April 5, 2007

Neogen reports jump in Q3 net income

Neogen Corporation announced that its net income for the third quarter of FY 2007, which ended Feb 28, increased 44 percent from the previous year's restated third quarter.

Net income in the quarter rose to $1,990,000, or $0.21 per share, compared to the prior year's $1,386,000 or $0.16 per share.

Year-to-date net income for the first nine months of Neogen's 2007 fiscal year increased 29 percent to $6,822,000 from the restated $5,309,000 in FY 2006, or to $0.73 per share in the current year from the prior year's $0.63.

Third quarter revenues increased 20 percent to $21,054,000, a record third quarter for the 24-year-old company, compared to the prior year's $17,584,000. Year to date, nine-month revenues rose 21 percent in the current fiscal year to $63,463,000 from FY 2006's $52,618,000.

The third quarter was the 56th consecutive profitable quarter from operations for the company, and the 60th quarter of the past 65 quarters to show increased revenues as compared with the previous year.

"The strong focus on our growth strategy by our world-wide employee team is continuing the unprecedented growth record that now extends to more than 16 years," said James Herbert, Neogen's chief executive officer and chairman. "The growing synergy between our food and animal safety divisions, the organic growth of our existing products, and the continued successful integration of acquired businesses have all been keys to meeting our performance expectations."