Neogen (NEOG) 10-Q 30 Sep 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Aug. 31, 2014
Document Information [Line Items]	'
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	31-Aug-14
Document Fiscal Year Focus	'2015
Document Fiscal Period Focus	'Q1
Trading Symbol	'NEOG
Entity Registrant Name	'NEOGEN CORP
Entity Central Index Key	'0000711377
Current Fiscal Year End Date	'--05-31
Entity Filer Category	'Large Accelerated Filer
Entity Common Stock, Shares Outstanding	36,926,501

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Aug. 31, 2014	31-May-14
In Thousands, unless otherwise specified
CURRENT ASSETS	'	'
Cash and cash equivalents	$53,457	$40,675
Marketable securities (at fair value, which approximates cost)	34,640	35,821
Accounts receivable, less allowance of $1,250 and $1,200	51,689	51,901
Inventories	55,087	51,178
Deferred income taxes	1,680	1,710
Prepaid expenses and other current assets	4,616	7,461
TOTAL CURRENT ASSETS	201,169	188,746
NET PROPERTY AND EQUIPMENT	42,700	41,949
OTHER ASSETS	'	'
Goodwill	68,190	68,190
Other non-amortizable intangible assets	9,682	9,682
Amortizable customer-based intangibles, net of accumulated amortization of $12,593 and $11,915 at August 31 and May 31, 2014	24,538	25,230
Other non-current assets, net of accumulated amortization of $5,467 and $5,494 at August 31 and May 31, 2014	11,383	11,504
Total Other Assets	113,793	114,606
TOTAL ASSETS	357,662	345,301
CURRENT LIABILITIES	'	'
Accounts payable	13,002	13,396
Accrued compensation	4,103	4,357
Income taxes	1,443	0
Other accruals	5,927	7,214
TOTAL CURRENT LIABILITIES	24,475	24,967
DEFERRED INCOME TAXES	12,290	12,155
OTHER LONG-TERM LIABILITIES	2,032	1,879
Liabilities, Noncurrent, Total	14,322	14,034
TOTAL LIABILITIES	38,797	39,001
COMMITMENTS AND CONTINGENCIES (note 7)	0	0
EQUITY	'	'
Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding	'	0
Common stock, $0.16 par value, 60,000,000 shares authorized, 36,926,501 and 36,732,313 shares issued and outstanding at August 31, 2014 and May 31, 2014, respectively.	5,908	5,877
Additional paid-in capital	121,914	118,070
Accumulated other comprehensive income (loss)	152	371
Retained earnings	190,926	182,043
TOTAL NEOGEN CORPORATION AND SUBSIDIARIES STOCKHOLDER'S EQUITY	318,900	306,361
Noncontrolling interest	-35	-61
TOTAL EQUITY	318,865	306,300
TOTAL LIABILITIES AND EQUITY	$357,662	$345,301

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Aug. 31, 2014	31-May-14
In Thousands, except Share data, unless otherwise specified
Accounts receivable, allowance	$1,250	$1,200
Amortizable customer-based intangibles, accumulated amortization	12,593	11,915
Other non-current assets, accumulated amortization	$5,467	$5,494
Preferred stock, par value	$1	$1
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.16	$0.16
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	36,926,501	36,732,313
Common stock, shares outstanding	36,926,501	36,732,313

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Aug. 31, 2014	Aug. 31, 2013
REVENUES	'	'
Product revenues	$59,255	$51,346
Service revenues	8,344	7,202
Total Revenues	67,599	58,548
COST OF REVENUES	'	'
Cost of product revenues	28,280	23,510
Cost of service revenues	5,243	4,674
Total Cost of Revenues	33,523	28,184
GROSS MARGIN	34,076	30,364
OPERATING EXPENSES	'	'
Sales and marketing	12,220	10,324
General and administrative	6,013	5,536
Research and development	2,404	2,086
Operating Expenses, Total	20,637	17,946
OPERATING INCOME	13,439	12,418
OTHER INCOME (EXPENSE)	'	'
Interest income	45	31
Change in purchase consideration	241	0
Other income (expense)	-16	-552
Nonoperating Income (Expense), Total	270	-521
INCOME BEFORE INCOME TAXES	13,709	11,897
PROVISION FOR INCOME TAXES	4,800	4,200
NET INCOME	8,909	7,697
NET LOSS/(INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST	-26	142
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION	$8,883	$7,839
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION PER SHARE	'	'
Basic	$0.24	$0.22
Diluted	$0.24	$0.21

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2014	Aug. 31, 2013
Net Income	$8,909	$7,697
Other Comprehensive Income (Loss), Net of Tax:	'	'
Currency Translation Adjustments	-219	330
Comprehensive Income	8,690	8,027
Comprehensive Loss (Income) Attributable to Noncontrolling Interest	-26	142
Comprehensive Income Attributable to Neogen Corporation	$8,664	$8,169

Consolidated_Statement_of_Equi

Consolidated Statement of Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interest
In Thousands, except Share data, unless otherwise specified
Beginning Balance at May. 31, 2014	$306,300	$5,877	$118,070	$371	$182,043	($61)
Beginning Balance (in shares) at May. 31, 2014	36,732,313	36,732	'	'	'	'
Issuance of shares of common stock under equity compensation plans, and share based compensation (in shares)	'	186	'	'	'	'
Issuance of shares of common stock under equity compensation plans, and share based compensation	3,551	30	3,521	'	'	'
Issuance of shares under employee stock purchase plan (in shares)	'	9	'	'	'	'
Issuance of shares under employee stock purchase plan	324	1	323	'	'	'
Comprehensive income:	'	'	'	'	'	'
Net income (loss) for the three months ended August 31, 2014	8,909	'	'	'	8,883	26
Other comprehensive loss	-219	'	'	-219	'	'
Ending Balance at Aug. 31, 2014	$318,865	$5,908	$121,914	$152	$190,926	($35)
Ending Balance (in shares) at Aug. 31, 2014	36,926,501	36,927	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2014	Aug. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net Income	$8,909	$7,697
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	2,515	2,029
Share based compensation	907	789
Excess income tax benefit from the exercise of stock options	-865	-1,585
Changes in operating assets and liabilities, net of business acquisitions:	'	'
Accounts receivable	155	-4,069
Inventories	-3,933	-3,207
Prepaid expenses and other current assets	2,843	-96
Accounts payable, accruals and other	-106	3,950
NET CASH PROVIDED BY OPERATING ACTIVITIES	10,425	5,508
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of property and equipment and other noncurrent assets	-2,511	-2,041
Proceeds from the sale of marketable securities	22,946	25,732
Purchases of marketable securities	-21,765	-31,162
Business acquisitions, net of cash acquired	0	-10,012
NET CASH USED IN INVESTING ACTIVITIES	-1,330	-17,483
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Exercise of stock options	2,933	3,806
Excess income tax benefit from the exercise of stock options	865	1,585
Increase in other long-term liabilities	0	56
NET CASH PROVIDED BY FINANCING ACTIVITIES	3,798	5,447
EFFECT OF EXCHANGE RATE ON CASH	-111	104
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	12,782	-6,424
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	40,675	50,032
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$53,457	$43,608

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Aug. 31, 2014
Basis of Presentation	'
	1. BASIS OF PRESENTATION
	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (generally accepted accounting principles) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the three month period ended August 31, 2014 are not necessarily indicative of the results to be expected for the fiscal year ending May 31, 2015. For more complete financial information, these consolidated financial statements should be read in conjunction with the May 31, 2014 audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended May 31, 2014.

Inventories

Inventories	3 Months Ended
	Aug. 31, 2014
Inventories	'
	2. INVENTORIES
	Inventories are stated at the lower of cost, determined on the first-in, first-out method, or market. The components of inventories follow:
		August 31, 2014		May 31, 2014
		(In thousands)
	Raw Materials	$	22,121	$	21,515
	Work-in-process		4,206		3,681
	Finished and purchased goods		28,760		25,982
		$	55,087	$	51,178

Net_Income_per_Share

Net Income per Share	3 Months Ended
	Aug. 31, 2014
Net Income per Share	'
	3. NET INCOME PER SHARE
	The calculation of net income per share attributable to Neogen Corporation follows:
		Three Months Ended
		August 31,
		2014		2013
		(In thousands, except per share
		amounts)
	Numerator for basic and diluted net income per share:
	Net Income attributable to Neogen shareholders	$	8,883	$	7,839
	Denominator:
	Denominator for basic net income per share:
	Weighted average shares		36,776		36,159
	Effect of dilutive stock options and warrants		514		858
	Denominator for diluted net income per share		37,290		37,017
	Net income attributable to Neogen Corporation
	per share:
	Basic	$	0.24	$	0.22
	Diluted	$	0.24	$	0.21
	The Board of Directors declared a 3 for 2 stock split effective October 31, 2013. All share and per share amounts in this Form 10-Q reflect amounts as if the split took place at the beginning of the periods presented

Segment_Information

Segment Information	3 Months Ended
	Aug. 31, 2014
Segment Information	'
	4. SEGMENT INFORMATION
	The Company has two reportable segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the production and marketing of products dedicated to animal health, including a complete line of consumable products marketed to veterinarians and animal health product distributors; the segment also provides genetic identification services. Additionally, Animal Safety produces and markets rodenticides, disinfectants and insecticides to assist in the control of rodents and disease in and around agricultural, food production and other facilities.
	Segment information as of and for the three months ended August 31, 2014 and 2013 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2015
	Product revenues to external customers		$	29,093	$	30,162	$			$	59,255
	Service revenues to external customers			1,870		6,474		0			8,344
	Total revenues to external customers			30,963		36,636		0			67,599
	Operating income (loss)			7,515		6,705		(781	)		13,439
	Total assets			103,637		176,419		77,606			357,662
	Fiscal 2014
	Product revenues to external customers		$	28,554	$	22,792	$	0		$	51,346
	Service revenues to external customers			1,444		5,758		0			7,202
	Total revenues to external customers			29,998		28,550		0			58,548
	Operating income (loss)			8,701		4,420		(703	)		12,418
	Total assets			98,062		136,687		73,388			308,137
	-1	Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, deferred assets and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.

Equity_Compensation_Plans

Equity Compensation Plans	3 Months Ended
	Aug. 31, 2014
Equity Compensation Plans	'
	5. EQUITY COMPENSATION PLANS
	Options are generally granted under the employee and director stock option plan for five-year periods and become exercisable in equal annual installments during that period. Certain non-qualified options are granted for ten-year periods. A summary of stock option activity during the three months ended August 31, 2014 follows:
		Shares		Weighted-
				Average
				Exercise Price
	Options outstanding at June 1, 2014		1,869,000	$	25.69
	Granted		0		0
	Exercised		191,000		14.85
	Forfeited		27,000		33.95
	Options outstanding at August 31, 2014		1,651,000		26.82
	During the three month periods ended August 31, 2014 and 2013, the Company recorded $907,000 and $789,000 and of compensation expense related to its share-based awards.
	The weighted-average fair value of stock options granted during fiscal 2014, estimated on the date of grant using the Black-Scholes option pricing model was $9.87, per option. No options were granted in the first quarter of fiscal 2015. The fair value of stock options granted in fiscal 2014 was estimated using the following weighted-average assumptions.
		FY2014
	Risk-free interest rate	0.80%
	Expected dividend yield	0%
	Expected stock price volatility	33.10%
	Expected option life	4.0 years
	The Company has an Employee Stock Purchase plan that provides for employee stock purchases at a 5% discount to market price. The discount is recorded in administrative expense as of the date of purchase.

New_Accounting_Pronouncements

New Accounting Pronouncements	3 Months Ended
	Aug. 31, 2014
New Accounting Pronouncements	'
	6. NEW ACCOUNTING PRONOUNCEMENTS
	In February 2013, the FASB further amended ASC 220, Comprehensive Income, with ASU 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (amended ASC 220), which was designed to improve the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to present the effect of significant reclassifications out of accumulated other comprehensive income on the respective lines of net income. The impact of adopting amended ASC 220 did not have a material impact on the consolidated financial statements and therefore has not been disclosed in the fiscal 2015 first quarter Form 10-Q.

Business_and_Product_Line_Acqu

Business and Product Line Acquisitions	3 Months Ended
	Aug. 31, 2014
Business and Product Line Acquisitions	'
	7. BUSINESS AND PRODUCT LINE ACQUISITIONS
	The consolidated statements of income reflect the results of operations for business acquisitions since the respective dates of purchase. All are accounted for using the acquisition method.
	On July 1, 2013, the Company acquired the assets of SyrVet Inc., a veterinary business based in Waukee, Iowa. SyrVet offered a product line similar to Neogen’s Ideal Instruments line of veterinary instruments with a strong presence in Mexico and Latin America. Consideration for the purchase was $10,012,000 in cash and up to $1,500,000 of a contingent consideration liability, due at the end of the first year, based on an excess net sales formula. The final purchase price allocation, based upon the fair value of these assets determined using the income approach, included accounts receivable of $747,000, net inventory of $2,195,000, property and equipment of $556,000, current liabilities of $226,000, contingent consideration liabilities of $930,000, non-amortizable trademarks of $790,000, intangible assets of $4,810,000 (with an estimated life of 15 years) and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value measurements. This business has been relocated to Lexington, Kentucky and integrated with the Company’s current operations there, reporting within the Animal Safety segment. In August 2014, the company paid $689,000 to the former owner for contingent consideration; the remaining $241,000 of the accrual was reversed to Other Income.
	On November 1, 2013, the Company acquired the assets of Prima Tech Incorporated, a veterinary instrument company based in Kenansville, North Carolina. Prima Tech manufactures devices used by farmers, ranchers, and veterinarians to inject animals, provide topical applications, and to use for oral administration. Prima Tech is also a supplier of products used in artificial insemination in the swine industry. Consideration for the purchase was $12,068,000 in cash and up to $600,000 of contingent consideration, due at the end of the first year, based on an excess net sales formula. The Company has estimated the contingent consideration liability to be $146,000 based on forecasted sales. The final purchase price allocation, based upon the fair value of these assets determined using the income approach, included accounts receivable of $963,000, net inventory of $2,796,000, property and equipment of $1,653,000, prepaid assets of $8,000, current liabilities of $1,840,000, contingent consideration liabilities of $146,000, non-amortizable trademarks of $1,500,000, intangible assets of $4,400,000 (with an estimated life of 5-15 years) and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value measurements. This business will continue to operate in its current location and reports within the Animal Safety segment.
	On January 2, 2014, the Company acquired all of the stock of Chem-Tech Ltd., a pest control manufacturing and distribution business located in Pleasantville, Iowa. Consideration for the purchase was $17,185,000 in cash and up to $1,000,000 of a contingent consideration liability, due at the end of the first year, based on an excess sales formula. The Company has estimated the contingent consideration liability to be $400,000, based on forecasted sales. The preliminary purchase price allocation included accounts receivable of $380,000, net inventory of $4,096,000, prepaid assets of $225,000, property and equipment of $682,000, current liabilities of $184,000, contingent consideration liabilities of $400,000, non-amortizable trademarks of $662,000, intangible assets of $7,536,000 (with an estimated life of 15 years) and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value measurements. This business will continue to operate in its current location and reports within the Animal Safety segment.
	Goodwill recognized in the acquisitions discussed above relates primarily to enhancing the Company’s strategic platform for the expansion of available product offerings.

Long_Term_Debt

Long Term Debt	3 Months Ended
	Aug. 31, 2014
Long Term Debt	'
	8. LONG TERM DEBT
	The Company has a financing agreement with a bank providing for an unsecured revolving line of credit of $12,000,000, which matures on September 1, 2017. There were no advances against this line of credit during fiscal 2015 and fiscal 2014 and no balance outstanding at August 31, 2014. Interest is at LIBOR plus 100 basis points (rate under the terms of the agreement was 1.16% at August 31, 2014). Financial covenants include maintaining specified levels of tangible net worth, debt service coverage, and funded debt to EBITDA, each of which the Company was in compliance with at August 31, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Aug. 31, 2014
Commitments and Contingencies	'
	9. COMMITMENTS AND CONTINGENCIES
	The Company is involved in environmental remediation and monitoring activities at its Randolph, Wisconsin manufacturing facility and accrues for related costs when such costs are determined to be probable and estimable. The Company is currently expensing annual costs of remediation, which have ranged from $47,000 to $79,000 per year over the past five years. The Company’s estimated liability for these costs of $916,000 at August 31, 2014 and May 31, 2014, measured on an undiscounted basis over an estimated period of 15 years, is recorded within other long-term liabilities in the consolidated balance sheet.
	The Company is subject to certain legal and other proceedings in the normal course of business that, in the opinion of management, should not have a material effect on its future results of operations or financial position.

Stock_Purchase

Stock Purchase	3 Months Ended
	Aug. 31, 2014
Stock Purchase	'
	10. STOCK PURCHASE
	In December 2008, the Company’s Board of Directors authorized a program to purchase, subject to market conditions, up to 1,125,000 shares of the Company’s common stock. As of August 31, 2014, 112,026 cumulative shares had been purchased in negotiated and open market transactions for a total price, including commissions, of approximately $923,000. Shares purchased under the program were retired. There have been no purchases in fiscal 2015 and there were none in fiscal 2014.

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Aug. 31, 2014
Inventories	'
	The components of inventories follow:
		August 31, 2014		May 31, 2014
		(In thousands)
	Raw Materials	$	22,121	$	21,515
	Work-in-process		4,206		3,681
	Finished and purchased goods		28,760		25,982
		$	55,087	$	51,178

Net_Income_per_Share_Tables

Net Income per Share (Tables)	3 Months Ended
	Aug. 31, 2014
Calculation of Net Income Per Share	'
	The calculation of net income per share attributable to Neogen Corporation follows:
		Three Months Ended
		August 31,
		2014		2013
		(In thousands, except per share
		amounts)
	Numerator for basic and diluted net income per share:
	Net Income attributable to Neogen shareholders	$	8,883	$	7,839
	Denominator:
	Denominator for basic net income per share:
	Weighted average shares		36,776		36,159
	Effect of dilutive stock options and warrants		514		858
	Denominator for diluted net income per share		37,290		37,017
	Net income attributable to Neogen Corporation
	per share:
	Basic	$	0.24	$	0.22
	Diluted	$	0.24	$	0.21

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Aug. 31, 2014
Segment Information	'
	Segment information as of and for the three months ended August 31, 2014 and 2013 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2015
	Product revenues to external customers		$	29,093	$	30,162	$			$	59,255
	Service revenues to external customers			1,870		6,474		0			8,344
	Total revenues to external customers			30,963		36,636		0			67,599
	Operating income (loss)			7,515		6,705		(781	)		13,439
	Total assets			103,637		176,419		77,606			357,662
	Fiscal 2014
	Product revenues to external customers		$	28,554	$	22,792	$	0		$	51,346
	Service revenues to external customers			1,444		5,758		0			7,202
	Total revenues to external customers			29,998		28,550		0			58,548
	Operating income (loss)			8,701		4,420		(703	)		12,418
	Total assets			98,062		136,687		73,388			308,137
	-1	Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, deferred assets and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.

Equity_Compensation_Plans_Tabl

Equity Compensation Plans (Tables)	3 Months Ended
	Aug. 31, 2014
Stock Option Activity	'
	A summary of stock option activity during the three months ended August 31, 2014 follows:
		Shares		Weighted-
				Average
				Exercise Price
	Options outstanding at June 1, 2014		1,869,000	$	25.69
	Granted		0		0
	Exercised		191,000		14.85
	Forfeited		27,000		33.95
	Options outstanding at August 31, 2014		1,651,000		26.82
Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions	'
	The fair value of stock options granted in fiscal 2014 was estimated using the following weighted-average assumptions.
		FY2014
	Risk-free interest rate	0.80%
	Expected dividend yield	0%
	Expected stock price volatility	33.10%
	Expected option life	4.0 years

Inventories_Detail

Inventories (Detail) (USD $)	Aug. 31, 2014	31-May-14
In Thousands, unless otherwise specified
Inventory [Line Items]	'	'
Raw Materials	$22,121	$21,515
Work-in-process	4,206	3,681
Finished and purchased goods	28,760	25,982
Inventories	$55,087	$51,178

Calculation_of_Net_Income_Per_

Calculation of Net Income Per Share (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Aug. 31, 2014	Aug. 31, 2013
Earnings Per Share [Line Items]	'	'
Net Income attributable to Neogen shareholders	$8,883	$7,839
Weighted average shares	36,776	36,159
Effect of dilutive stock options and warrants	514	858
Denominator for diluted net income per share	37,290	37,017
Net income attributable to Neogen Corporation per share:	'	'
Basic	$0.24	$0.22
Diluted	$0.24	$0.21

Net_Income_Per_Share_Additiona

Net Income Per Share - Additional Information (Detail)	0 Months Ended
	Oct. 31, 2013
Net Income Per Share [Line Items]	'
Stock split	1.5

Segment_Information_Additional

Segment Information - Additional Information (Detail)	3 Months Ended
	Aug. 31, 2014
	Segment
Segment Reporting Information [Line Items]	'
Number of reportable segments	2

Segment_Information_Detail

Segment Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2014		Aug. 31, 2013		31-May-14
Segment Reporting Information [Line Items]	'		'		'
Product revenues to external customers	$59,255		$51,346		'
Service revenues to external customers	8,344		7,202		'
Total revenues to external customers	67,599		58,548		'
Operating income (loss)	13,439		12,418		'
Total assets	357,662		308,137		345,301
Operating Segments | Food Safety	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Product revenues to external customers	29,093		28,554		'
Service revenues to external customers	1,870		1,444		'
Total revenues to external customers	30,963		29,998		'
Operating income (loss)	7,515		8,701		'
Total assets	103,637		98,062		'
Operating Segments | Animal Safety	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Product revenues to external customers	30,162		22,792		'
Service revenues to external customers	6,474		5,758		'
Total revenues to external customers	36,636		28,550		'
Operating income (loss)	6,705		4,420		'
Total assets	176,419		136,687		'
Corporate and Eliminations	'		'		'
Segment Reporting Information [Line Items]	'		'		'
Product revenues to external customers	'		0	[1]	'
Service revenues to external customers	0	[1]	0	[1]	'
Total revenues to external customers	0	[1]	0	[1]	'
Operating income (loss)	-781	[1]	-703	[1]	'
Total assets	$77,606	[1]	$73,388	[1]	'
[1]	Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, deferred assets and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.

Equity_Compensation_Plans_Addi

Equity Compensation Plans - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013	31-May-14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Share based compensation	$907,000	$789,000	'
Weighted-Average Grant-Date Fair Value of Options Granted	'	'	$9.87
Stock options granted	0	'	'
Employee Stock Purchase Plan | 2011 Employee Stock Purchase Plan	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Annual maximum limit percentage of compensation to purchase shares	5.00%	'	'
Minimum	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Stock option vesting period	'5 years	'	'
Maximum	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Stock option vesting period	'10 years	'	'

Stock_Option_Activity_Detail

Stock Option Activity (Detail) (USD $)	3 Months Ended
	Aug. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Shares Outstanding, Beginning Balance	1,869,000
Shares, Granted	0
Shares, Exercised	191,000
Shares, Forfeited	27,000
Shares Outstanding, Ending Balance	1,651,000
Weighted-Average Exercise Price, Beginning Balance	$25.69
Weighted-Average Exercise Price, Granted	$0
Weighted-Average Exercise Price, Exercised	$14.85
Weighted-Average Exercise Price, Forfeited	$33.95
Weighted-Average Exercise Price, Ending Balance	$26.82

Fair_Value_of_Stock_Options_Gr

Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions (Detail)	12 Months Ended
	31-May-14
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items]	'
Risk-free interest rate	0.80%
Expected dividend yield	0.00%
Expected stock price volatility	33.10%
Expected option life (in years)	'4 years

Business_and_Product_Line_Acqu1

Business and Product Line Acquisitions - Additional Information (Detail) (USD $)

3 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

Aug. 31, 2014

Aug. 31, 2013

Jul. 01, 2013

Aug. 31, 2014

Jul. 01, 2013

Nov. 01, 2013

Nov. 01, 2013

Nov. 01, 2013

Nov. 01, 2013

Nov. 01, 2013

Jan. 02, 2014

Jan. 02, 2014

Jan. 02, 2014

SyrVet, Inc.

SyrVet, Inc.

SyrVet, Inc.

Prima Tech Incorporated

Prima Tech Incorporated

Prima Tech Incorporated

Prima Tech Incorporated

Prima Tech Incorporated

Chem Tech Ltd

Chem Tech Ltd

Chem Tech Ltd

Trademarks

Minimum

Maximum

Trademarks

Trademarks

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash consideration for purchase of business

'

'

$10,012,000

'

'

$12,068,000

'

'

'

'

$17,185,000

'

'

Contingent consideration potential payment

'

'

1,500,000

'

'

'

600,000

'

'

'

'

1,000,000

'

Purchase price allocation for accounts receivable

'

'

747,000

'

'

'

963,000

'

'

'

'

380,000

'

Purchase price allocation for inventory

'

'

2,195,000

'

'

'

2,796,000

'

'

'

'

4,096,000

'

Purchase price allocation for property and equipment

'

'

556,000

'

'

'

1,653,000

'

'

'

'

682,000

'

Purchase price allocation for current liabilities

'

'

226,000

'

'

'

1,840,000

'

'

'

'

184,000

'

Allocation of purchase price for contingent consideration potential payment

'

'

930,000

'

'

'

146,000

'

'

'

'

400,000

'

Purchase price allocation for non-amortizable trademarks

'

'

'

'

790,000

'

'

'

'

1,500,000

'

'

662,000

Purchase price allocation for intangible assets

'

'

4,810,000

'

'

'

4,400,000

'

'

'

'

7,536,000

'

Finite lived intangible assets, useful life

'

'

'15 years

'

'

'

'

'5 years

'15 years

'

'15 years

'

'

Cash paid for contingent consideration

'

'

'

689,000

'

'

'

'

'

'

'

'

'

Reversed the remaining contingent consideration accrual to other income

241,000

0

'

241,000

'

'

'

'

'

'

'

'

'

Purchase price allocation for prepaid assets

'

'

'

'

'

'

$8,000

'

'

'

'

$225,000

'

Long_Term_Debt_Additional_Info

Long Term Debt - Additional Information (Detail) (USD $)	3 Months Ended
	Aug. 31, 2014	31-May-14
Debt Instrument [Line Items]	'	'
Unsecured revolving line of credit, total amount available	$12,000,000	'
Unsecured revolving line of credit, maturity date	1-Sep-17	'
Unsecured revolving line of credit, interest terms	'LIBOR plus 100 basis points	'
Unsecured revolving line of credit, spread	1.00%	'
Unsecured revolving line of credit, interest rate	1.16%	'
Unsecured revolving line of credit, balance outstanding	0	'
Unsecured revolving line of credit, advances	$0	$0

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	3 Months Ended
	Aug. 31, 2014	31-May-14
Commitments and Contingencies Disclosure [Line Items]	'	'
Environmental remediation expense, period of remediation, years	'5 years	'
Estimated liability costs of remediation	$916,000	$916,000
Estimated liability, measurement period, years	'15 years	'
Minimum	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'
Environmental remediation expense	47,000	'
Maximum	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'
Environmental remediation expense	$79,000	'

Stock_Purchase_Additional_Info

Stock Purchase - Additional Information (Detail) (USD $)	3 Months Ended
	Aug. 31, 2014	Dec. 31, 2008
Stock Repurchase Program [Line Items]	'	'
Shares authorized to purchase	'	1,125,000
Cumulative number of shares repurchased	112,026	'
Cost of repurchased shares, including commissions	$923,000	'