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Neogen Corp. (NEOG) Announces Third Quarter Fiscal Year 2008 Results

Neogen Corporation (NEOG), based in Lansing, Michigan, develops and markets products dedicated to food and animal safety. The company has two divisions relative to its mission and purpose; Food Safety and Animal Safety. Food Safety develops such items as diagnostic test kits to detect foodborne bacteria and food allergens.

The company recently announced its net income for the third quarter FY 2008 which ended in February. Net income increased 34% to $2,658,000 compared to the prior year’s quarter of $1,990,000. Year-to-date net income for the first nine months of the company’s fiscal year increased 31% compared to the previous year to $8,923,000. Third quarter revenues also showed improvement; an increase of 20% to $25,180,000 compared to the prior year’s quarter of $21,054,000. Year to date nine month revenue rose 19% in the current fiscal year to $75,299,000.

The company also showed an increase in operating revenue by 32% for the quarter. In response to the third quarter and year-to-date fiscal results, Lon Bohannon, president and chief operating officer, stated the company’s diversity of products allowed the company to overcome the current economic downturn. Bohannon further stated that strong sales of disposable diagnostic test kits for both food and animal safety, along with sales added by recent acquisitions, led to the company’s favorable third quarter performance.

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