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

periods ended December 31, 2012 and 2011, respectively, if such costs were excluded in all periods.  The decrease in adjusted gross margins for the quarter and six-month periods were primarily caused by unfavorable exchange rates.

Selling, general and administrative expenses for the quarter and six-month periods ended December 31, 2012 increased $305,000 and declined $140,000 from the quarter and six-month period ended December 31, 2011, respectively. Selling, general and administrative expenses were impacted by decreases in profit sharing expense of $62,000 and $747,000 for the quarter and six-month periods, respectively, as compared to the prior-year periods.

Research and development expenses for the quarter and six-month periods ended December 31, 2012 increased $566,000 (8.3%) and $1.4 million (10.0%) from the quarter and six-month periods ended December 31, 2011, respectively.  The increase in research and development expenses is mainly due to increases in personnel and supply costs associated with the continuous development and release of new high-quality biotechnology products.

Other non-operating expenses for the quarter and six-month periods ended December 31, 2012 included foreign exchange transaction gains of $149,000 and $71,000, respectively, compared to foreign exchange transaction losses of $105,000 and $629,000 for the quarter and six-month period ended December 31, 2011, respectively.

The effective tax rate for both the quarter and six-month period ended December 31, 2012 was 32.3% as compared to 31.8% and 31.9% for the same prior-year periods. Effective tax rates for fiscal 2013 are expected to be 31% to 33%.  In January 2013, the U.S. federal credit for research and development was reinstated retroactively for the period of January 2012 through December 2013.  As a result, in addition to the credit for the quarter ended March 31, 2013, Techne will record the credit for calendar 2012 in the third qua
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