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Techne Corporation Releases Unaudited Second Quarter And Six Month Fiscal Year 2013 Results
Date:2/5/2013

MINNEAPOLIS, Feb. 5, 2013 /PRNewswire/ -- Techne Corporation's (NASDAQ: TECH) financial results for the second quarter and six months ended December 31, 2012 include the following highlights:

Second quarter earnings were $25.4 million or $0.69 per diluted share.  Adjusted earnings for the quarter were $27.2 million (a decrease of 2.9% from the prior fiscal year period) or $0.74 per diluted share.  Earnings and adjusted earnings were negatively impacted by foreign currency fluctuations, which reduced reported sales and gross margins.  Adjusted earnings and earnings per share exclude intangible asset amortization and 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.

Earnings for the six-month period ended December 31, 2012 were $51.0 million or $1.38 per diluted share.  Adjusted earnings for the six-month period ended December 31, 2012 were $54.7 million (a decrease of 5.6% from the prior fiscal year period) or $1.48 per diluted share.  Adjusted earnings and earnings per diluted share for the six-month period were also impacted by the foreign currency fluctuations and exclude the acquisition-related items noted above.

Net sales as reported grew 0.6% to $75.1 million for the quarter ended December 31, 2012. Organic sales grew 1.3% in the quarter.  Organic sales exclude changes in foreign currency exchange rates.

Net sales as reported declined 1.4% to $150 million for the six months ended December 31, 2012.  Organic sales, which exclude changes in foreign currency exchange rates, grew 0.2% in the six-month period.  A stronger U.S. dollar as compared to foreign currencies reduced sales by $577,000 and $2.5 million in the quarter and six-month period ended December 31, 2012, respectively, from the comparable prior-year pe
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