TECHNE CORPORATION
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Segment Results - 3rd Quarter Fiscal Year 2010

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

 

Fiscal 2010

Increase (Decrease) From Fiscal 2009
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD

Sales

 66,534 65,521 70,278 202,333 100% (2,790) 3,645 2,412 3,267

Cost of sales

 12,901 13,329 14,399 40,629 20% (185) (101) 83 (203)

Gross margin

 53,633 52,192 55,879 161,704 80% (2,605) 3,746 2,329 3,470

 

                  

Gross margin percentage

 80.6% 79.7% 79.5% 79.9%          

 

                  

SG&A expense

 8,038 9,007 7,666 24,711 12% (802) (696) 605 (893)

R&D expense

 6,154 6,391 6,325 18,870 10% 244 545 516 1,305

Amortization expense

 240 240 240 720 -- -- -- -- --

Interest income

 (1,168) (1,156) (1,040) (3,364) (1%) 1,719 1,049 464 3,232

Other non-operating ex., net

 662 1,011 1,249 2,922  1% (525) 299 146 (80)

 

 13,926 15,493 14,440 43,859 22% 636 1,197 1,731 3,564

Earnings before income taxes

 39,707 36,699 41,439 117,845 58% (3,241) 2,549 598 (94)

Income taxes

 12,935 11,978 9,051  33,964 17% (1,420) 1,450 (4,149) (4,119)

26,772 24,721 32,388  83,881 41% (1,821) 1,099 4,747 4,025

                 

Diluted earnings per share

 .72 .66 .87 2.25          

Weighted average diluted shares outstanding

  

37,339		  

37,353		  

37,380		  

37,357		          

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HEMATOLOGY DIVISION
(in thousands of $’s)

 

Fiscal 2010

Increase (Decrease) From Fiscal 2009
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD

Sales

 4,668 4,325 4,938 13,931 100% 422 65 504 991

Cost of sales

 2,319 2,292 2,505 7,116 51% (50) (113)  180 17

Gross margin

 2,349 2,033 2,433 6,815 49% 472 178 324 974

 

                  

Gross margin percentage

 50.3% 47.0% 49.3% 48.9%          

 

                  

SG&A expense

 370 366 346 1,082 8% (66) (32) 36 (62)

R&D expense

 198 201 198 597 4% 5 (2) 11 14

Interest, net

  (72) (72) (65) (209) (1%) 30 19 15 64

 

 496 495 479  1,470 11% (31) (15) 62 16

Pretax result

 1,853 1,538 1,954  5,345 38%  503 193 262  958

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

 

Fiscal 2010

Increase (Decrease) From Fiscal 2009
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD

Sales

 51,696 50,703 54,236 156,635 100% (2,203) 2,060 518 375

Intersegment sales

 (7,668) (8,282) (8,057) (24,007)   94 29 522 645

 

 44,028 42,421 46,179 132,628   (2,109) 2,089 1,040 1,020

 

                  

Cost of sales

 9,885 10,126 11,159 31,170 20% (362) (964) 79 (1,247)

Intersegment sales

 (7,598) (7,753) (8,336) (23,687)   (137) 586 158 607

 

 2,287 2,373 2,823 7,483   (499) (378) 237 (640)

 

                  

Gross margin

 41,741 40,048 43,356 125,145 80% (1,610) 2,467 803 1,660

 

                  

Gross margin percentage

 80.9% 80.0% 79.4% 80.1%          

 

                  

SG&A expense

 4,734 5,056 4,625 14,415 9% (407) (362) 363 (406)

R&D expense

 5,956 6,190 6,127 18,273 12% 239 547 505 1,291

Amortization expense

 240 240 240 720 -- -- -- -- --

Interest, net

 (771) (772) (706) (2,249) (1%) 313 198 147 658

Other expense

 2 1         -- 3 -- 4 -- (1) 3

 

 10,161 10,715 10,286 31,162  20% 149 383 1,014 1,546

Pretax result

 31,580 29,333 33,070 93,983 60% (1,759) 2,084 (211) 114

(1) Includes R&D Systems' Biotechnology Division, Fortron Bio Science, Inc., and BiosPacific, Inc.

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

 

Fiscal 2010

Increase (Decrease) From Fiscal 2009
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD

Sales

 10,881 11,462 12,296 34,639 100% 706 265 (420) 551

Cost of sales

 5,061 5,288 5,824 16,173 47% 801 (73) (716) 12

Gross margin

 5,820 6,174 6,472 18,466 53% (95) 338 296 539

 

                  

Gross margin percentage

 53.5% 53.9% 52.6% 53.3%          

 

                  

SG&A expense

 1,191 1,318 1,260 3,769 11% (33) (46) 69 (10)

Interest income

 (87) (79) (68) (234) (1%) 703 504 167 1,374

Exchange loss/(gain)

 (89) 61 237 209 -- (349) 96 74  (179)

 

 1,015 1,300 1,429 3,744 10% 321 554 310 1,185

Pretax result

  4,805 4,874 5,043 14,722 43% (416) (216) (14) (646)

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

 

Fiscal 2010

Increase (Decrease) From Fiscal 2009
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD

Sales

 17,838 18,775 19,161 55,774 100% (1,103) 1,491 868 1,256

Cost of sales

 8,295 8,664 9,071 26,030 47% 364 390 (334) 420

Gross margin

 9,543 10,111 10,090 29,744 53% (1,467) 1,101 1,202 836

 

                  

Gross margin percentage

 53.5% 53.9% 52.7% 53.3%          

 

                  

SG&A expense

 1,952 2,159 1,967 6,078 11% (331) 65 253 (13)

Interest income

 (143) (128) (108) (379) (1%) 1,328 778 230 2,336

Exchange loss

 (145) 99 372 326 --  (621) 94 134 (393)

 

 1,664 2,130 2,231 6,025 10% 376 937 617 1,930

Pretax result

 7,879 7,981  7,859 23,719  43% (1,843) 164 585 (1,094)

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

 

Fiscal 2010

Increase (Decrease) From Fiscal 2009
  First Quarter Second Quarter Third Quarter YTD First Quarter Second Quarter Third Quarter YTD

Interest income

 182 184 161 527 (48) (54) (72) (174)

Rental income

 81  115 83 279  (18) (16) (32) (66)

 

 263 299 244 806 (66) (70) (104) (240)

 

                

SG&A expense

 982 1,426 728 3,136 2 (367) (47) (412)

Other-Building expenses

 548 530 593 1,671 (5) (21) 20 (6)

Other-Equity Investment losses

 338 496 367 1,201 79 210 (39) 250

 

  1,868 2,452 1,688 6,008 76 (178) (66) (168)

Pretax result

 (1,605) (2,153) (1,444) (5,202) (142) 108 (38) (72)

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(2) Unallocated corporate expenses and Techne’s share of losses by Hemerus Medical, LLC and Nephromics, LLC.



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TECHNE CORPORATION
614 McKinley Place N.E.    Minneapolis, MN 55413-2610
Phone: (612)379-8854   Fax: (612)379-6580
e-mail: techinfo@techne-corp.com


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