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Techne Corporation Releases Unaudited First Quarter Fiscal Year 2014 Results
Date:10/29/2013

MINNEAPOLIS, Oct. 29, 2013 /PRNewswire/ -- Techne Corporation's (NASDAQ: TECH) financial results for the quarter ended September 30, 2013 include the following highlights:

First quarter earnings were $27.4 million or $0.74 per diluted share.  Adjusted earnings for the quarter were $30.7 million (an increase of 11.6% from the prior fiscal year period) or $0.83 per diluted share.  Adjusted earnings and adjusted earnings per share exclude intangible asset amortization, costs recognized upon the sale of inventory that was written-up to fair value as part of acquisitions and professional fees related to an acquisition completed in fiscal 2014.Net sales as reported increased 14.2% to $85.7 million for the quarter ended September 30, 2013. Organic sales increased 5.1% in the quarter.  Organic sales exclude sales by Bionostics Holding Limited, which was acquired on July 22, 2013 for net cash of $103 million, and the impact of foreign currency exchange rate fluctuations. 

The Biotechnology segment includes sales made through R&D Systems' Biotechnology Division, R&D Europe, Tocris, R&D China, BiosPacific and Boston Biochem.  Biotechnology segment net sales were $73.2 million for the quarter ended September 30, 2013, an increase of 5.3% from $69.5 million for the quarter ended September 30, 2012.  Biotechnology sales increased 4.4% for the quarter ended September 30, 2013 excluding the impact of foreign currency exchange rate fluctuations.The table below shows changes to the components of organic sales for the Biotechnology segment, from the same prior-year period.Quarter Ended9/30/13U.S. industrial, pharmaceutical and biotechnology

6.3%U.S. academic

(11.8%)Europe

1.5%China

38.2%Pacific Rim

13.9%The Clinical Controls segment includes sales made through R&D Syste
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