Neogen Corp chalks up 16% increase in full year revenues

Neogen Corporation (Nasdaq: NEOG) announced a 16% increase in revenues for the full year ended May 31, 2009.

Group revenues for FY 2009 were US$118.7 million, up from US$102.4. in the previous fiscal year. Net income per share was $0.92, compared to $0.81 in the prior year. Both revenues and net income for the 2009 fiscal year were record highs.

Neogen Corp’s fourth quarter revenues increased 14% on a year-to-year comparison to $30.89 million. Quarterly net income per share was $0.23 for the final FY 2009 three-month period. In the prior year, the company's fourth quarter revenues were approximately $27.12 million and net income was $0.21 per share.

"We are very pleased to announce these exceptional results in this difficult business environment," said James Herbert, Neogen's chief executive officer and chairman.

"Neogen's mission to provide food and animal safety solutions to diverse domestic and international markets has shown some resilience to the economic downturn. We continue to see a world of opportunity ahead for us, and we will continue to execute the growth strategies necessary to seize the opportunities."

International sales exceeded 40% of total revenues for the first time in the company’s history, but also impacted the headline number due to unfavourable currency movements. Neogen Europe recorded a 26% year-over-year revenue gain on a constant currency basis.

Revenues from the company's Animal Safety segment grew 29% in 2009 compared to the prior year. While the successful integration of the acquired DuPont line of disinfectants and cleaners, and IDS drug residue diagnostics, contributed the majority of Animal Safety's revenue growth for the year, sales of existing product lines achieved organic growth of 6% in the fourth quarter, and 4% for the year, the company stated.

Neogen's Food Safety segment recorded an organic revenue increase of 6% to US$61 million. .

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