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Neogen reports 27% increase in quarterly net income
Date:3/26/2013

operating officer. "We are also pleased to report third quarter sales that were not only substantially above last year, but also higher than our traditionally strong second quarter. Growth in revenues from new products launched in the last 18 months along with solid growth in many of our existing market segments contributed to the strong third quarter sales performance."

The third quarter was the 84th quarter of the past 89 quarters that Neogen reported revenue increases as compared with the previous year — including all consecutive quarters in the last eight years.

"As our balance sheet shows, we have been able to continue to grow our available cash balance even with three cash acquisitions within the past 12 months," said Steve Quinlan, Neogen's chief financial officer. "This positions us well to pursue all available avenues of growth, including further synergistic acquisitions."

Sales of Neogen's extensive line of food allergen tests increased in the third quarter of FY 2013 when compared to the prior year's third quarter, as food processors continued implementing programs to comply with components of the United States' Food Safety Modernization Act (FSMA) of 2011. The allergen testing by food processors helps prevent the contamination of non-allergenic products with known food allergens.

Sales of Neogen's test kits for meat speciation, and complementary Scotland-based laboratory services, more than tripled on a quarter-to-quarter comparison as the company responded to the horse meat scandal in Europe, where product represented as ground beef was found to contain horse and pig meat. This response helped the company's Neogen Europe subsidiary achieve an 18% increase in revenues for the third quarter when compared to the prior year quarter.

The third quarter also saw a significant increase in the sales of Neogen's line of dairy antibiotic tests. This increase, when compared to FY 2012's third quarter, was due to timing of
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SOURCE Neogen Corporation
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