Neogen Q1 Profit Rises - Quick Facts

(RTTNews) - Neogen Corp. (NEOG) reported that net income attributable to the company for the first quarter of its 2015 fiscal year was $8.88 million, a 13% increase compared to net income of $7.84 million in the first quarter of last year. Adjusted for a 3-for-2 stock split effective October 30, 2013, earnings per share in the latest-quarter were $0.24, compared to $0.21 a year ago.

First quarter results were favorably impacted by a $241,000 gain in other income related to an earn-out provision in the SyrVet acquisition; in the first quarter of fiscal 2014, charges of $636,000 were recorded due to currency translations.

Quarterly revenues increased 15% to $67.60 million from the previous year's first quarter revenues of $58.55 million.

"We are very pleased to report these results, especially our net income performance, as we faced a difficult comparison with an especially strong first quarter of the previous fiscal year. Our first quarter results and strong balance sheet provide a solid foundation from which to continue our growth momentum in the coming year," said James Herbert, Neogen's chief executive officer and chairman.

Neogen's revenue growth for the first quarter of its 2015 fiscal year was led by the 28% revenue increase reported for its Animal Safety segment. The acquisitions of SyrVet (veterinary instruments) in July 2013, Prima Tech (veterinary instruments) in November 2013, and Chem-Tech (agricultural insecticides) in January 2014, contributed significantly to the company's revenue increase for the quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share and revenues of $70.23 million for the quarter. Analysts' estimates typically exclude special items.