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)