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Techne Corporation Releases Unaudited Fourth Quarter And Fiscal Year 2013 Results
Date:8/6/2013

MINNEAPOLIS, Aug. 6, 2013 /PRNewswire/ -- Techne Corporation's (NASDAQ: TECH) financial results for the fourth quarter and fiscal year ended June 30, 2013 include the following highlights:

Fourth quarter earnings were $28.4 million or $0.77 per diluted share.  Adjusted earnings for the quarter were $30.2 million (an increase of 2.1% from the prior fiscal year period) or $0.82 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 the acquisitions completed in the quarter ended June 30, 2011, professional fees related to an acquisition completed in July 2013, and certain income tax credits.Earnings for the fiscal year ended June 30, 2013 were $112 million or $3.05 per diluted share.  Adjusted earnings for the fiscal year ended June 30, 2013 were $118 million (a decrease of 2.6% from the prior fiscal year) or $3.20 per diluted share.  Adjusted earnings and adjusted earnings per diluted share for the fiscal year were impacted by foreign currency fluctuations, which reduced reported sales and gross margins.  Adjusted earnings and adjusted earnings per diluted share exclude the acquisition-related and tax items noted above.  In addition, fiscal 2012 adjusted earnings and adjusted earnings per diluted share also exclude the impact of impairment charges on certain equity investments and the reversal of deferred tax asset valuation allowances.

Net sales as reported increased 1.0% to $79.5 million for the quarter ended June 30, 2013. Organic sales increased 1.1% in the quarter.  Organic sales exclude changes in foreign currency exchange rates.  The fourth quarter of fiscal 2012 included the Easter holiday which was in the third quarter of the current fiscal year.

Net sales as reported
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