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Techne Corporation Releases Unaudited Fourth Quarter and Fiscal Year 2011 Results
Date:8/2/2011

he quarter and fiscal year ended June 30, 2011 were $5.0 million and $19.7 million, increases of 11.9% and 7.0%, respectively, from the comparable prior-year periods.

The gross margin percentage declined to 76.4% in the quarter ended June 30, 2011 from 79.1% in the comparable prior-year quarter due to costs recognized upon the sale of inventory that was written up to fair value as part of the acquisitions and amortization of intangible assets.  Gross margins were 79.5% and 79.3% for the quarters ended June 30, 2011 and 2010, respectively, if such costs were excluded in both periods.

Selling, general and administrative expenses for the quarter and fiscal year ended June 30, 2011 increased $3.0 million and $3.2 million from the quarter and fiscal year ended June 30, 2010. The acquired businesses added $945,000 of selling, general and administrative expenses in the quarter and fiscal year, excluding intangible amortization which increased $259,000 in the quarter.  The increase in selling, general and administrative expense for the quarter and fiscal year was also impacted by increased professional fees and costs related to the acquisitions ($1.3 million and $1.7 million for the quarter and fiscal year, respectively) and increased profit sharing expense ($388,000 and $805,000 for the quarter and fiscal year, respectively).

Foreign exchange transaction gains for the quarter and fiscal year ended June 30, 2011 were $177,000 and $844,000, respectively, compared to foreign exchange transaction losses of $631,000 and $960,000 for the quarter and fiscal year ended June 30, 2010, respectively.

The effective tax rate for the quarter and fiscal year ended June 30, 2011 was 34.1% and 31.9% as compared to 32.9% and 29.8% for the same prior-year periods. The effective tax rate for the quarter and fiscal year were impacted by non-deductible professional fees and other costs related to the acquisitions, the renewal of the U.S. research and devel
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