TECHNE CORPORATION
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Segment Results - Fiscal Year 2003

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

  Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent
Of Sales
First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 34,548 33,300 37,737 39,426 145,011 100% 4,705 2,163 3,451 3,790 14,109
Costof sales 8,690 8,371 8,756 9,579 35,396 24% 1,142 342 364 1,039 2,887
Gross margin 25,858 24,929 28,981 29,847 109,615 76% 3,563 1,821 3,087 2,751 11,222
                       
Gross margin percentage 74.85% 74.86% 76.80% 75.70% 75.59%            
                       
SG&A expense 4,951 4,901 4,706 4,819 19,377 13% 262 145 237 (1,067) (423)
R&D expense 4,833 4,979 5,285 5,484 20,581 14% 843 670 843 755 3,111
Amortization expense 484 485 485 485 1,939 1% (1,652) (1,652) (1,653) (1,653) (6,610)
Litigation settlement -- -- -- -- -- -- -- -- -- (17,500) (17,500)
Interest expense 323 297 178 176 974 1% (16) (38) (145) (147) (346)
Interest income (790) (704) (732) (707) (2,933) (2%) 172 209 154 268 803
Othernon-operating exp., net 150 (17) (58) 47 122 -- 303 (95) (117) 276 367
  9,951 9,941 9,864 10,304 40,060 28% (88) (761) (681) (19,068) (20,598)
Earnings before income taxes 15,907 14,988 19,117 19,543 69,555 48% 3,651 2,582 3,768 21,819 31,820
Income taxes 5,462 5,107 6,724 6,866 24,159 17% 1,631 1,135 1,948 8,839 13,553
  10,445 9,881 12,393 12,677 45,396 31% 2,020 1,447 1,820 12,980 18,267
                       
Diluted earnings per share 0.25 0.23 0.30 0.31 1.08            
Weighted average diluted shares outstanding 42,286 42,316 41,991 41,496 42,032            

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HEMATOLOGY DIVISION
(in thousands of $’s)

  Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent Of Sales First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 3,774 3,987 3,996 4,909 16,666 100% 124 163 365 443 1,095
Cost of sales 2,137 2,113 2,180 2,374 8,804 53% 53 (12) 55 148 244
Gross margin 1,637 1,874 1,816 2,535 7,862 47% 71 175 310 295 851
                       
Gross margin percentage 43.38% 47.00% 45.45% 51.64% 47.17%            
                       
SG&A expense 400 366 365 376 1,507 9% 46 5 19 (189) (119)
R&D expense 173 193 199 205 770 5% (11) 2 1 44 36
Interest income (101) (83) (87) (82) (353) (2%) 12 25 19 35 91
  472 476 477 499 1,924 12% 47 32 39 (110) 8
Pretax result 1,165 1,398 1,339 2,036 5,938 36% 24 143 271 405 843

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BIOTECHNOLOGY DIVISION
(in thousands of $’s)

  From Fiscal 2003  Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent Of Sales First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 26,638 24,955 28,516 28,986 109,095 100% 3,455 1,107 1,228 1,924 7,714
Intersegment sales (4,150) (4,501) (4,874) (4,605) (18,130)   (332) (372) (288) (411) (1,403)
  22,488 20,454 23,642 24,381 90,965   3,123 735 940 1,513 6,311
                       
Cost of sales 5,726 5,460 5,692 6,066 22,944 21% 917 207 96 674 1,894
Intersegment sales (4,150) (4,483) (4,868) (4,607) (18,108)   (450) (249) (441) (280) (1,420)
  1,576 977 824 1,459 4,836   467 (42) (345) 394 474
                       
Gross margin 20,912 19,477 22,818 22,922 86,129 79% 2,656 777 1,285 1,119 5,837
                       
Gross margin percentage 78.50% 78.12% 80.04% 79.07% 78.97%            
                       
SG&A expense 2,712 2,841 2,646 2,626 10,825 10% 91 56 (9) (960) (822)
R&D expense 3,963 4,127 4,163 4,370 16,623 15% 287 392 448 617 1,744
Amortization expense 484 485 485 485 1,939 2% (1,652) (1,652) (1,653) (1,653) (6,610)
Interest income (492) (407) (425) (402) (1,726) (2%) 148 208 178 261 795
  6,667 7,046 6,869 7,079 27,661 25% (1,126) (996) (1,036) (1,735) (4,893)
Pretax result 14,245 12,431 15,949 15,843 58,468 54% 3,782 1,773 2,321   2,854 10,730

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

  From Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent Of Sales First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 5,317 5,633 6,324 6,228 23,502 100% 596 366 702 630 2,294
Intersegment sales (9) (6) (8) (2) (25)   4 1 4 5 14
  5,308 5,627 6,316 6,226 23,477   600 367 706 635 2,308
                       
Cost of sales 3,197 3,360 3,605 3,527 13,689 58% 180 (30) (4) (13) 133
Gross margin 2,120 2,273 2,719 2,701 9,813 42% 416 396 706 643 2,161
                       
Gross margin percentage 39.87% 40.35% 42.99% 43.37% 41.75%            
                       
SG&A expense 1,033 992 965 1,002 3,992 17% 111 38 52 25 226
Interest income (104) (115) (115) (115) (449) (2%) (6) (22) (28) (20) (76)
Exchange loss/(gain) 31 (79) (125) (51) (224) (1%) 137 (133) (134) 148 18
  960 798 725 836 3,319 14% 242 (117) (110) 153 168
Pretax result 1,160 1,475 1,994 1,865   6,494 28% 174 513 816 490 1,993

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

  Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent Of Sales First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 8,301 8,870 10,112 10,138 37,421 100% 1,454 1,264 2,141 1,829 6,688
Intersegment sales (14) (10) (13) (3) (40)   6 0 4 6 16
  8,287 8,860 10,099 10,135 37,381   1,460 1,264 2,145 1,835 6,704
                       
Cost of sales 4,992 5,291 5,765 5,748 21,796 58% 617 396 649 491 2,153
Gross margin 3,309 3,579 4,347 4,390 15,625 42% 837 868 1,492 1,338 4,535
                       
Gross margin percentage 39.87% 40.35% 42.99% 43.37% 41.75%            
                       
SG&A expense 1,612 1,563 1,544 1,636 6,355 17% 273 185 250 189 897
Interest income (163) (181) (184) (186) (714) (2%) (20) (47) (61) (47) (175)
Exchange loss/(gain) 49 (127) (200) (77) (355) (1%) 202 (206) (213) 212 (5)
  1,498 1,255 1,160 1,373  5,286 14% 455 (68) (24) 354 717
Pretax result 1,811 2,324 3,187 3,017 10,339 28% 382 936 1,516 984 3,818

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CORPORATE AND OTHER (1)
(in thousands of $’s)

  Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 First Quarter Second Quarter Third Quarter Fourth Quarter Total
Interest income 35 33 36 36 140 (32) (23) (19) (19) (93)
Renta lincome -- 6 19 47 72 -- 6 19 47 72
  35 39 55 83 212 (32) (17) -- 28 (21)
                     
SG&A expense 227 130 151 182 690 (148) (101) (24) (107) (380)
R&D-CCX losses 519 496 792 773 2,580 436 219 404