TECHNE CORPORATION
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Segment Results - 3rd Quarter Fiscal Year 2006

TECHNE CORPORATION AND SUBISIDARIES
(in thousands of $’s, except per share data)

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First Quarter

Second

Quarter 		Third

Quarter 		YTD Percent

Of Sales 		First

Quarter 		Second

Quarter 		Third

Quarter 		YTD

Sales

47,709 48,029 54,813 150,551 100% 6,790 5,782 6,878 19,450

Cost of sales

11,096 10,695 12,105 33,896 23% 2,209 1,754 2,967 6,930

Gross margin

36,613 37,334 42,708 116,655 77% 4,581 4,028 3,911 12,520

Gross margin percentage

76.7% 77.7% 77.9% 77.5%

SG&A expense

6,454 7,980 6,901 21,335 14% 820 1,690 522 3,032

R&D expense

4,717 4,574 4,761 14,052 9% 29 (45) 130 114

Amortization expense

492 492 492 1,476 1% 187 186 187 560

Interest expense

223 238 245 706 0.5% (22) 60 52 90

Interest income

(974) (1,130) (1,082) (3,186) (2%) 79 59 (144) (6)

Other non-operating ex., net

211 281 229 721 0.5% (255) (135) (94) (484)
11,123 12,435 11,546 35,104 23% 838 1,815 653 3,306

Earnings before income taxes

25,490 24,899 31,162 81,551 54% 3,743 2,213 3,258 9,214

Income taxes

8,489 8,385 10,815 27,689 18% 934 633 1,350 2,917
17,001 16,514 20,347 53,862 36% 2,809 1,580 1,908 6,297

Diluted earnings per share

0.43 0.42 0.52 1.36

Weighted average diluted shares outstanding

39,669 39,761 39,425 39,631

 

BIOTECHNOLOGY (1)
(in thousands of $’s)

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First

Quarter 		Second

Quarter 		Third

Quarter 		YTD Percent

Of Sales 		First

Quarter 		Second

Quarter 		Third

Quarter 		YTD

Sales

37,599 37,697 43,013 118,309 100% 6,908 7,625 6,675 21,208

Intersegment sales

(5,299) (6,555) (6,396) (18,250) (495) (1,351) (798) (2,644)
32,300 31,142 36,617 100,059 6,413 6,274 5,877 18,564

Cost of sales

8,470 8,147 9,125 25,742 22% 2,359 2,077 2,757 7,193

Intersegment sales

(5,323) (6,140) (6,478) (17,941) (567) (930) (999) (2,496)
3,147 2,007 2,647 7,801 1,792 1,147 1,758 4,697

Gross margin

29,153 29,135 33,970 92,258 78% 4,621 5,127 4,119 13,867

Gross margin percentage

77.5% 78.4% 78.8% 78.2%

SG&A expense

3,639 4,194 4,199 12,032 10% 666 779 487 1,932

R&D expense

4,532 4,404 4,593 13,529 11% 32 (26) 161 167

Amortization expense

492 492 492 1,476 1% 187 186 187 560

Interest, net

(268) (373) (285) (926) -- 146 191 35 372
8,395 8,717 8,999 26,111 22% 1,031 1,130 870 3,031

Pretax result

20,758 20,418 24,971 66,147 56% 3,590 3,997 3,249 10,836
(1) Fiscal 2006 includes R&D Systems' Biotechnology Division, Fortron Bio Science, Inc., and BiosPacific, Inc.

 

R&D SYSTEMS EUROPE
(in thousands of £'s)

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First

Quarter 		Second

Quarter 		Third

Quarter 		YTD Percent

Of Sales 		First

Quarter 		Second

Quarter 		Third

Quarter 		YTD

Sales

6,690 7,529 8,256 22,475 100% 610 721 1,125 2,456

Cost of sales

3,292 3,765 4,191 11,248 50% 361 632 966 1,959

Gross margin

3,398 3,764 4,065 11,227 50% 249 89 159 497

Gross margin percentage

50.8% 50.0% 49.2% 50.0%

SG&A expense

1,004 1,185 1,070 3,259 14% 54 24 48 126

Interest income

(326) (329) (342) (997) (4%) (72) (66) (62) (200)

Exchange loss/(gain)

15 26 (49) (8) -- (11) 70 (65) (6)
693 882 679 2,254 10% (29) 28 (79) (80)

Pretax result

2,705 2,882 3,386 8,973 40% 278 61 238 577

 

R&D SYSTEMS EUROPE
(in thousands of $’s)

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First

Quarter 		Second

Quarter 		Third

Quarter 		YTD Percent

Of Sales 		First

Quarter 		Second

Quarter 		Third

Quarter 		YTD

Sales

11,875 13,106 14,496 39,477 100% 856 242 953 2,051

Cost of sales

5,844 6,554 7,358 19,756 50% 532 636 1,232 2,400

Gross margin

6,031 6,552 7,138 19,721 50% 324 (394) (279) (349)

Gross margin percentage

50.8% 50.0% 49.2% 50.0%

SG&A expense

1,782 2,059 1,879 5,720 14% 60 (135) (60) (135)

Interest income

(579) (572) (600) (1,751) (4%) (119) (75) (69) (263)

Exchange loss

28 46 (87) (13) -- (19) 128 (116) (7)
1,231 1,533 1,192 3,956 10% (78) (82) (245) (405)

Pretax result

4,800 5,019 5,946 15,765 40% 402 (312) (34) 56


 

HEMATOLOGY
(in thousands of $’s)

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First

Quarter 		Second

Quarter 		Third

Quarter 		YTD Percent

Of Sales 		First

Quarter 		Second

Quarter 		Third

Quarter 		YTD

Sales

3,534 3,781 3,700 11,015 100% (479) (734) 48 (1,165)

Cost of sales

2,105 2,134 2,100 6,339 58% (115) (29) (23) (167)

Gross margin

1,429 1,647 1,600 4,676 42% (364) (705) 71 (998)

Gross margin percentage

40.4% 43.6% 43.2% 42.5%

SG&A expense

384 424 441 1,249 11% (25) (12) (64) (101)

R&D expense

185 170 168 523 5% (3) (19) (31) (53)

Interest, net

(37) (50) (40) (127) (2%) 19 27 4 50
532 544 569 1,645 14% (9) (4) (91) (104)

Pretax result

897 1,103 1,031 3,031 28% (355) (701) 162 (894)

 

CORPORATE AND OTHER (2)
(in thousands of $’s)

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First

Quarter 		Second

Quarter 		Third

Quarter 		YTD First

Quarter 		Second

Quarter 		Third

Quarter 		YTD

Interest income

90 135 157 382 48 84 114 246

Rental income

342 337 287 966 323 284 (31) 576
432 472 444 1,348 371 368 83 822

SG&A expense

649 1,303 382 2,334 119 1,058 159 1,336

Interest expense

223 238 245 706 59 60 52 171

Other-Hemerus losses

82 82 83 247 79 12 (7) 84

Other-Building expenses

443 490 520 1,453 8 9 (2) 15
1,397 2,113 1,230 4,740 265 1,139 202 1,606

Pretax result

(965) (1,641) (786) (3,392) 106 (771) (119) (784)
(2) Unallocated corporate expenses and Techne’s share of losses by Hemerus Medical, LLC.