SEGMENT INFORMATION
TECHNE CORPORATION AND SUBISIDARIES
(in thousands of $'s, except per share data)
Fiscal 2009 Increase (Decrease) From Fiscal 2008
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First Second Third Fourth Percent First Second Third Fourth
Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD
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Sales 69,324 61,876 67,866 64,890 263,956 100% 11,337 (266) (1,656) (2,879) 6,536
Cost of sales 13,086 13,430 14,316 14,656 55,488 21% 982 679 170 768 2,599
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Gross margin 56,238 48,446 53,550 50,234 208,468 79% 10,355 (945) (1,826) (3,647) 3,937
Gross margin
percentage 81.1% 78.3% 78.9% 77.4% 79.0%
SG&A expense 8,840 9,703 7,061 7,560 33,164 13% 750 (942) (1,933) (1,426) (3,551)
R&D expense 5,910 5,846 5,809 5,999 23,564 9% 729 284 (30) 187 1,170
Amortization
expense 240 240 240 240 960 - (48) (42) (43) (42) (175)
Interest income (2,887) (2,205) (1,504) (1,038) (7,634) (3%) 111 1,047 1,651 1,745 4,554
Other non-oper-
ating ex., net 1,187 712 1,103 49 3,051 1% 618 139 680 (1,030) 407
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13,290 14,296 12,709 12,810 53,105 20% 2,160 486 325 (566) 2,405
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Earnings before
income taxes 42,948 34,150 40,841 37,424 155,363 59% 8,195 (1,431) (2,151) (3,081) 1,532
Income taxes 14,355 10,528 13,200 12,038 50,121 19% 2,674 (1,414) (202) (1,210) (152)
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28,593 23,622 27,641 25,386 105,242 40% 5,521 (17) (1,949) (1,871) 1,684
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Diluted earnings
per share .74 .62 .74 .68 2.78
Weighted average
diluted shares
outstanding 38,747 37,992 37,499 37,332 37,900
BIOTECHNOLOGY (1)
(in thousands of $'s)
Fiscal 2009 Increase (Decrease) From Fiscal 2008
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First Second Third Fourth Percent First Second Third Fourth
Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD
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Sales 53,899 48,643 53,718 49,734 205,994 100% 8,571 2,067 806 (261) 11,183
Intersegment
sales (7,762) (8,311) (8,579) (7,429)(32,081) (1,315) (878) (757) 17 (2,933)
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46,137 40,332 45,139 42,305 173,913 7,256 1,189 49 (244) 8,250
Cost of sales 10,247 11,090 11,080 10,311 42,728 21% 1,250 1,478 371 64 3,163
Intersegment
sales (7,461) (8,339) (8,494) (7,454)(31,748) (1,287) (909) (739) 284 (2,651)
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2,786 2,751 2,586 2,857 10,980 (37) 569 (368) 348 512
Gross margin 43,351 37,581 42,553 39,448 162,933 79% 7,293 620 417 (592) 7,738
Gross margin
percentage 81.0% 77.2% 79.4% 79.3% 79.3%
SG&A expense 5,141 5,418 4,262 4,214 19,035 9% 517 (116) (995) (1,352) (1,946)
R&D expense 5,717 5,643 5,622 5,810 22,792 11% 715 275 (18) 188 1,160
Amortization
expense 240 240 240 240 960 -- (48) (42) (43) (42) (175)
Interest, net (1,084) (970) (853) (743) (3,650) (1%) 173 339 432 245 1,189
Other expense (2) 1 1 2 2 -- (36) (11) 6 (387) (428)
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10,012 10,332 9,272 9,523 39,139 19% 1,321 445 (618) (1,348) (200)
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Pretax result 33,339 27,249 33,281 29,925 123,794 60% 5,972 175 1,035 756 7,938
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(1) Includes R&D Systems' Biotechnology Division, BiosPacific, Inc.
and R&D China
R&D SYSTEMS EUROPE
(in thousands of Br. pounds)
Fiscal 2009 Increase (Decrease) From Fiscal 2008
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First Second Third Fourth Percent First Second Third Fourth
Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD
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Sales 10,175 11,197 12,716 11,134 45,222 100% 2,570 1,896 2,536 569 7,571
Cost of sales 4,260 5,361 6,540 5,683 21,844 48% 805 1,308 2,148 1,197 5,458
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Gross margin 5,915 5,836 6,176 5,451 23,378 52% 1,765 588 388 (628) 2,113
Gross margin
percentage 58.1% 52.1% 48.6% 49.0% 51.7%
SG&A expense 1,224 1,364 1,191 1,188 4,967 11% 110 88 28 (65) 161
Interest income (790) (583) (235) (102) (1,710) (4%) (107) 190 527 638 1,248
Exchange loss/
(gain) 260 (35) 163 (368) 20 1% 356 46 393 (359) 436
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694 746 1,119 718 3,277 8% 359 324 948 214 1,845
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Pretax result 5,221 5,090 5,057 4,733 20,101 44% 1,406 264 (560) (842) 268
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R&D SYSTEMS EUROPE
(in thousands of $'s)
Fiscal 2009 Increase (Decrease) From Fiscal 2008
------------------------------------------------ ---------------------------------------
First Second Third Fourth Percent First Second Third Fourth
Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD
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Sales 18,941 17,284 18,293 18,023 72,541 100% 3,492 (1,743) (1,933) (3,010) (3,194)
Cost of sales 7,931 8,274 9,405 9,430 35,040 48% 911 (19) 679 508 2,079
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Gross margin 11,010 9,010 8,888 8,593 37,501 52% 2,581 (1,724) (2,612) (3,518) (5,273)
Gross margin
percentage 58.1% 52.1% 48.6% 47.7% 51.7%
SG&A expense 2,283 2,094 1,714 1,876 7,967 11% 21 (505) (597) (619) (1,700)
Interest income (1,471) (906) (338) (28) (2,743) (4%) (84) 670 1,176 1,444 3,206
Exchange loss 476 5 238 (687) 32 1% 674 170 695 (670) 869
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1,288 1,193 1,614 1,161 5,256 8% 611 335 1,274 155 2,375
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Pretax result 9,722 7,817 7,274 7,432 32,245 44% 1,970 (2,059) (3,886) (3,673) (7,648)
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HEMATOLOGY
(in thousands of $'s)
Fiscal 2009 Increase (Decrease) From Fiscal 2008
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First Second Third Fourth Percent First Second Third Fourth
Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD
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Sales 4,246 4,260 4,434 4,562 17,502 100% 589 288 228 375 1,480
Cost of sales 2,369 2,405 2,325 2,369 9,468 54% 108 129 (141) (88) 8
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Gross margin 1,877 1,855 2,109 2,193 8,034 46% 481 159 369 463 1,472
Gross margin
percentage 44.2% 43.5% 47.6% 48.1% 45.9%
SG&A expense 436 398 310 319 1,463 9% (31) (89) (179) (241) (540)
R&D expense 193 203 187 189 772 4% 14 9 (12) (1) 10
Interest, net (102) (91) (80) (72) (345) (2%) 18 34 43 21 116
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527 510 417 436 1,890 11% 1 (46) (148) (221) (414)
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Pretax result 1,350 1,345 1,692 1,757 6,144 35% 480 205 517 684 1,886
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CORPORATE AND OTHER (2)
(in thousands of $'s)
Fiscal 2009 Increase (Decrease) From Fiscal 2008
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First Second Third Fourth First Second Third Fourth
Quarter Quarter Quarter Quarter YTD Quarter Quarter Quarter Quarter YTD
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Interest income 230 238 233 195 896 (4) (4) -- (35) (43)
Rental income 99 131 115 136 481 32 20 24 1 77
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329 369 348 331 1,377 28 16 24 (34) 34
SG&A expense 980 1,793 775 1,151 4,699 243 (232) (162) 786 635
Other-Building
expenses 553 551 573 531 2,208 9 (49) (60) (7) (107)
Other-Equity
Investment losses 259 286 406 339 1,290 3 49 63 35 150
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1,792 2,630 1,754 2,021 8,197 255 (232) (159) 814 678
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Pretax result (1,463) (2,261) (1,406) (1,690) (6,820) (227) 248 183 (848) (644)
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(2) Unallocated corporate expenses and Techne's share of
losses by Hemerus Medical, LLC and Nephromics, LLC.