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Techne Corp. (TECH) Releases Unaudited Fourth Quarter And Fiscal Year 2012 Results


7/31/2012 12:03:20 PM

MINNEAPOLIS, July 31, 2012 /PRNewswire/ -- Techne Corporation's (NASDAQ:TECH) financial results for the fourth quarter and fiscal year ended June 30, 2012 include the following highlights:

Fourth quarter earnings were $27.2 million or $0.74 per diluted share. Adjusted earnings for the quarter were $29.4 million (a decrease of 6.8% from the prior fiscal year period) or $0.80 per diluted share. Earnings and adjusted earnings were negatively impacted by foreign currency fluctuations, which reduced reported sales and gross margins and increased foreign currency transaction losses. Adjusted earnings and earnings per share exclude intangible asset amortization, costs recognized upon the sale of inventory that was written-up to fair value and professional fees incurred as part of the acquisitions of Boston Biochem, Inc. and Tocris Holdings Limited completed in the quarter ended June 30, 2011.


Earnings for the fiscal year ended June 30, 2012 were $112 million or $3.04 per diluted share. Adjusted earnings for the fiscal year ended June 30, 2012 were $121 million (an increase of 3.7% from the prior fiscal year) or $3.26 per diluted share. Adjusted earnings and earnings per diluted share for the fiscal year also exclude the impact of impairment charges on certain equity investments and the reversal of deferred tax asset valuation allowances in addition to the acquisition- related items noted above.


Net sales as reported grew 0.8% to $78.7 million for the quarter ended June 30, 2012. Organic sales grew 0.6% in the quarter compared to the prior fiscal year. Organic sales exclude sales from acquisitions and the changes in foreign currency rates.


Net sales as reported grew 8.5% to $315 million for the fiscal year ended June 30, 2012. Organic sales grew 1.8% for the fiscal year ended June 30, 2012 compared to the prior fiscal year.

A stronger U.S. dollar as compared to foreign currencies reduced sales by $1.6 million in the quarter ended June 30, 2012 from the comparable prior-year quarter. Changes in foreign currency exchange rates did not have a material effect on sales for the fiscal year ended June 30, 2012.

The Biotechnology segment includes sales made through R&D Systems' Biotechnology Division, R&D Systems Europe, Tocris, R&D Systems China, BiosPacific and Boston Biochem. Biotechnology segment net sales were $73.0 million for both the quarters ended June 30, 2012 and 2011. Biotechnology net sales were $293 million for the fiscal year ended June 30, 2012, an increase of 8.5% from $270 million for the fiscal year ended June 30, 2011. Biotechnology sales declined 0.3% and grew 1.3% for the quarter and fiscal year ended June 30, 2012, respectively, if sales from the acquisitions and foreign currency effect are excluded.

Organic sales growth for the Biotechnology segment from the same prior-year periods were:




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