TECHNE CORPORATION AND SUBISIDARIES
(in thousands of $'s, except per share data)
Increase (Decrease)
Fiscal 2004 From FY 2003
----------------- ------------------
First Percent First
Quarter Of Sales Quarter
------- -------- -------
Sales 37,993 100% 3,445
Cost of sales 8,663 23% (27)
------ ---- -----
Gross margin 29,330 77% 3,472
Gross margin percentage 77.2%
SG&A expense 5,083 13% 132
R&D expense 4,963 13% 130
Amortization expense 400 1% (84)
Interest expense 175 -- (148)
Interest income (726) (2%) 64
Other non-operating exp., net 78 -- (72)
------ ---- ------
9,973 26% 22
------ ---- ------
Earnings before income taxes 19,357 51% 3,450
Income taxes 6,785 18% 1,323
------ ---- ------
12,572 33% 2,127
Diluted earnings per share 0.30
Weighted average diluted
shares outstanding 41,600
HEMATOLOGY DIVISION
(in thousands of $'s)
Increase (Decrease)
Fiscal 2004 From FY 2003
----------------- ------------------
First Percent First
Quarter Of Sales Quarter
------- -------- -------
Sales 4,281 100% 507
Cost of sales 2,346 55% 209
------ ---- -----
Gross margin 1,935 45% 298
Gross margin percentage 45.2%
SG&A expense 391 9% (9)
R&D expense 191 4% 18
Interest income (77) (2%) 24
------ ---- -----
505 12% 33
------ ---- -----
Pretax result 1,430 33% 265
====== ==== =====
BIOTECHNOLOGY DIVISION
(in thousands of $'s)
Increase (Decrease)
Fiscal 2004 From FY 2003
----------------- ------------------
First Percent First
Quarter Of Sales Quarter
------- -------- -------
Sales 28,653 100% 2,016
Intersegment sales (4,621) (471)
------ ------
24,032 1,545
Cost of sales 5,916 21% 190
Intersegment sales (4,520) (370)
------ ------
1,396 (180)
Gross margin 22,636 79% 1,725
Gross margin percentage 79.4%
SG&A expense 2,650 9% (62)
R&D expense 4,164 15% 201
Amortization expense 400 1% (84)
Interest income (406) (1%) 86
------ ---- ------
6,808 24% 141
------ ---- ------
Pretax result 15,828 55% 1,584
====== ==== ======
R&D SYSTEMS EUROPE
(in thousands of Br. pounds)
Increase (Decrease)
Fiscal 2004 From FY 2003
----------------- ------------------
First Percent First
Quarter Of Sales Quarter
------- -------- -------
Sales 5,980 100% 663
Intersegment sales -- 9
------ ------
5,980 672
Cost of sales 3,040 51% (157)
------ ---- ------
Gross margin 2,940 49% 820
Gross margin percentage 49.2%
SG&A expense 1,050 18% 17
Interest income (127) (2%) (23)
Exchange loss/(gain) (49) (1%) (80)
------ ---- ------
874 15% (86)
------ ---- ------
Pretax result 2,066 35% 906
====== ==== ======
R&D SYSTEMS EUROPE
(in thousands of $'s)
Increase (Decrease)
Fiscal 2004 From FY 2003
----------------- ------------------
First Percent First
Quarter Of Sales Quarter
------- -------- -------
Sales 9,680 100% 1,379
Intersegment sales -- 14
------ ------
9,680 1,393
Cost of sales 4,921 51% (71)
------ ---- ------
Gross margin 4,759 49% 1,450
Gross margin percentage 49.2%
SG&A expense 1,700 18% 88
Interest income (206) (2%) (43)
Exchange loss/(gain) (84) (1%) (133)
------ ---- ------
1,410 15% (88)
------ ---- ------
Pretax result 3,349 35% 1,538
====== ==== ======
CORPORATE AND OTHER (1)
(in thousands of $'s)
Increase (Decrease)
Fiscal 2004 From FY 2003
----------------- ------------------
First First
Quarter Quarter
------- -------
Interest income 37 2
Rental income 19 19
----- ---
56 21
SG&A expense 342 115
R&D-CCX losses 436 (83)
R&D-DGI losses 172 (6)
Interest expense 175 (148)
Building expense 181 80
----- ---
1,306 (42)
----- ---
Pretax result (1,250) 63
===== ===
(1) Unallocated corporate expenses and Techne's share of losses by
ChemoCentryx, Inc. (CCX) and Discovery Genomics, Inc. (DGI)