Quarter EndedSeptember 30, 2011R&D Systems Biotechnology Division:Industrial, pharmaceutical  and biotechnology

9.3%Academic

(2.5%)Pacific Rim distributors

UnchangedR&D Europe:Reported

11.6%In constant currency

(0.7%)R&D China:Reported

24.0%In constant currency

14.1%Hematology net sales for the quarter ended September 30, 2011 were $5.3 million, an increase of 7.9% from the comparable prior-year period.

The gross margin percentage declined to 75.2% in the quarter ended September 30, 2011 from 77.4% in the comparable prior-year quarter due to the cost recognized upon the sale of the inventory that was written-up to fair value as part of the acquisitions and amortization of acquired intangible assets.  Gross margins were 79.0% and 77.6% the quarters ended September 30, 2011 and 2010, respectively, if such costs and amortization are excluded in both periods.

Selling, general and administrative expenses for the quarter ended September 30, 2011 increased $3.2 million from the quarter ended September 30, 2010. The acquisitions added $1.6 million of selling, general and administrative expenses in the quarter, excluding intangible amortization that increased $461,000 in the quarter.  The increase in selling, general and administrative expense for the quarter was also impacted by increased profit sharing expense of $885,000 for the quarter.

The effective tax rate for the quarter ended September 30, 2011 was 32.0% as compared to 32.3% for the same prior-year period.  Effective tax rates for fiscal 2012 are
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SOURCE Techne Corporation
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