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Neogen first quarter revenue and profit increases by 33%

Published: 15:23 23 Sep 2010 EDT

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Neogen (Nasdaq: NEOG), a developer and marketer of food and animal safety products, announced today it achieved record profits and sales in the first quarter of fiscal 2011.  For the first quarter ended August 31, net income increased 33% from the prior year to $5.8 million, or 25 cents per share.  First quarter revenues also increased 33% from the prior year to $42.9 million.   


The results beat analyst expectations of $39.8 million in revenues and 23 cents of earnings per share, prompting the company’s share price to rally almost 4% to trade at $33.55. 


Neogen's Food Safety Division first quarter revenues increased 27% on a year-over-year basis to $22.2 million.  The division's organic sales increased 21% in the quarter due to strong product sales.


The division recorded a significant increase in sales of Acumedia dehydrated culture media which is used to grow specific plant and animal cells used in the production of vaccines.  Sales of the company's test for histamine, a toxin produced by certain types of fishes if improperly stored, also increased in the quarter. 


Neogen's Animal Safety Division led the company's first quarter revenue increase, with sales up 39% on a year-over-year basis to $20.7 million. The increase was attributed primarily to the acquisition of the GeneSeek, a provider of DNA testing for the agricultural industry.


As of August 31, 2010, the company had $95.8 million in current assets, about 35% of which is cash, and about $30 million in total liabilities.

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