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Segment Results - 4 th Quarter Fiscal Year 2008
- TECHNE Corporation and Subsidiaries
- Hematology Division
- Biotechnology Division
- R&D Systems Europe (in £'s)
- R&D Systems Europe (in $'s)
- Corporate and Other
(in thousands of $’s, except
per share data)
| Fiscal 2008 | Increase (Decrease) From Fiscal 2007 | ||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | Percent Of Sales | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | |
| Sales | 57,987 | 62,142 | 69,522 | 67,769 | 257,420 | 100% | 5,636 | 9,633 | 9,325 | 9,344 | 33,938 |
| Cost of sales | 12,104 | 12,751 | 14,146 | 13,888 | 52,889 | 21% | 867 | 2,037 | 2,127 | 1,191 | 6,222 |
| Gross margin | 45,883 | 49,391 | 55,376 | 53,881 | 204,531 | 79% | 4,769 | 7,596 | 7,198 | 8,153 | 27,716 |
| Gross margin percentage | 79.1% | 79.5% | 79.7% | 79.5% | 79.5% | ||||||
| SG&A expense | 8,090 | 10,645 | 8,994 | 8,986 | 36,715 | 14% | 1,023 | 1,815 | 1,765 | 1,147 | 5,750 |
| R&D expense | 5,181 | 5,562 | 5,839 | 5,812 | 22,394 | 9% | 326 | 518 | 670 | 798 | 2,312 |
| Amortization expense | 288 | 282 | 283 | 282 | 1,135 | - | (115) | (122) | (120) | (122) | (479) |
| Interest expense | 0 | 0 | 0 | 0 | 0 | - | (268) | (815) | 0 | 0 | (1,083) |
| Interest income | (2,998) | (3,252) | (3,155) | (2,783) | (12,188) | (5%) | (1,322) | (1,296) | (918) | (218) | (3,754) |
| Other non-operating ex., net | 569 | 573 | 423 | 1,079 | 2,644 | 1% | 84 | 145 | (344) | 185 | 70 |
| 11,130 | 13,810 | 12,384 | 13,376 | 50,700 | 19% | (272) | 245 | 1,053 | 1,790 | 2,816 | |
| Earnings before income taxes | 34,753 | 35,581 | 42,992 | 40,505 | 153,831 | 60% | 5,041 | 7,351 | 6,145 | 6,363 | 24,900 |
| Income taxes | 11,681 | 11,942 | 13,402 | 13,248 | 50,273 | 20% | 1,600 | 2,375 | 448 | 2,030 | 6,453 |
| 23,072 | 23,639 | 29,590 | 27,257 | 103,558 | 40% | 3,441 | 4,976 | 5,697 | 4,333 | 18,447 | |
| Diluted earnings per share | .58 | .60 | .76 | .70 | 2.64 | ||||||
| Weighted average diluted shares outstanding | 39,587 | 39,497 | 39,108 | 38,788 | 39,247 | ||||||
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(in thousands of $’s)
| Fiscal 2008 | Increase (Decrease) From Fiscal 2007 | ||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | Percent Of Sales | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | |
| Sales | 3,657 | 3,972 | 4,206 | 4,187 | 16,022 | 100% | 155 | 146 | 542 | 77 | 920 |
| Cost of sales | 2,261 | 2,276 | 2,466 | 2,457 | 9,460 | 59% | 163 | 129 | 381 | 199 | 872 |
| Gross margin | 1,396 | 1,696 | 1,740 | 1,730 | 6,562 | 41% | (8) | 17 | 161 | (122) | 48 |
| Gross margin percentage | 38.2% | 42.7% | 41.4% | 41.3% | 41.0% | ||||||
| SG&A expense | 467 | 487 | 489 | 560 | 2,003 | 12% | 69 | 48 | 58 | 138 | 313 |
| R&D expense | 179 | 194 | 199 | 190 | 762 | 5% | (1) | 4 | 1 | 9 | 13 |
| Interest, net | (120) | (125) | (123) | (93) | (461) | (3%) | (39) | (30) | (12) | 43 | (38) |
| 526 | 556 | 565 | 657 | 2,304 | 14% | 29 | 22 | 47 | 190 | 288 | |
| Pretax result | 870 | 1,140 | 1,175 | 1,073 | 4,258 | 27% | (37) | (5) | 114 | (312) | (240) |
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(in thousands of $’s)
| Fiscal 2008 | Increase (Decrease) From Fiscal 2007 | ||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | Percent Of Sales | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | |
| Sales | 45,328 | 46,576 | 52,912 | 49,995 | 194,811 | 100% | 3,707 | 6,503 | 6,710 | 5,207 | 22,127 |
| Intersegment sales | (6,447) | (7,433) | (7,822) | (7,446) | (29,148) | (748) | (786) | (750) | (794) | (3,078) | |
| 38,881 | 39,143 | 45,090 | 42,549 | 165,663 | 2,959 | 5,717 | 5,960 | 4,413 | 19,049 | ||
| Cost of sales | 8,997 | 9,612 | 10,709 | 10,247 | 39,565 | 20% | 515 | 1,929 | 1,668 | 670 | 4,782 |
| Intersegment sales | (6,174) | (7,430) | (7,755) | (7,738) | (29,097) | (650) | (995) | (608) | (1,059) | (3,312) | |
| 2,823 | 2,182 | 2,954 | 2,509 | 10,468 | (135) | 934 | 1,060 | (389) | 1,470 | ||
| Gross margin | 36,058 | 36,961 | 42,136 | 40,040 | 155,195 | 80% | 3,094 | 4,783 | 4,900 | 4,802 | 17,579 |
| Gross margin percentage | 80.2% | 79.4% | 79.8% | 79.5% | 79.7% | ||||||
| SG&A expense | 4,624 | 5,534 | 5,257 | 5,566 | 20,981 | 10% | 611 | 870 | 1,091 | 949 | 3,521 |
| R&D expense | 5,002 | 5,368 | 5,640 | 5,622 | 21,632 | 11% | 327 | 514 | 669 | 789 | 2,299 |
| Amortization expense | 288 | 282 | 283 | 282 | 1,135 | 1% | (115) | (122) | (120) | (122) | (479) |
| Interest, net | (1,257) | (1,309) | (1,285) | (988) | (4,839) | (2%) | (662) | (587) | (444) | 43 | (1,650) |
| Exchange loss/(gain) | 34 | 12 | (5) | 389 | 430 | -- | 34 | 12 | (5) | 389 | 430 |
| 8,691 | 9,887 | 9,890 | 10,871 | 39,339 | 20% | 195 | 687 | 1,191 | 2,048 | 4,121 | |
| Pretax result | 27,367 | 27,074 | 32,246 | 29,169 | 115,856 | 60% | 2,899 | 4,096 | 3,709 | 2,754 | 13,458 |
(1) Includes R&D Systems' Biotechnology Division, BiosPacific, Inc. and R&D China
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(in thousands of £'s)
| Fiscal 2008 | Increase (Decrease) From Fiscal 2007 | ||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | Percent Of Sales | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | |
| Sales | 7,605 | 9,301 | 10,180 | 10,565 | 37,651 | 100% | 735 | 1,450 | 1,326 | 2,411 | 5,922 |
| Cost of sales | 3,455 | 4,053 | 4,392 | 4,486 | 16,386 | 44% | 170 | 287 | 301 | 689 | 1,447 |
| Gross margin | 4,150 | 5,248 | 5,788 | 6,079 | 21,265 | 56% | 565 | 1,163 | 1,025 | 1,722 | 4,475 |
| Gross margin percentage | 54.6% | 56.4% | 56.9% | 57.5% | 56.5% | ||||||
| SG&A expense | 1,114 | 1,276 | 1,163 | 1,253 | 4,806 | 13% | 40 | 40 | 88 | 140 | 308 |
| Interest income | (683) | (773) | (762) | (740) | (2,958) | (8%) | (273) | (293) | (220) | (145) | (931) |
| Exchange loss/(gain) | (96) | (81) | (230) | (9) | (416) | (2%) | (174) | (17) | (252) | (15) | (458) |
| 335 | 422 | 171 | 504 | 1,432 | 3% | (407) | (270) | (384) | (20) | (1,081) | |
| Pretax result | 3,815 | 4,826 | 5,617 | 5,575 | 19,833 | 53% | 972 | 1,433 | 1,409 | 1,742 | 5,556 |
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(in thousands of $’s)
| Fiscal 2008 | Increase (Decrease) From Fiscal 2007 | ||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | Percent Of Sales | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | |
| Sales | 15,449 | 19,027 | 20,226 | 21,033 | 75,735 | 100% | 2,522 | 3,770 | 2,823 | 4,854 | 13,969 |
| Cost of sales | 7,020 | 8,293 | 8,726 | 8,922 | 32,961 | 44% | 839 | 974 | 686 | 1,381 | 3,880 |
| Gross margin | 8,429 | 10,734 | 11,500 | 12,111 | 42,774 | 56% | 1,683 | 2,796 | 2,137 | 3,473 | 10,089 |
| Gross margin percentage | 54.6% | 56.4% | 56.9% | 57.6% | 56.5% | ||||||
| SG&A expense | 2,262 | 2,599 | 2,311 | 2,495 | 9,667 | 13% | 242 | 194 | 199 | 276 | 911 |
| Interest income | (1,387) | (1,576) | (1,514) | (1,472) | (5,949) | (8%) | (616) | (643) | (447) | (298) | (2,004) |
| Exchange loss | (198) | (165) | (457) | (17) | (837) | (2%) | (345) | (39) | (499) | (36) | (919) |
| 677 | 858 | 340 | 1,006 | 2,881 | 3% | (719) | (488) | (747) | (58) | (2,012) | |
| Pretax result | 7,752 | 9,876 | 11,160 | 11,105 | 39,893 | 53% | 2,402 | 3,284 | 2,884 | 3,531 | 12,101 |
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(in thousands of $’s)
| Fiscal 2008 | Increase (Decrease) From Fiscal 2007 | |||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | |
| Interest income | 234 | 242 | 233 | 230 | 939 | 5 | 36 | 15 | 6 | 62 |
| Rental income | 67 | 111 | 91 | 135 | 404 | (232) | (130) | 36 | 44 | (282) |
| 301 | 353 | 324 | 365 | 1,343 | (227) | (94) | 51 | 50 | (220) | |
| SG&A expense | 737 | 2,025 | 937 | 365 | 4,064 | 101 | 703 | 417 | (216) | 1,005 |
| Interest expense | -- | -- | -- | -- | -- | (268) | (815) | -- | -- | (1,083) |
| Other-Building expenses | 544 | 600 | 633 | 538 | 2,315 | 34 | 51 | 114 | (96) | 103 |
| Other-Equity Investment losses | 256 | 237 | 343 | 304 | 1,140 | 129 | (9) | 82 | (28) | 174 |
| 1,537 | 2,862 | 1,913 | 1,207 | 7,519 | (4) | (70) | 613 | (340) | 199 | |
| Pretax result | (1,236) | (2,509) | (1,589) | (842) | (6,176) | (223) | (24) | (562) | 390 | (419) |
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