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Techne Corporation Releases Unaudited Fourth Quarter And Fiscal Year 2012 Results
Date:7/31/2012

MINNEAPOLIS, July 31, 2012 /PRNewswire/ -- Techne Corporation's (NASDAQ: TECH) financial results for the fourth quarter and fiscal year ended June 30, 2012 include the following highlights:Fourth quarter earnings were $27.2 million or $0.74 per diluted share. Adjusted earnings for the quarter were $29.4 million (a decrease of 6.8% from the prior fiscal year period) or $0.80 per diluted share. Earnings and adjusted earnings were negatively impacted by foreign currency fluctuations, which reduced reported sales and gross margins and increased foreign currency transaction losses. Adjusted earnings and earnings per share exclude intangible asset amortization, costs recognized upon the sale of inventory that was written-up to fair value and professional fees incurred as part of the acquisitions of Boston Biochem, Inc. and Tocris Holdings Limited completed in the quarter ended June 30, 2011.  Earnings for the fiscal year ended June 30, 2012 were $112 million or $3.04 per diluted share.  Adjusted earnings for the fiscal year ended June 30, 2012 were $121 million (an increase of 3.7% from the prior fiscal year) or $3.26 per diluted share.  Adjusted earnings and earnings per diluted share for the fiscal year also exclude the impact of impairment charges on certain equity investments and the reversal of deferred tax asset valuation allowances in addition to the acquisition- related items noted above.Net sales as reported grew 0.8% to $78.7 million for the quarter ended June 30, 2012. Organic sales grew 0.6% in the quarter compared to the prior fiscal year. Organic sales exclude sales from acquisitions and the changes in foreign currency rates.Net sales as reported grew 8.5% to $315 million for the fiscal year ended June 30, 2012. Organic sales grew 1.8% for the fiscal year ended June 30, 2012 compared to the prior fiscal year.A stronger U.S. dollar as compared to
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