-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A+T37fJDSlxZmU74Rv+9rREBsEYN5o7YZ5fqc0XQNmYoZ5EsAIderiHK8BIGzDjv HmmZJrMqxDQl0QR96BBYAw== 0000842023-03-000016.txt : 20030813 0000842023-03-000016.hdr.sgml : 20030813 20030813171139 ACCESSION NUMBER: 0000842023-03-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030812 ITEM INFORMATION: FILED AS OF DATE: 20030813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECHNE CORP /MN/ CENTRAL INDEX KEY: 0000842023 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 411427402 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17272 FILM NUMBER: 03842342 BUSINESS ADDRESS: STREET 1: 614 MCKINLEY PL N E CITY: MINNEAPOLIS STATE: MN ZIP: 55413 BUSINESS PHONE: 6123798854 MAIL ADDRESS: STREET 1: 614 MCKINLEY PLACE NE CITY: MINNEAPOLIS STATE: MN ZIP: 55413 8-K 1 press8k.txt 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): August 12, 2003 TECHNE CORPORATION ------------------ (Exact Name of Registrant as Specified in Charter) Minnesota 0-17272 41-1427402 - ---------------------------- ------- ---------- (State or Other Jurisdiction (Commission I.R.S. Employer of Incorporation) File Number) Identification No.) 614 Mckinley Place NE Minneapolis, MN 55413 --------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (612) 379-8854 Item 7. Financial Statements and Exhibits (c) Exhibits 99 Press Release dated August 12, 2003. 99.1 Segment information for the year ended June 30, 2003 Item 12. Results of Operations and Financial Condition A copy of the press release issued by Techne Corporation on August 12, 2003, describing the results of operations and its financial condition as of the quarter ended June 30, 2003, is attached hereto as Exhibit 99. Segment information for Techne Corporation for the fiscal year ended June 30, which has been included on Techne Corporation's website (www.techne-corp.com), is attached hereto as Exhibit 99.1. The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 13, 2003 TECHNE CORPORATION By: /S/ Thomas E. Oland --------------------------- Name: Thomas E. Oland Title: President and Chief Executive Officer EXHIBIT INDEX Exhibit No. Exhibit ----------- ------- 99 Press release of Techne Corporation dated August 12, 2003. 99.1 Segment information for Techne Corporation for the year ended June 30, 2003. EX-99 3 release803.txt PRESS RELEASE 8/12/2003 TECHNE CORPORATION RELEASES UNAUDITED FOURTH QUARTER RESULTS FOR FISCAL YEAR 2003 Minneapolis/August 12, 2003/--For the three months ended June 30, 2003, Techne Corporation's consolidated net earnings were $12,676,548 or 31 cents per share (diluted), compared with a loss of $303,659 or a 1 cent per share loss (diluted) in the fourth quarter of fiscal 2002. For the fiscal year ended June 30, 2003, Techne's consolidated net earnings were $45,396,293 or $1.08 per share (diluted) compared with $27,129,669 or 64 cents per share last year. Techne's results for the fourth quarter of fiscal 2002 included a $17.5 million litigation settlement with Amgen, Inc. The after-tax amount of the charge to Techne's results for the fourth quarter of last year was approximately $11.4 million or 27 cents per share. Consolidated net sales for the quarter and fiscal year ended June 30, 2003 were both records of $39,425,932 and $145,010,900, respectively. This was an increase of $3,790,390 or 11% and $14,110,505 or 11% from the fourth quarter and prior fiscal year. R&D Systems' Biotechnology Division net sales for the quarter and fiscal year increased $1,512,852 (7%) and $6,309,833 (7%). R&D Systems' Hematology Division net sales for the quarter and fiscal year increased $442,351 (10%) and $1,095,382 (7%). R&D Europe's net sales for the quarter and fiscal year increased $1,835,187 (22%) and $6,705,290 (22%). In British pounds, R&D Europe's net sales increased 11% for both the quarter and fiscal year. Adjusted for the effect of changes in foreign exchange rates, consolidated net sales increased 8% for both the fourth quarter and fiscal year. Gross margins, as a percentage of sales, decreased slightly from 76.0% in the fourth quarter of fiscal 2002 to 75.7% in fiscal 2003. However, for the full fiscal year, gross margins improved from 75.2% in fiscal 2002 to 75.6% in fiscal 2003. Gross margins vary slightly from quarter to quarter based on product mix and sales levels. Selling, general and administrative expenses for the quarter and fiscal year ended June 30, 2003 decreased $1,067,190 and $422,683 from the prior year, respectively. The decrease was mainly the result of lower employee profit sharing and stock bonus contributions. Research and development expenses for the fourth quarter and fiscal year ended June 30, 2003 increased $754,623 (16%) and $3,111,076 (18%), respectively. Part of the increase in each period was due to increased losses by ChemoCentryx, Inc. (CCX) and Discovery Genomics, Inc. (DGI), development stage companies in which Techne has invested. The portion of the losses by these two companies included in Techne results for the quarter and fiscal year ended June 30, 2003 were $908,190 and $3,187,902 ($.02 and $.08 per diluted share), respectively, compared to $814,382 and $1,855,450 ($.02 and $.04 per diluted share), respectively, in the fourth quarter and fiscal year ended June 30, 2002. R&D Systems' internal research and development expenses for the fourth quarter and fiscal year increased $660,816 (17%) and $1,778,624 (11%), respectively. R&D Systems released 1,015 new products in fiscal 2003 compared to 856 in fiscal 2002. On July 1, 2002, Techne adopted Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible Assets". Goodwill amortization of $1,567,500 and $6,270,000 was expensed in the fourth quarter and fiscal year ended June 30, 2002, respectively, but is no longer amortized under SFAS No. 142. The after tax effect of the goodwill expense in the fourth quarter and fiscal 2002 was $.02 and $.09 per diluted share, respectively. Interest expense for the fourth quarter and fiscal year ended June 30, 2003 decreased $146,955 and $346,699, respectively due to the change from a fixed rate of 7% to a floating interest rate (currently at 4%) on a mortgage note payable. Meanwhile, interest income for the same periods decreased $267,835 and $803,959, respectively, due to lower returns on short-term investments. The income tax rate increased in fiscal 2003 as a result of changes in state income tax regulations that resulted in $666,000 state income tax expense in fiscal 2003 compared to a state tax credit of $1 million in the fourth quarter of fiscal 2002. Thomas E. Oland, Techne's President and CEO, stated "We were very pleased with fiscal 2003 results for R&D Europe and R&D Systems' Hematology Division. Both exceeded our budget expectations for sales and earnings. R&D Europe also benefited from favorable currency exchange rates throughout the year. Our R&D Systems' Biotechnology Division did not do as well as we had expected. This was due to a slowdown in research spending by our pharmaceutical and biotechnology customers that began in our second fiscal quarter. We attribute the slowdown to general economic factors and recent world events. We believe the worst of the slowdown is behind us as we have seen sequential improvement in revenue growth in the third and fourth quarters of fiscal 2003. Further, we believe that our continuing focus on new product development and expanding product lines will support future growth." During fiscal 2003, Techne purchased and retired 1,026,500 shares of common stock at a market value of $22,512,572. From the start of the Company's repurchase program in May 1995, the Board of Directors has authorized, subject to market conditions and share price, the purchase and retirement of up to a total of $40 million of common stock. Through July 31, 2003, 2,397,700 shares have been purchased at a market value of $33,176,069. On a final note, Techne is pleased to announce the appointment of Mr. Robert V. Baumgartner, President and CEO of the Center for Diagnostic Imaging, Inc., as a Director and member of the Audit Committee. Mr. Baumgartner is a CPA and an experienced executive with a diverse background in public accounting, manufacturing, distribution, retail and medical industries. His combination of business experience and former background as a chief financial officer, treasurer and controller, combined with his current responsibilities as a CEO, are all essential qualifications that will benefit Techne. Mr. Baumgartner replaces Mr. Lowell E. Sears, who retired after nine years of service as a Techne Director. Statements in this earnings release and elsewhere which look forward in time involve risks and uncertainties which may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the introduction and acceptance of new biotechnology and hematology products, the levels and particular directions of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, the retention of hematology OEM and proficiency survey business, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships. For additional information concerning such factors, see the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. * * * * * * * * * * * * * * Techne Corporation has two operating subsidiaries: Research and Diagnostic Systems, Inc. (R&D Systems) of Minneapolis, Minnesota and R&D Systems Europe, Ltd. (R&D Europe) of Abingdon, England. R&D Systems is a specialty manufacturer of biological products and R&D Europe is a distributor of biotechnology products. Contact: Kathy Backes, Controller (612) 379-8854 TECHNE CORPORATION 6/30/03 (UNAUDITED) QUARTER ENDED FISCAL YEAR ENDED ------------------------ -------------------------- 6/30/03 6/30/02 6/30/03 6/30/02 ----------- ----------- ------------ ------------ Net sales $39,425,932 $35,635,542 $145,010,900 $130,900,395 Cost of sales 9,579,002 8,539,454 35,396,174 32,507,846 ----------- ----------- ------------ ------------ Gross margin 29,846,930 27,096,088 109,614,726 98,392,549 Operating expenses: Selling, general and administrative 4,818,843 5,886,033 19,376,538 19,799,221 Research and development 5,483,826 4,729,203 20,581,343 17,470,267 Amortization of intangible assets 484,812 2,137,311 1,939,250 8,549,246 Litigation settlement -- 17,500,000 -- 17,500,000 Interest expense 176,281 323,236 973,780 1,320,479 Interest income (706,865) (974,700) (2,933,348) (3,737,307) Other non-operating expense/(income) 47,485 (228,336) 121,870 (245,026) ----------- ----------- ------------ ------------ 10,304,382 29,372,747 40,059,433 60,656,880 ----------- ----------- ------------ ------------ Earnings before income taxes 19,542,548 (2,276,659) 69,555,293 37,735,669 Income taxes 6,866,000 (1,973,000) 24,159,000 10,606,000 ----------- ----------- ------------ ------------ Net earnings $12,676,548 $ (303,659) $ 45,396,293 $ 27,129,669 =========== =========== ============ ============ Earnings per share: Basic $ 0.31 $ (0.01) $ 1.10 $ 0.65 Diluted $ 0.31 $ (0.01) $ 1.08 $ 0.64 Weighted average common shares outstanding: Basic 40,807,361 41,565,855 41,237,473 41,507,727 Diluted 41,496,295 42,494,525 42,031,510 42,522,664 6/30/03 6/30/02 ------------ ------------ ASSETS Cash and equivalents $ 39,371,062 $ 26,392,480 Short-term investments 78,130,269 70,671,341 Receivables 20,440,270 19,413,618 Inventory 6,332,248 6,077,035 Other current assets 5,549,888 6,523,275 Property and equipment (net) 81,166,311 70,312,602 Intangible assets (net) 16,957,750 18,897,000 Other non-current assets 15,329,330 19,959,608 ------------ ------------ Total assets $263,277,128 $238,246,959 ============ ============ LIABILITIES Current liabilities $ 10,808,033 $ 14,629,524 Long-term debt 15,851,901 17,100,652 Stockholders' equity 236,617,194 206,516,783 ------------ ------------ Total liabilities and equity $263,277,128 $238,246,959 ============ ============ EX-99.1 4 seg03.txt SEGMENT RESULTS TECHNE CORPORATION AND SUBISIDARIES (in thousands of $'s, except per share data)
Fiscal 2003 Increase(Decrease) From FY 2002 --------------------------------------------- --------------------------------------- First Second Third Fourth Total % Of First Second Third Fourth Qtr Qtr Qtr Qtr FY03 Sales Qtr Qtr Qtr Qtr Total ------ ------ ------ ------ ------- ----- ----- ----- ----- ------ ------- Sales 34,548 33,300 37,737 39,426 145,011 100% 4,705 2,163 3,451 3,790 14,109 Cost of sales 8,690 8,371 8,756 9,579 35,396 24% 1,142 342 364 1,039 2,887 ------ ------ ------ ------ ------- ----- ----- ----- ----- ------ ------ Gross margin 25,858 24,929 28,981 29,847 109,615 76% 3,563 1,821 3,087 2,751 11,222 Gross margin percentage 74.85% 74.86% 76.80% 75.70% 75.59% SG&A expense 4,951 4,901 4,706 4,819 19,377 13% 262 145 237 (1,067) (423) R&D expense 4,833 4,979 5,285 5,484 20,581 14% 843 670 843 755 3,111 Amortization expense 484 485 485 485 1,939 1% (1,652) (1,652) (1,653) (1,653) (6,610) Litigation settlement -- -- -- -- -- -- -- -- -- (17,500) (17,500) Interest expense 323 297 178 176 974 1% (16) (38) (145) (147) (346) Interest income (790) (704) (732) (707) (2,933) (2%) 172 209 154 268 803 Other non-operating expense, net 150 (17) (58) 47 122 -- 303 (95) (117) 276 367 ------ ------ ------ ------ ------- ----- ----- ----- ----- ------ ------ 9,951 9,941 9,864 10,304 40,060 28% (88) (761) (681) (19,068) (20,598) ------ ------ ------ ------ ------- ----- ----- ----- ----- ------ ------ Earnings before income taxes 15,907 14,988 19,117 19,543 69,555 48% 3,651 2,582 3,768 21,819 31,820 Income taxes 5,462 5,107 6,724 6,866 24,159 17% 1,631 1,135 1,948 8,839 13,553 ------ ------ ------ ------ ------- ----- ----- ----- ----- ------ ------ 10,445 9,881 12,393 12,677 45,396 31% 2,020 1,447 1,820 12,980 18,267 ====== ====== ====== ====== ======= ===== ===== ===== ===== ====== ====== Diluted earnings per share 0.25 0.23 0.30 0.31 1.08 Weighted average diluted shares outstanding 42,286 42,316 41,991 41,496 42,032
HEMATOLOGY DIVISION (in thousands of $'s)
Fiscal 2003 Increase(Decrease) From FY 2002 ------------------------------------------- ------------------------------------- First Second Third Fourth Total % Of First Second Third Fourth Qtr Qtr Qtr Qtr FY03 Sales Qtr Qtr Qtr Qtr Total ----- ------ ----- ----- ------ ----- ----- ------ ----- ------ ------ Sales 3,774 3,987 3,996 4,909 16,666 100% 124 163 365 443 1,095 Cost of sales 2,137 2,113 2,180 2,374 8,804 53% 53 (12) 55 148 244 ----- ------ ----- ----- ------ ----- ----- ------ ----- ------ ------ Gross margin 1,637 1,874 1,816 2,535 7,862 47% 71 175 310 295 851 Gross margin percentage 43.38% 47.00% 45.45% 51.64% 47.17% SG&A expense 400 366 365 376 1,507 9% 46 5 19 (189) (119) R&D expense 173 193 199 205 770 5% (11) 2 1 44 36 Interest income (101) (83) (87) (82) (353) (2%) 12 25 19 35 91 ----- ------ ----- ----- ------ ----- ----- ------ ----- ------ ------ 472 476 477 499 1,924 12% 47 32 39 (110) 8 ----- ------ ----- ----- ------ ----- ----- ------ ----- ------ ------ Pretax result 1,165 1,398 1,339 2,036 5,938 36% 24 143 271 405 843 ===== ====== ===== ===== ====== ===== ===== ====== ===== ====== ======
BIOTECHNOLOGY DIVISION (in thousands of $'s)
Fiscal 2003 Increase(Decrease) From FY 2002 ---------------------------------------------- ------------------------------------- First Second Third Fourth Total % Of First Second Third Fourth Qtr Qtr Qtr Qtr FY03 Sales Qtr Qtr Qtr Qtr Total ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ------ Sales 26,638 24,955 28,516 28,986 109,095 100% 3,455 1,107 1,228 1,924 7,714 Intersegment sales (4,150) (4,501) (4,874) (4,605) (18,130) (332) (372) (288) (411) (1,403) ------ ------ ------ ------ ------- ----- ------ ----- ------ ------ 22,488 20,454 23,642 24,381 90,965 3,123 735 940 1,513 6,311 Cost of sales 5,726 5,460 5,692 6,066 22,944 21% 917 207 96 674 1,894 Intersegment sales (4,150) (4,483) (4,868) (4,607) (18,108) (450) (249) (441) (280) (1,420) ------ ------ ------ ------ ------- ----- ------ ----- ------ ------ 1,576 977 824 1,459 4,836 467 (42) (345) 394 474 Gross margin 20,912 19,477 22,818 22,922 86,129 79% 2,656 777 1,285 1,119 5,837 Gross margin percentage 78.50% 78.12% 80.04% 79.07% 78.97% SG&A expense 2,712 2,841 2,646 2,626 10,825 10% 91 56 (9) (960) (822) R&D expense 3,963 4,127 4,163 4,370 16,623 15% 287 392 448 617 1,744 Amortization expense 484 485 485 485 1,939 2% (1,652) (1,652) (1,653) (1,653) (6,610) Interest income (492) (407) (425) (402) (1,726) (2%) 148 208 178 261 795 ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ------ 6,667 7,046 6,869 7,079 27,661 25% (1,126) (996) (1,036) (1,735) (4,893) ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ------ Pretax result 14,245 12,431 15,949 15,843 58,468 54% 3,782 1,773 2,321 2,854 10,730 ====== ====== ====== ====== ======= ===== ===== ====== ===== ====== ======
R&D SYSTEMS EUROPE (in thousands of Br. pounds)
Fiscal 2003 Increase(Decrease) From FY 2002 ---------------------------------------------- ------------------------------------ First Second Third Fourth Total % Of First Second Third Fourth Qtr Qtr Qtr Qtr FY03 Sales Qtr Qtr Qtr Qtr Total ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- Sales 5,317 5,633 6,324 6,228 23,502 100% 596 366 702 630 2,294 Intersegment sales (9) (6) (8) (2) (25) 4 1 4 5 14 ------ ------ ------ ------ ------- ----- ------ ----- ------ ----- 5,308 5,627 6,316 6,226 23,477 600 367 706 635 2,308 Cost of sales 3,197 3,360 3,605 3,527 13,689 58% 180 (30) (4) (13) 133 ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- Gross margin 2,120 2,273 2,719 2,701 9,813 42% 416 396 706 643 2,161 Gross margin percentage 39.87% 40.35% 42.99% 43.37% 41.75% SG&A expense 1,033 992 965 1,002 3,992 17% 111 38 52 25 226 Interest income (104) (115) (115) (115) (449) (2%) (6) (22) (28) (20) (76) Exchange loss/(gain) 31 (79) (125) (51) (224) (1%) 137 (133) (134) 148 18 ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- 960 798 725 836 3,319 14% 242 (117) (110) 153 168 ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- Pretax result 1,160 1,475 1,994 1,865 6,494 28% 174 513 816 490 1,993 ====== ====== ====== ====== ======= ===== ===== ====== ===== ====== =====
R&D SYSTEMS EUROPE (in thousands of $'s)
Fiscal 2003 Increase(Decrease) From FY 2002 ---------------------------------------------- ------------------------------------ First Second Third Fourth Total % Of First Second Third Fourth Qtr Qtr Qtr Qtr FY03 Sales Qtr Qtr Qtr Qtr Total ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- Sales 8,301 8,870 10,112 10,138 37,421 100% 1,454 1,264 2,141 1,829 6,688 Intersegment sales (14) (10) (13) (3) (40) 6 0 4 6 16 ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- 8,287 8,860 10,099 10,135 37,381 1,460 1,264 2,145 1,835 6,704 Cost of sales 4,992 5,291 5,765 5,748 21,796 58% 617 396 649 491 2,153 ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- Gross margin 3,309 3,579 4,347 4,390 15,625 42% 837 868 1,492 1,338 4,535 Gross margin percentage 39.87% 40.35% 42.99% 43.37% 41.75% SG&A expense 1,612 1,563 1,544 1,636 6,355 17% 273 185 250 189 897 Interest income (163) (181) (184) (186) (714) (2%) (20) (47) (61) (47) (175) Exchange loss/(gain) 49 (127) (200) (77) (355) (1%) 202 (206) (213) 212 (5) ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- 1,498 1,255 1,160 1,373 5,286 14% 455 (68) (24) 354 717 ------ ------ ------ ------ ------- ----- ----- ------ ----- ------ ----- Pretax result 1,811 2,324 3,187 3,017 10,339 28% 382 936 1,516 984 3,818 ====== ====== ====== ====== ======= ===== ===== ====== ===== ====== =====
CORPORATE AND OTHER (1) (in thousands of $'s)
Fiscal 2003 Increase(Decrease) From FY 2002 --------------------------------------- ---------------------------------------- First Second Third Fourth Total First Second Third Fourth Qtr Qtr Qtr Qtr FY03 Qtr Qtr Qtr Qtr Total ------ ------ ------ ------ ------- ----- ----- ----- ------ ------- Interest income 35 33 36 36 140 (32) (23) (19) (19) (93) Rental income -- 6 19 47 72 -- 6 19 47 72 ------ ------ ------ ------ ------- ----- ----- ----- ------ ------- 35 39 55 83 212 (32) (17) -- 28 (21) SG&A expense 227 130 151 182 690 (148) (101) (24) (107) (380) R&D-CCX losses 519 496 792 773 2,580 436 219 404 171 1,230 R&D-DGI losses 178 163 131 136 608 133 58 (10) (78) 103 Litigation settlement -- -- -- -- -- -- -- -- (17,500) (17,500) Interest expense 323 297 178 176 974 (16) (38) (145) (147) (346) Building expense 101 117 160 172 550 102 117 115 110 444 ------ ------ ------ ------ ------- ----- ----- ----- ------ ------- 1,348 1,203 1,412 1,439 5,402 507 255 340 (17,551) (16,449) ------ ------ ------ ------ ------- ----- ----- ----- ------ ------- Pretax result (1,313) (1,164) (1,357) (1,356) (5,190) (539) (272) (340) 17,579 16,428 ====== ====== ====== ====== ======= ===== ===== ===== ====== =======
(1) Unallocated corporate expenses and Techne's share of losses by ChemoCentryx, Inc. (CCX) and Discovery Genomics, Inc. (DGI) -----END PRIVACY-ENHANCED MESSAGE-----