SEGMENT INFORMATION
TECHNE CORPORATION AND SUBISIDARIES
(in thousands of $'s, except per share data)
Increase (Decrease)
Fiscal 2009 From Fiscal 2008
------------------------------ ---------------------
First Second Percent First Second
Qtr Qtr YTD Of Sales Qtr Qtr YTD
------ ------ ------- -------- ------ ------ -------
Sales 69,324 61,876 131,200 100% 11,337 (266) 11,071
Cost of sales 13,086 13,430 26,516 20% 982 679 1,661
------ ------ ------- -------- ------ ------ -------
Gross margin 56,238 48,446 104,684 80% 10,355 (945) 9,410
Gross margin
percentage 81.1% 78.3% 79.8%
SG&A expense 8,840 9,703 18,543 14% 750 (942) (192)
R&D expense 5,910 5,846 11,756 9% 729 284 1,013
Amortization expense 240 240 480 - (48) (42) (90)
Interest income (2,887)(2,205) (5,092) (3%) 111 1,047 1,158
Other non-operating
ex., net 1,187 712 1,899 1% 618 139 757
------ ------ ------- -------- ------ ------ -------
13,290 14,296 27,586 21% 2,160 486 2,646
------ ------ ------- -------- ------ ------ -------
Earnings before
income taxes 42,948 34,150 77,098 59% 8,195 (1,431) 6,764
Income taxes 14,355 10,528 24,883 19% 2,674 (1,414) 1,260
------ ------ ------- -------- ------ ------ -------
28,593 23,622 52,215 40% 5,521 (17) 5,504
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Diluted earnings
per share .74 .62 1.36
Weighted average
diluted shares
outstanding 38,747 37,992 38,370
BIOTECHNOLOGY (1)
(in thousands of $'s)
Increase (Decrease)
Fiscal 2009 From Fiscal 2008
------------------------------ ---------------------
First Second Percent First Second
Qtr Qtr YTD Of Sales Qtr Qtr YTD
------ ------ ------- -------- ------ ------ -------
Sales 53,899 48,643 102,542 100% 8,571 2,067 10,638
Intersegment sales (7,762)(8,311)(16,073) (1,315) (878) (2,193)
------ ------ ------- ------ ------ -------
46,137 40,332 86,469 7,256 1,189 8,445
Cost of sales 10,247 11,090 21,337 21% 1,250 1,478 2,728
Intersegment sales (7,461)(8,339)(15,800) (1,287) (909) (2,196)
------ ------ ------- ------ ------ -------
2,786 2,751 5,537 (37) 569 532
------ ------ ------- -------- ------ ------ -------
Gross margin 43,351 37,581 80,932 79% 7,293 620 7,913
Gross margin
percentage 81.0% 77.2% 79.2%
SG&A expense 5,141 5,418 10,559 10% 517 (116) 401
R&D expense 5,717 5,643 11,360 11% 715 275 990
Amortization expense 240 240 480 -- (48) (42) (90)
Interest, net (1,084) (970) (2,054) (1%) 173 339 512
Exchange loss/(gain) (2) 1 (1) -- (36) (11) (47)
------ ------ ------- -------- ------ ------ -------
10,012 10,332 20,344 20% 1,321 445 1,766
------ ------ ------- -------- ------ ------ -------
Pretax result 33,339 27,249 60,588 59% 5,972 175 6,147
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(1) Includes R&D Systems' Biotechnology Division, BiosPacific,
Inc. and R&D China
R&D SYSTEMS EUROPE
(in thousands of British pounds)
Increase (Decrease)
Fiscal 2009 From Fiscal 2008
------------------------------ ---------------------
First Second Percent First Second
Qtr Qtr YTD Of Sales Qtr Qtr YTD
------ ------ ------- -------- ------ ------ -------
Sales 10,175 11,197 21,372 100% 2,570 1,896 4,466
Cost of sales 4,260 5,361 9,621 45% 805 1,308 2,113
------ ------ ------- -------- ------ ------ -------
Gross margin 5,915 5,836 11,751 55% 1,765 588 2,353
Gross margin
percentage 58.1% 52.1% 55.0%
SG&A expense 1,224 1,364 2,588 12% 110 88 198
Interest income (790) (583) (1,373) (6%) (107) 190 83
Exchange loss/(gain) 260 (35) 225 1% 356 46 402
------ ------ ------- -------- ------ ------ -------
694 746 1,440 7% 359 324 683
------ ------ ------- -------- ------ ------ -------
Pretax result 5,221 5,090 10,311 48% 1,406 264 1,670
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R&D SYSTEMS EUROPE
(in thousands of $'s)
Increase (Decrease)
Fiscal 2009 From Fiscal 2008
------------------------------ ---------------------
First Second Percent First Second
Qtr Qtr YTD Of Sales Qtr Qtr YTD
------ ------ ------- -------- ------ ------ -------
Sales 18,941 17,284 36,225 100% 3,492 (1,743) 1,749
Cost of sales 7,931 8,274 16,205 45% 911 (19) 892
------ ------ ------- -------- ------ ------ -------
Gross margin 11,010 9,010 20,020 55% 2,581 (1,724) 857
Gross margin
percentage 58.1% 52.1% 55.3%
SG&A expense 2,283 2,094 4,377 12% 21 (505) (484)
Interest income (1,471) (906) (2,377) (6%) (84) 670 586
Exchange loss 476 5 481 1% 674 170 844
------ ------ ------- -------- ------ ------ -------
1,288 1,193 2,481 7% 611 335 946
------ ------ ------- -------- ------ ------ -------
Pretax result 9,722 7,817 17,539 48% 1,970 (2,059) (89)
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HEMATOLOGY
(in thousands of $'s)
Increase (Decrease)
Fiscal 2009 From Fiscal 2008
------------------------------ ---------------------
First Second Percent First Second
Qtr Qtr YTD Of Sales Qtr Qtr YTD
------ ------ ------- -------- ------ ------ -------
Sales 4,246 4,260 8,506 100% 589 288 877
Cost of sales 2,369 2,405 4,774 56% 108 129 237
------ ------ ------- -------- ------ ------ -------
Gross margin 1,877 1,855 3,732 44% 481 159 640
Gross margin
percentage 44.2% 43.5% 43.9%
SG&A expense 436 398 834 10% (31) (89) (120)
R&D expense 193 203 396 4% 14 9 23
Interest, net (102) (91) (193) (2%) 18 34 52
------ ------ ------- -------- ------ ------ -------
527 510 1,037 12% 1 (46) (45)
------ ------ ------- -------- ------ ------ -------
Pretax result 1,350 1,345 2,695 32% 480 205 685
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CORPORATE AND OTHER (2)
(in thousands of $'s)
Increase (Decrease)
Fiscal 2009 From Fiscal 2008
--------------------- ---------------------
First Second First Second
Qtr Qtr YTD Qtr Qtr YTD
------ ------ ------- ------ ------ -------
Interest income 230 238 468 (4) (4) (8)
Rental income 99 131 230 32 20 52
------ ------ ------- ------ ------ -------
329 369 698 28 16 44
SG&A expense 980 1,793 2,773 243 (232) 11
Other-Building
expenses 553 551 1,104 9 (49) (40)
Other-Equity
Investment losses 259 286 545 3 49 52
------ ------ ------- ------ ------ -------
1,792 2,630 4,422 255 (232) 23
------ ------ ------- ------ ------ -------
Pretax result (1,463)(2,261) (3,724) (227) 248 21
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(2) Unallocated corporate expenses and Techne's share of
losses by Hemerus Medical, LLC and Nephromics, LLC.