MINNEAPOLIS, April 30, 2013 /PRNewswire/ -- Techne Corporation's (NASDAQ: TECH) financial results for the third quarter and nine months ended March 31, 2013 include the following highlights:
Third quarter earnings were $33.1 million or $0.90 per diluted share. Adjusted earnings for the quarter were $32.5 million (a decrease of 3.2% from the prior fiscal year period) or $0.88 per diluted share. Earnings and adjusted earnings were negatively impacted by foreign currency fluctuations, which reduced reported sales and gross margins. Adjusted earnings and adjusted earnings per share exclude intangible asset amortization and costs recognized upon the sale of inventory that was written-up to fair value as part of the acquisitions completed in the quarter ended June 30, 2011 and also exclude certain income tax credits and changes in income tax estimates. Adjusted earnings and adjusted earnings per diluted share for the third quarter of fiscal 2012 also exclude the impact of impairment charges on certain equity investments and the reversal of deferred tax asset valuation allowances.
Earnings for the nine-month period ended March 31, 2013 were $84.1 million or $2.28 per diluted share. Adjusted earnings for the nine-month period ended March 31, 2013 were $87.8 million (a decrease of 4.1% from the prior fiscal year period) or $2.38 per diluted share. Adjusted earnings and earnings per diluted share for the nine-month periods were also impacted by the foreign currency fluctuations and exclude the acquisition-related items, impairment charges, income tax adjustments and the reversal of valuation allowance noted above.
Net sales as reported declined 3.2% to $81.0 million for the quarter ended March 31, 2013. Organic sales declined 3.0% in the quarter. Organic sales exclude changes in foreign currency exchange rates. The thi
|SOURCE Techne Corporation|
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