TECHNE CORPORATION
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Segment Results - 4th 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 		Fourth
Quarter		 YTD Percent
of Sales		 First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD

Sales

47,709 48,029 54,813 52,066 202,617 100% 6,790 5,782 6,878 4,515 23,965

Cost of sales

11,096 10,695 12,105 11,822 45,718 23% 2,209 1,754 2,967 1,975 8,905

Gross margin

36,613 37,334 42,708 40,244 156,899 77% 4,581 4,028 3,911 2,540 15,060
   

Gross margin percentage

76.7% 77.7% 77.9% 77.3% 77.4%    
   

SG&A expense

6,454 7,980 6,901 6,269 27,604 14% 820 1,690 522 96 3,128

R&D expense

4,717 4,574 4,761 4,773 18,825 9% 29 (45) 130 332 446

Amortization expense

492 492 492 491 1,967 1% 187 186 187 186 746

Interest expense

223 238 245 258 964 --  (22) 60 52 52 142

Interest income

(974) (1,130) (1,082) (1,522) (4,708) (2%) 79 59 (144) (593) (599)

Other non-operating ex., net

211 281 229 363 1,084 -- (255) (135) (94) 405 (79)
11,123 12,435 11,546 10,632 45,736 22% 838 1,815 653 478 3,784

Earnings before income taxes

25,490 24,899 31,162 29,612 111,163 55% 3,743 2,213 3,258 2,062 11,276

Income taxes

8,489 8,385 10,815 10,123 37,812 19% 934 633 1,350 1,140 4,057
17,001 16,514 20,347 19,489 73,351 36% 2,809 1,580 1,908 922 7,219
   

Diluted earnings per share

0.43 0.42 0.52 0.49 1.85  

Weighted average diluted shares outstanding

39,669 39,761 39,425 39,487 39,594  

 

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

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD Percent
of Sales		 First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD

Sales

37,599 37,697 43,013 40,076 158,385 100% 6,908 7,625 6,675 4,434 25,642

Intersegment sales

(5,299) (6,555) (6,396) (5,711) (18,250) (23,961) (495) (1,351) (798) 273 (2,371)
32,300 31,142 36,617 34,365 134,424 6,413 6,274 5,877 4,707 23,271
 

Cost of sales

8,470 8,147 9,125 8,597 34,339 22% 2,359 2,077 2,757 1,555 8,748

Intersegment sales

(5,323) (6,140) (6,478) (5,757) (23,698) (567) (930) (999) 240 (2,256)
3,147 2,007 2,647 2,840 10,641 10,641 1,792 1,147 1,758 1,795 6,492
 

Gross margin

29,153 29,135 33,970 31,525 123,783 78% 4,621 5,127 4,119 2,912 16,779
 

Gross margin percentage

77.5% 78.4% 78.8% 78.5% 78.3%  
 

SG&A expense

3,639 4,194 4,199 3,410 15,442 10% 666 779 487 (7) 1,925

R&D expense

4,532 4,404 4,593 4,585 18,114 11% 32 (26) 161 338 505

Amortization expense

492 492 492 491 1,967 1% 187 186 187 186 746

Interest, net

(268) (373) (285) (501) (1,427) (1%) 146 191 35 (222) 150
8,395 8,717 8,999 7,985 34,096 21% 1,031 1,130 870 295 3,326

Pretax result

20,758 20,418 24,971 23,540 89,687 57% 3,590 3,997 3,249 2,617 13,453
(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 		Fourth
Quarter		 YTD Percent
of Sales		 First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD

Sales

6,690 7,529 8,256 7,278 29,753 100% 610 721 1,125 (297) 2,159

Cost of sales

3,292 3,765 4,191 3,630 14,878 50% 361 632 966 8 1,967

Gross margin

3,398 3,764 4,065 3,648 14,875 50% 249 89 159 (305) 192
 

Gross margin percentage

50.8% 50.0% 49.2% 50.1% 50.0%  
 

SG&A expense

1,004 1,185 1,070 1,115 4,374 15% 54 24 48 18 144

Interest income

(326) (329) (342) (369) (1,366) (5%) (72) (66) (62) (62) (262)

Exchange loss/(gain)

15 26 (49) (9) (17) -- (11) 70 (65) 39 33
693 882 679 737 2,991 10% (29) 28 (79) (5) (85)

Pretax result

2,705 2,882 3,386 2,911 11,884 40% 278 61 238 (300) 277

 

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

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD Percent
of Sales		 First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD

Sales

11,875 13,106 14,496 13,477 52,954 100% 856 242 953 (412) 1,639

Cost of sales

5,844 6,554 7,358 6,723 26,479 50% 532 636 1,232 68 2,468

Gross margin

6,031 6,552 7,138 6,754 26,475 50% 324 (394) (279) (480) (829)
 

Gross margin percentage

50.8% 50.0% 49.2% 50.1% 50.0%  
 

SG&A expense

1,782 2,059 1,879 2,064 7,784 15% 60 (135) (60) 53 (82)

Interest income

(579) (572) (600) (680) (2,431) (5%) (119) (75) (69) (115) (378)

Exchange loss

28 46 (87) (17) (30) -- (19) 128 (116) 71 64
1,231 1,533 1,192 1,367 5,323 10% (78) (82) (245) 9 (396)

Pretax result

4,800 5,019 5,946 5,387 21,152 40% 402 (312) (34) (489) (433)


 

HEMATOLOGY
(in thousands of $’s)

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD Percent
of Sales		 First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD

Sales

3,534 3,781 3,700 4,224 15,239 100% (479) (734) 48 220 (945)

Cost of sales

2,105 2,134 2,100 2,259 8,598 56% (115) (29) (23) 112 (55)

Gross margin

1,429 1,647 1,600 1,965 6,641 44% (364) (705) 71 108 (890)
 

Gross margin percentage

40.4% 43.6% 43.2% 46.5% 43.6%  
 

SG&A expense

384 424 441 376 1,625 11% (25) (12) (64) (82) (183)

R&D expense

185 170 168 188 711 5% (3) (19) (31) (6) (59)

Interest, net

(37) (50) (40) (74) (201) (2%) 19 27 4 (36) 14
532 544 569 490 2,135 14% (9) (4) (91) (124) (228)

Pretax result

897 1,103 1,031 1,475 4,506 30% (355) (701) 162 232 (662)

 

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

Fiscal 2006 Increase(Decrease) From Fiscal 2005
  First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD First
Quarter 		Second
Quarter 		Third
Quarter 		Fourth
Quarter		 YTD

Interest income

90 135 157 267 649 48 84 114 220 246

Rental income

342 337 287 320 1,286 323 284 (31) (40) 536
432 472 444 587 1,935 371 368 83 180 1,002
   

SG&A expense

649 1,303 382 419 2,753 119 1,058 159 132 1,468

Interest expense

223 238 245 258 964 59 60 52 52 223

Other-Hemerus losses

82 82 83 529 1,982 79 12 (7) 197 281

Other-Building expenses

443 490 520 171 418 8 9 (2) 97 112
1,397 2,113 1,230 1,377 6,117 265 1,139 202 478 2,084

Pretax result

(965) (1,641) (786) (790) (4,182) 106 (771) (119) (298) (1,082)
(2) Unallocated corporate expenses and Techne’s share of losses by Hemerus Medical, LLC.