Neogen Corporation (NEOG), headquartered in Lansing, Michigan, develops and markets products dedicated to food and animal safety. The company’s Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen’s Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements, disinfectants, and rodenticides.
In the first week of January, Neogen announced its net income for the second quarter FY 2008 increased by 34% from the previous year’s second quarter. Net income in the quarter rose to $0.22 per share when adjusted for a 3-for-2 stock split, compared to the prior year’s $0.17.
Year-to-date net income for the first six months of the company’s 2008 fiscal year increased to $6,265,000, a 30% increase from FY2007. Second quarter revenues increased by 23% to $27,210,000. Year-to-date revenues also showed improvement; an increase of 18% to $50,118,000. The second quarter was the 59th consecutive profitable quarter from operations for the company, and the 63rd quarter of the past 68 quarters to show increased revenues as compared with the previous year.
James Herbert, chief executive officer and chairman said, “Those who have followed Neogen closely know of our goal to achieve $100 million in annual sales this year, and I’m pleased to report that we are half way there after the first six months. The quarter’s revenue contributes to our record of compound annual growth of 19% for the past 15 years.”
Leading the company in revenue increases was the Food Safety Division up 24% to $14,474,000. The division’s growth was led by the third consecutive quarter of outstanding growth (over 40%) in sales of the Soleris (TM) general microbial detection system, a near 40% increase in sales of its Acumedia(R) dehydrated culture media, and an increase in sales of dairy antibiotic testing products.
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