MINNEAPOLIS, Aug. 2, 2011 /PRNewswire/ — Techne Corporation’s
(NASDAQ:
TECH) financial results for the fourth quarter and fiscal year
ended June 30, 2011 include the following highlights:
Fourth quarter earnings grew 9.4% to $28.3 million or $.76 per
diluted share. Earnings for the quarter grew 21.2% to $31.6
million or $.85 per diluted share when adjusted for intangible
asset amortization, costs recognized upon the sale of inventory
that was written up to fair value as part of the acquisitions
completed in the quarter and professional and other acquisition
related costs. Fiscal year earnings grew 2.3% to $112 million or
$3.02 per diluted share. Earnings for the fiscal year grew 9.9% to
$116 million or $3.13 per diluted share when adjusted for the above
identified items and the tax benefit in fiscal 2010 from
repatriation of cash.
Net sales as reported grew 17.0% to $78.0 million for the
quarter. Organic sales grew 6.5% in the quarter.Net sales as
reported grew 7.8% to $290 million for the fiscal year. Organic
sales grew 5.9% in the fiscal year. Consolidated net earnings
for the quarter and fiscal year ended June 30, 2011 were impacted
by the acquisition of Boston Biochem, Inc. (Boston Biochem) on
April 1, 2011 and Tocris Holdings Limited (Tocris) on April 28,
2011, including the cost recognized upon the sale of inventory that
was written up to fair value as part of the acquisitions, increased
amortization of acquired intangible assets, professional fees
and other costs to complete the transactions and an increase in the
effective tax rate as a result of certain acquisition costs not
being deductible. Increased sales and foreign exchange
transaction gains also helped to improve earnings. Results
for the prior fiscal year included a $4.7 million tax benefit,
equating to $.12 per share
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