TECHNE CORPORATION
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Segment Results - 3rd Quarter Fiscal Year 2011

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

 

Fiscal 2011

Increase (Decrease) From Fiscal 2010
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD
Sales 67,945 67,708 76,271 211,924 100% 1,411 2,187 5,993 9,591
Cost of sales 15,241 15,218 15,833 46,292 22% 2,340 1,889 1,434 5,663
Gross margin 52,704 52,490 60,438 165,632 78% (929) 298 4,559 3,928
Gross margin percentage 77.60% 77.50% 79.20% 78.20%
SG&A expense 7,552 8,365 9,233 25,150 12% (486) (642) 1,567 439
R&D expense 6,619 6,603 6,297 19,519 8% 465 212 (28) 649
Amortization expense 170 171 170 511 -- (70) (69) (70) (209)
Interest income (847) (1,020) (1,067) (2,934) (1%) 321 136 (27) 430
Other non(operating ex., net 257 698 421 1,376 1% (405) (313) (828) (1,546)
13,751 14,817 15,054 43,622 20% (175) (676) 614 (237)
Earnings before income taxes 38,953 37,673 45,384 122,010 58% (754) 974 3,945 4,165
Income taxes 12,580 11,139 14,320 38,039 18% (355) (839) 5,269 4,075
26,373 26,534 31,064 83,971 40% (399) 1,813 (1,324) 90
Diluted earnings per share 0.71 0.71 0.84 2.26
Weighted average diluted shares outstanding 37,107 37,156 37,194 37,153

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HEMATOLOGY DIVISION
(in thousands of $'s)

 

Fiscal 2011

Increase (Decrease) From Fiscal 2010
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD
Sales 4,904 4,628 5,151 14,683 100% 236 303 213 752
Cost of sales 2,509 2,707 2,642 7,858 54% 190 415 137 742
Gross margin 2,395 1,921 2,509 6,825 46% 46 (112) 76 10
Gross margin percentage 48.80% 41.50% 48.70% 46.50%
SG&A expense 328 336 438 1,102 7% (42) (30) 92 20
R&D expense 198 224 193 615 4% -- 23 (5) 18
Interest income (53) (66) (69) (188) (1%) 19 6 (4) 21
473 494 562 1,529 10% (23) (1) 83 59
Pretax result 1,922 1,427 1,947 5,296 36% 69 (111) (7) (49)

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

 

Fiscal 2011

Increase (Decrease) From Fiscal 2010
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD
Sales 54,141 52,652 59,190 165,983 100% 2,445 1,949 4,954 9,348
Intersegment sales (7,491) (8,217) (9,251) (24,959) 177 65 (1,194) (952)
46,650 44,435 49,939 141,024 2,622 2,014 3,760 8,396
Cost of sales 11,689 11,665 11,860 35,214 221% 1,804 1,539 701 4,044
Intersegment sales (7,578) (8,251) (9,048) (24,877) 20 (498) (71)2 (1,190)
4,111 3,414 2,812 10,337 1,824 1,041 (11) 2,854
Gross margin 42,539 41,021 47,127 130,687 79% 798 973 3,771 5,542
Gross margin percentage 78.40% 77.80% 80.00% 78.80%
SG&A expense 4,583 4,780 5,691 15,054 9% (151) (276) 1,066 639
R&D expense 6,421 6,379 6,104 18,904 12% 465 189 (23) 631
Amortization expense 170 171 170 511 -- (70) (69) (70) (209)
Interest income (581) (715) (763) (2,059 (1%) 190 57 (57) 190
Exchange loss/gain (8) (10) (7) (25)      -- (10) (11) (7) (28)
10,585 10,605 11,195 32,385 20% 424 (110) 909 1,223
Pretax result 31,954 30,416 35,932 98,302 59% 374 1,083 2,862 4,319

(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 2011

Increase (Decrease) From Fiscal 2010
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD
Sales 10,571 11,767 13,218 35,556 100% (310) 305 922 917
Cost of sales 5,561 5,742 6,477 17,780 50% 500 454 653 1,607
Gross margin 5,010 6,025 6,741 17,776 50% (810) (149) 269 (690)
Gross margin percentage 47.40% 51.20% 51.00% 50.00%
SG&A expense 1,188 1,274 1,356 3,818 11% (3) (44) 96 49
Interest income (52) (65) (68) (18) (1%) 35 14 0 49
Exchange loss/(gain) (323) 58 (150) (415) (1%) (234) (3) (387) (624)
813 1,267 1,138 3,218 9% (202) (33) (291) (526)
Pretax result 4,197 4,758 5,603 14,558 41% (608) (116) 560 (164)

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

 

Fiscal 2011

Increase (Decrease) From Fiscal 2010
  First Quarter Second Quarter Third Quarter YTD Percent Of Sales First Quarter Second Quarter Third Quarter YTD
Sales 16,391 18,645 21,181 56,217 100% (1,447) (130) 2,020 443
Cost of sales 8,621 9,097 10,379 28,097 50% 326 433 1,308 2,067
Gross margin 7,770 9,548 10,802 28,120 50% (1,773) (563) 712 (1,624)
Gross margin percentage 47.40% 51.20% 51.00% 50.00%
SG&A expense 1,842 2,017 2,173 6,032 11% (110) (142) 206 (46)
Interest income (81) (103) (108) (292) (1%) 62 25 0 87
Exchange loss/(gain) (497) 97 (242) (642) (1%) (352) (2) (614 (968)
1,264 2,011 1,823 5,098 9% (400) (119) (408) (927)
Pretax result 6,506 7,537 8,979 23,022 41% (1,373) (444) 1,120 (697)

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

 

Fiscal 2011

Increase (Decrease) From Fiscal 2010
  First Quarter Second Quarter Third Quarter YTD First Quarter Second Quarter Third Quarter YTD
Interest income 132 136 127 395 (50) (48) (34) (132)
Rental income 123 138 114 375 42 23 31 96
  255 274 241 770 (8) (25) (3) (36)
SG&A expense 799 1,232 931 2,962 (183) (194) 203 (174)
Other(Building expenses 556 531 586 1,673 8 1 (7) 2
Other(Equity Investment losses 329 218 198 745 (9) (278) (169) (456)
  1,684 1,981 1,715 5,380 (184) (471) 27 (628)
Pretax result (1,429) (1,707) (1,474) (4,610) 176 446 (30) 592

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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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