TECHNE CORPORATION RELEASES UNAUDITED FOURTH QUARTER RESULTS FOR FISCAL YEAR 2002 Minneapolis/August 13, 2002/--Techne's revenues were at record levels in the fourth quarter of fiscal 2002. For the quarter ended June 30, 2002, consolidated sales were $35,635,542, an increase of $4,930,098 or 16% from the fourth quarter of last year. R&D Systems' Biotechnology Division net sales for the quarter increased 16% to $22,868,430 from $19,749,807 and R&D Systems' Hematology Division net sales for the quarter increased 4% to $4,467,046 from $4,276,192. R&D Europe's net sales for the quarter increased 24% to $8,300,066 from $6,679,445. R&D Europe's sales growth was higher than normal in the fourth quarter due to the timing of the Easter holidays in Europe and favorable exchange rate changes. The Easter holidays occurred in March this year compared to April last year and, therefore, R&D Europe's fourth quarter fiscal 2002 sales compare favorably to last year. Also, approximately $428,000 of the increase in R&D Europe's sales for the quarter was the result of changes in exchange rates. For the fiscal year ended June 30, 2002, Techne's consolidated sales were a record $130,900,395, an increase of $15,543,833 or 13% from the prior year. R&D Systems' Biotechnology Division net sales increased 15% to $84,654,661 from $73,656,405 and R&D Systems' Hematology Division net sales increased 6% to $15,570,656 from $14,710,464. R&D Europe's net sales increased 14% to $30,675,078 from $26,989,693. The favorable effect of exchange rate changes on R&D Europe's sales for the fiscal year was approximately $28,000. Techne's results for the fourth quarter of fiscal 2002 were significantly affected by the settlement of litigation with Amgen, Inc. Techne's net loss for the quarter was $303,659 ($.01 diluted loss per share) and net earnings for fiscal 2002 were $27,129,669 ($.64 diluted earnings per share). As previously announced, the litigation was settled with a cash payment of $17.5 million made in June 2002. The after-tax amount of the charge to Techne's results for the fourth quarter was approximately $11.4 million or $.27 per share. Excluding the settlement, Techne's consolidated net income for the quarter and fiscal year would have been approximately $11.1 million and $38.5 million, respectively, compared to $9.4 million and $34.0 million in the prior year. Earnings per diluted share would have been $.26 and $.91, respectively for the quarter and fiscal year compared to $.22 and $.80 in the prior year. The settlement will have no effect on future results of Techne other than the loss of interest income on the cash paid. Future operations and sales will not be affected adversely in any way as a direct result of the settlement. Statements in this earnings release and elsewhere which look forward in time involve risks and uncertainties which may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the introduction and acceptance of new biotechnology and hematology products, the levels and particular directions of research into cytokines by the Company's customers, the impact of the growing number of producers of cytokine research products and related price competition, the retention of hematology OEM and proficiency survey business, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships. For additional information concerning such factors, see the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. * * * * * * * * * * * * * * Techne Corporation has two operating subsidiaries: Research and Diagnostic Systems, Inc. (R&D Systems) of Minneapolis, Minnesota and R&D Systems Europe, Ltd. (R&D Europe) of Abingdon, England. R&D Systems is a specialty manufacturer of biological products and R&D Europe is a distributor of biotechnology products. Contact: Kathy Backes, Controller (612) 379-8854 TECHNE CORPORATION 6/30/02 (UNAUDITED)   QUARTER ENDED TWELVE MONTHS ENDED   6/30/02 6/30/01 6/30/02 6/30/01           Net sales $35,635,542 $30,705,444 $130,900,395 $115,356,562 Cost of sales 8,539,454 7,360,944 32,507,846 28,424,906 Gross margin 27,096,088 23,344,500 98,392,549 86,931,656           Operating expenses:         Selling, general & administrative 5,657,697 4,533,682 19,554,195 17,714,215 Research & development 4,729,203 3,801,908 17,470,267 14,522,233 Amortization of intangible assets 2,137,311 2,222,314 8,549,246 8,889,254 Litigation settlement 17,500,000 -- 17,500,000 -- Interest expense 323,236 338,799 1,320,479 1,381,276 Interest income (974,700) (958,507) (3,737,307) (3,383,698)   29,372,747 9,938,196 60,656,880 39,123,280 Earnings (loss) before income taxes (2,276,659) 13,406,304 37,735,669 47,808,376 Income taxes (1,973,000) 4,011,000 10,606,000 13,763,000 Net earnings (loss) $ (303,659) $ 9,395,304 $ 27,129,669 $ 34,045,376           Earnings (loss) per share:         Basic $ (0.01) $ 0.23 $ 0.65 $ 0.82 Diluted $ (0.01) $ 0.22 $ 0.64 $ 0.80           Weighted average common shares Outstanding:         Basic 41,565,855 41,430,610 41,507,727 41,438,670 Diluted 42,494,525 42,596,510 42,522,664 42,668,236               6/30/02 6/30/01 ASSETS         Cash and equivalents     $ 26,392,480 $ 21,267,791 Short-term investments     70,671,341 75,804,077 Other current assets     32,013,928 27,119,641 Property and equipment (net)     70,312,602 49,193,972 Intangible assets (net)     18,897,000 27,446,246 Other non-current assets     19,959,608 14,693,386 Total assets     $238,246,959 $215,525,113           LIABILITIES         Current liabilities     $ 14,629,524 $ 15,891,556 Long-term debt     17,100,652 18,050,289 Other non-current liabilities     -- 3,923,000 Stockholders' equity     206,516,783 177,660,268 Total liabilities & equity     $238,246,959 $215,525,113