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1ST HALF: NEOGEN'S REVENUES UP 17%, NET INCOME UP 3%
Source: Neogen news release

To view the complete report, click here.

Neogen Corporation (NASDAQ: NEOG) announced today that its revenues for the second quarter of FY 2014, which ended Nov. 30, increased 17% to $59,599,000, from the previous year's second quarter revenues of $50,737,000. This increase was aided in part by two acquisitions the company completed this year. Year to date, FY 2014 revenues increased 18% to $118,147,000 from FY 2013's $100,467,000.

Second quarter net income was $6,207,000, compared to the prior year's $6,793,000. Adjusted for a 3-for-2 stock split effective Oct. 31, 2013, earnings per share in the current quarter were $0.17, compared to $0.19 a year ago. Current year-to-date net income was $14,045,000, or $0.38 per share, compared to $13,507,000, or $0.37 per share, for the same period a year ago.

The second quarter was the 87th of the past 92 quarters that Neogen reported revenue increases as compared with the previous year - including all consecutive quarters in the last eight years.

The second quarter also saw a 15% increase in the sales of Neogen's line of dairy antibiotic tests, which was aided by a strong sales increase of the line in Brazil. Increased sales of the product line, when compared to FY 2013's second quarter, was also due to continued market acceptance of Neogen's BetaStar® Combo product, which simply and accurately detects both beta-lactam and tetracycline antibiotics.

The Animal Safety segment recorded revenue increases of 26% for the quarter, aided by the recent acquisitions of SyrVet and Prima Tech; each of these acquisitions is focused on veterinary instruments and related supplies. Organic growth for this segment was 13% for the quarter. GeneSeek, the company's genomics service laboratory, increased revenues more than 50%, as the subsidiary's new genomics tests for the beef and dairy cattle markets continue to gain market share.

Other strong animal safety segment performers for the quarter included a double-digit increase in sales of veterinary biologics, including a proprietary equine botulism vaccine, and a significant increase in sales of Neogen's proprietary detectable veterinary needles. Neogen's forensic test kit revenues were up 33% in the second quarter compared with the prior year quarter, in part due to increasing international sales of the product line. Also notable in the second quarter of Neogen's FY 2014 was a 27% increase over the prior year quarter in sales of the company's line of agricultural cleaners and disinfectants.


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