LANSING – Neogen Corporation on Tuesday announced its revenues surpassed $100 million for the first time, while fiscal 2008 earnings set a new high as well.

Neogen, which develops and markets products dedicated to food and

animal safety, reported a 19 percent increase in revenues for its 2008

fiscal year, which ended May 31, and a 33 percent increase in profits.

Neogen’s revenues surpassed $100 million for the first time in its

history in FY 2008, coming in at $102,418,000, up from $86,138,000 in the

company’s previous fiscal year. Net income per share was $0.81 in FY 2008,

compared to $0.64 in the prior year. Both revenues and earnings for the

2008 fiscal year established new all-time highs for the 26-year-old

company.

Neogen’s fourth quarter revenues increased 20 percent on a year-to-year

comparison to $27,119,000. Quarterly net income per share was $0.21 for the

final FY 2008 three-month period. In the prior year, the company’s fourth

quarter revenues were $22,675,000 and net income was $0.16 per share.

Neogen’s fourth quarter was the 61st consecutive profitable quarter from

operations for the company, and the 65th quarter of the past 70 quarters to

show increased revenues as compared with the previous year.

“The exceptional results that we are reporting today clearly indicate

again that our mission of providing food and animal safety solutions is a

sustainable strategy,” said James Herbert, Neogen’s chief executive officer

and chairman. “Neogen is uniquely positioned to grow and prosper by helping

the world’s food producers and processors meet the ever-increasing

challenges — whether inside the farm gate, or anywhere throughout the

processing and distribution activities.”

Neogen’s Food Safety segment led the company’s FY 2008 revenue increase

with sales up 23 percent to $57,664,000. As none of Neogen’s FY 2008 acquisitions

involved food safety products, this increase was comprised entirely of

organic sales growth.

The company’s Scotland-based Neogen Europe operations experienced

another outstanding year, recording four consecutive quarters of organic

sales growth of more than 30 percent. Sales of dehydrated culture media, mycotoxin

tests, food allergen diagnostic kits, and AccuPoint ATP sanitation test

systems were particularly strong, achieving overall growth rates ranging

from 36 percent to 55 percent in FY 2008.

Neogen’s Soleris optical microbial detection technology had its second

consecutive strong year under the company’s ownership, with overall organic

sales growth of nearly 37 percent. Sales into the nutraceutical and food safety

diagnostic markets were particularly successful, where a significant number

of instruments were placed.

Revenues from the company’s Animal Safety segment grew 14 percent in the 2008

fiscal year. Successful integration of the Kane and Rivard acquisitions

contributed approximately $5.4 million to FY 2008 sales growth. Acquired by

Neogen in August 2007, Kane’s products include veterinary gloves, bovine

hoofcare, and surgical supplies. In addition to the acquisitions, Animal

Safety’s high margin diagnostic product lines achieved organic sales growth

of 13 percent for the year. The launch of a new line of syringes and

syringe/needle combos contributed to another year of double-digit organic

growth for veterinary instruments.

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