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1ST QTR: NEOGEN CORPORATION REVENUES INCREASE 8%, NET INCOME UP 11%
Sep. 26, 2012
Source: Neogen Corporation news release
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Neogen Corporation (Nasdaq: NEOG) announced today that its net income for the first quarter of FY 2013, which ended Aug. 31, increased 11.8% from the prior year to $6,714,000, or $0.28 per share. This compares to net income of $6,004,000 in the first quarter of FY 2012, or $0.25 per share.
First quarter revenues increased 8.8% to $49,729,000, from the previous year's first quarter revenues of $45,697,000. Independent of revenues from the Igenity animal genomics business acquired in the fourth quarter of FY 2012, the company's revenues increased 8.1%, led by a 12.5% organic sales increase in the company's food safety segment compared to the prior year's first quarter. FY 2013 first quarter revenues were negatively impacted by $1,218,000 compared to the first quarter of FY 2012 due to currency translation. The first quarter revenues and net income represent quarterly records for the 30-year-old company.
"The encouraging start to our new fiscal year was largely the result of increasing market acceptance for the innovative food and animal safety diagnostics developed by our research groups," said James Herbert, Neogen's chief executive officer and chairman. "I'm proud of our management and employee teams, who continue to introduce well-received products to our assorted markets. An example of this is our new line of tests to detect natural toxins in grains. These hit the market just as grain producers and processors worldwide seek testing solutions to ensure the safety and quality of their products in a very challenging growing season."
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