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Techne Corporation Releases Unaudited Fourth Quarter and Fiscal Year 2011 Results

Tue, 08/02/2011 - 4:48am
Bio-Medicine.Org

MINNEAPOLIS, Aug. 2, 2011 /PRNewswire/ -- Techne Corporation's (NASDAQ: TECH) financial results for the fourth quarter and fiscal year ended June 30, 2011 include the following highlights:

Fourth quarter earnings grew 9.4% to $28.3 million or $.76 per diluted share.  Earnings for the quarter grew 21.2% to $31.6 million or $.85 per diluted share when adjusted for intangible asset amortization, costs recognized upon the sale of inventory that was written up to fair value as part of the acquisitions completed in the quarter and professional and other acquisition related costs. Fiscal year earnings grew 2.3% to $112 million or $3.02 per diluted share. Earnings for the fiscal year grew 9.9% to $116 million or $3.13 per diluted share when adjusted for the above identified items and the tax benefit in fiscal 2010 from repatriation of cash.

Net sales as reported grew 17.0% to $78.0 million for the quarter. Organic sales grew 6.5% in the quarter.Net sales as reported grew 7.8% to $290 million for the fiscal year. Organic sales grew 5.9% in the fiscal year.  Consolidated net earnings for the quarter and fiscal year ended June 30, 2011 were impacted by the acquisition of Boston Biochem, Inc. (Boston Biochem) on April 1, 2011 and Tocris Holdings Limited (Tocris) on April 28, 2011, including the cost recognized upon the sale of inventory that was written up to fair value as part of the acquisitions, increased amortization of acquired  intangible assets, professional fees and other costs to complete the transactions and an increase in the effective tax rate as a result of certain acquisition costs not being deductible.  Increased sales and foreign exchange transaction gains also helped to improve earnings.  Results for the prior fiscal year included a $4.7 million tax benefit, equating to $.12 per share

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