Neogen's Q1 Revenues and Net Income Increase 33%

Neogen Corporation NEOG announced today that its net income for the first quarter of FY 2011, which ended Aug. 31, increased 33% from the prior year's $4,395,000 to $5,824,000, or to $0.25 per share compared to the prior year's first quarter of $0.19, adjusted for a 3-for-2 stock split that was effective Dec. 15, 2009. First quarter revenues also increased 33% from the previous year's first quarter of $32,347,000 to $42,923,000 in FY 2011. The current year's 33% revenue increase is comprised of a 14% increase in organic sales of product lines available in the prior year's first quarter, and the addition of the BioKits and GeneSeek product lines.