-----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, TD+0Zjvc07zwwR7VmIo6+jdZyDCKZKqEJj4ohfXFONGeuarBqKhoCP3Aktorgzua 1SGZzD6qpUSdvkZ7n1yM4g== 0000842023-06-000002.txt : 20060201 0000842023-06-000002.hdr.sgml : 20060201 20060201130521 ACCESSION NUMBER: 0000842023-06-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060201 DATE AS OF CHANGE: 20060201 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: 06568763 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 k8.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): January 31, 2006 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 Not Applicable (Former Name or Former Address, if changed since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: / / Written communications pursuant to Rule 425 under the Securities Act 17 CFR 230.425) / / Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) / / Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) / / Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition A copy of the press release issued by Techne Corporation on January 31, 2006, describing the results of operations for the quarter and six months ended December 31, 2005 and its financial condition as of December 31, 2005, is attached hereto as Exhibit 99.1. Segment information for Techne Corporation for the quarter and six months ended December 31, 2005 which has been included on Techne Corporation's website (www.techne-corp.com), is attached hereto as Exhibit 99.2. 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, as amended (the "Exchange 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. Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 Press Release dated January 31, 2006. 99.2 Segment information for the quarter and six months ended December 31, 2005. 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: February 1, 2006 TECHNE CORPORATION By: /s/ Thomas E. Oland --------------------------- Name: Thomas E. Oland Title: President and Chief Executive Officer EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 Press release of Techne Corporation dated January 31, 2006. 99.2 Segment information for Techne Corporation for the quarter and six months ended December 31, 2005. EX-99.1 2 press0106.txt PRESS RELEASE DATED 1/31/06 TECHNE CORPORATION RELEASES UNAUDITED SECOND QUARTER RESULTS FOR FISCAL YEAR 2006 Minneapolis/January 31, 2006/--Techne Corporation's (NASDAQ: TECH) consolidated net earnings increased 10.6% to $16.5 million or $.42 per diluted share for the quarter ended December 31, 2005 compared with $14.9 million or $.36 per diluted share for the quarter ended December 31, 2004. For the six months ended December 31, 2005, Techne's consolidated net earnings increased 15.1% to $33.5 million or $.84 per diluted share compared with $29.1 million or $.70 per diluted share for the six months ended December 31, 2004. Consolidated net earnings and diluted earnings per share were negatively impacted by the decline in exchange rates used to covert R&D Europe results from British pounds to U.S. dollars and stock option related compensation expense from the adoption of Financial Accounting Standards Board (FASB) Statement of Accounting Standards No. 123 (Revised 2004), Share-Based Payments (SFAS No. 123R). The acquisitions of Fortron Bio Science, Inc. and BiosPacific, Inc. on July 1, 2005 and an accelerated stock buyback transaction ("ASB") on March 1, 2005 had positive impacts. The impact of these items on comparable earnings and diluted earnings per share is summarized as follows: Periods Ended December 31, 2005 --------------------------------------------------- Second Quarter Fiscal Year to Date ------------------------- ------------------------- Net % of Net Diluted Net % of Net Diluted Earnings Sales EPS Earnings Sales EPS -------- -------- ------- -------- -------- ------- ($000's) ($000's) Net Earnings as Reported $16,514 34.4% $0.42 $33,515 35.0% $0.84 Stock Option Expense(1) 737 1.5% 0.02 949 1.0% 0.03 Foreign Exchange (1) 285 0.6% -- 353 0.4% 0.01 Earnings from Acquisitions (1) (100) (0.2%) -- (283) (0.3%) (0.01) ASB (0.03) (0.05) -------- -------- ------- -------- -------- ------- $17,436 36.3% $0.41 $34,534 36.1% $0.82 Periods ended 12/31/04 $14,934 35.3% $0.36 $29,126 35.0% $0.70 Change 16.8% 13.9% 18.6% 12.9% (1) Net of income taxes Consolidated net sales for the three and six months ended December 31, 2005 were $48.0 million and $95.7 million, respectively. This was an increase of 13.7% and 15.1% from the three and six months ended December 31, 2004, respectively. R&D Systems' Biotechnology Division net sales for the three and six months ended December 31, 2005 were $29.0 million and $58.7 million, increases of 16.5% and 15.6%, respectively. R&D Europe's net sales for the three and six months ended December 31, 2005 were $13.1 million and $25.0 million, increases of 1.9% and 4.6%, respectively. In British pound sterling, R&D Europe's net sales increased 10.6% and 10.3% for the three and six months ended December 31, 2005, respectively. R&D Systems' Hematology Division net sales for the quarter were $3.8 million, a decrease of 16.3%, mainly as a result of a large OEM customer changing to a new primary vendor in January 2005. Included in net sales for the three and six months ended December 31, 2005 was $2.2 million and $4.8 million, respectively, of net sales from Fortron Bio Science, Inc. and BiosPacific, Inc., which were acquired effective July 1, 2005. Periods Ended December 31 --------------------------------------------------- ($000's) Second Quarter Fiscal Year to Date ------------------------ ------------------------ 2006 2005 Change 2006 2005 Change ------- ------- ------ ------- ------- ------ Net Sales as Reported $48,029 $42,247 13.7% $95,738 $83,166 15.1% Foreign Exchange 1,110 2.7% 1,355 1.6% Acquisitions (2,180) (5.2%) (4,780) (5.7%) ------- ------- ------ ------- ------- ------ $46,959 $42,247 11.2% $92,313 $83,166 11.0% Consolidated gross margins were 77.7% in the second quarter of fiscal 2006 as compared to 76.7% in the first quarter of fiscal 2006. For the six months ended December 31, 2005, consolidated gross margins were 77.2%. Excluding Fortron and BiosPacific, gross margins were 79.8% compared to 78.8% in the second quarter of fiscal 2005 and 79.5% compared to the 78.6% in the six months ended December 31, 2004. This increase was the result of a favorable mix of higher margin Biotechnology Division sales as compared to Hematology and R&D Europe sales. Gross margins for Fortron and BiosPacific operations of 34.5% and 35.0% for the quarter and six months ended December 31, 2005, respectively were negatively affected by purchase accounting related to inventory acquired. Selling, general and administrative expenses as a percent of net sales increased to 16.6% and 15.1% for the three and six month periods ended December 31, 2005, respectively, primarily because the adoption of SFAS No. 123R related to stock option compensation added $1.1 million of expense for the three months ended December 31, 2005. Excluding the impact of adopting SFAS No. 123R, selling, general and administrative expense as a percent of net sales decreased to 14.3% from 14.9% for the three months ended December 31, 2005 and 2004, respectively, and to 13.6% from 14.3% in the six month periods ended December 31, 2005 and 2004, respectively. Stock compensation expense during the three months ended December 31, 2005 primarily resulted from stock options granted to the Company's non-employee members of the Board of Directors upon their annual reelection, which occurred at the Company's October annual meeting, or their initial appointment. As a result of adopting SFAS No. 123R, estimated total compensation expense of approximately $1.7 million or $.04 per diluted share is anticipated for fiscal 2006 of which approximately $300,000 remains to be expensed in the last six months of the fiscal year. The dollar increases in selling, general and administrative expenses were also impacted by the acquisitions of Fortron and BiosPacifc. Periods Ended December 31 -------------------------------------------------- ($000's) Second Quarter Fiscal Year to Date ------------------------ ------------------------ 2006 2005 Change 2006 2005 Change ------- ------- ------ ------- ------- ------ S,G&A as Reported $7,980 $6,290 26.9% $14,434 $11,924 21.0% Stock Option Expense (1,106) (17.6%) (1,376) (11.5%) Acquisitions (308) (4.9%) (674) (5.6%) ------- ------- ------ ------- ------- ------ $6,566 $6,290 4.4% $12,384 $11,924 3.9% Second quarter expenses are also higher than in the first quarter mainly because of costs associated with production and printing of the R&D Systems' 2006 catalog. The Company allocated approximately $12.8 million to goodwill and $7.1 million to other intangible assets arising from the acquisition of Fortron and BiosPacific. The intangible assets, mainly trade names and customer and supplier relationships, are being amortized over lives of one to eight years and amortization expense of $272,000 and $543,000 was recorded for the quarter and six months ended December 31, 2005, respectively, related to these assets. In March 2005, the Company repurchased approximately 2.9 million shares of its common stock under an ASB for an initial value of approximately $100 million. The ASB agreement was subject to a market price adjustment provision that was settled on December 30, 2005 for $26.0 million based on the volume weighted average price during the nine-month period ended in December 23, 2005. Forward Looking Statements: This earnings release contains forward-looking statements within the meaning of the Private Litigation Reform Act. These statements, including our expectations as to the estimated compensation expense resulting from stock option expensing, involve risks and uncertainties that 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 integration of the recent acquisitions, 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. We undertake no obligation to update or revise any forward-looking statements we make in this release due to new information or future events. Investors are cautioned not to place undue emphasis on these statements. Use of Non-GAAP Financial Measures: The non-GAAP financial measures used in this press release quantify the impact of adopting Financial Accounting Standards Board (FASB) Statement of Accounting Standards No. 123 (Revised 2004), Share-Based Payments (SFAS No. 123R) related to the expensing of stock option compensation, the decline in exchange rates used to covert R&D Europe results from British pounds to U.S. dollars, the acquisitions of Fortron Bio Science, Inc. and BiosPacific, Inc on July 1, 2005 and an accelerated stock buyback transaction ("ASB") on March 1, 2005 on reported net sales, selling, general and administrative expenses, net earnings and earnings per share for the three and six months ended December 31, 2005 as compared to the reported amounts for the same periods ended December 31, 2004. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We view these non-GAAP financial measures to be helpful in assessing the Company's ongoing operating results. In addition, these non-GAAP financial measures facilitate our internal comparisons to historical operating results and comparisons to competitors' operating results. We include these non-GAAP financial measures in our earnings announcement because we believe they are useful to investors in allowing for greater transparency related to supplemental information we use in our financial and operational analysis. Investors are encouraged to review the reconciliations of the non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures as provided with the financial statements attached to this press release. * * * * * * * * * * * * * * 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. R&D Systems has two subsidiaries, Fortron Bio Science, Inc. (Fortron), located in Minneapolis, and BiosPacific, Inc. (BiosPacific), located in Emeryville, California. Fortron develops and manufactures antibodies and BiosPacific is a worldwide supplier of biologics to manufacturers of in vitro diagnostic systems and immunodiagnostic kits. R&D Europe is a distributor of biotechnology products. Contact: Greg Melsen, Chief Financial Officer Kathy Backes, Controller 612) 379-8854 TECHNE CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) QUARTER ENDED SIX MONTHS ENDED ----------------- ----------------- 12/31/05 12/31/04 12/31/05 12/31/04 -------- -------- -------- -------- Net sales $48,029 $42,247 $95,738 $83,166 Cost of sales 10,695 8,941 21,791 17,828 -------- -------- -------- -------- Gross margin 37,334 33,306 73,947 65,338 Operating expenses: Selling, general and administrative 7,980 6,290 14,434 11,924 Research and development 4,574 4,619 9,291 9,307 Amortization of intangible assets 492 306 984 611 -------- -------- -------- -------- Total operating expenses 13,046 11,215 24,709 21,842 -------- -------- -------- -------- Operating income 24,288 22,091 49,238 43,496 Other expense (income): Interest expense 238 178 461 423 Interest income (1,130) (1,189) (2,104) (2,242) Other non-operating expense (income), net 281 416 492 882 -------- -------- -------- -------- Total other expense (income) (611) (595) (1,151) (937) -------- -------- -------- -------- Earnings before income taxes 24,899 22,686 50,389 44,433 Income taxes 8,385 7,752 16,874 15,307 -------- -------- -------- -------- Net earnings $ 16,514 $ 14,934 $ 33,515 $ 29,126 ======== ======== ======== ======== Earnings per share: Basic $ 0.42 $ 0.36 $ 0.86 $ 0.71 Diluted $ 0.42 $ 0.36 $ 0.84 $ 0.70 Weighted average common shares outstanding: Basic 38,877 41,279 38,815 41,224 Diluted 39,761 41,681 39,730 41,678 TECHNE CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) 12/31/05 6/30/05 -------- -------- Cash and equivalents $ 68,728 $ 80,344 Short-term available-for-sale investments 24,532 16,790 Trade accounts receivable 21,020 22,041 Other receivables 588 1,681 Inventory 9,950 7,758 Other current assets 6,352 6,367 -------- -------- Current assets 131,170 134,981 Available-for-sale investments 44,152 41,871 Property and equipment, net 88,265 89,036 Goodwill and intangible assets, net 33,013 14,138 Other non-current assets 13,513 15,237 -------- -------- Total assets $310,113 $295,263 ======== ======== LIABILITIES Current liabilities $ 13,815 $ 14,016 Long-term debt 12,797 13,378 Stockholders' equity 283,501 267,869 -------- -------- Total liabilities and equity $310,113 $295,263 ======== ======== EX-99.2 3 seg1205.txt SEGMENT RESULTS SEGMENT INFORMATION TECHNE CORPORATION AND SUBISIDARIES (in thousands of $'s, except per share data) Increase(Decrease) Fiscal 2006 From Fiscal 2005 -------------------------------- ---------------------- First Second Percent First Second Quarter Quarter YTD Of Sales Quarter Quarter YTD ------- ------- ------ -------- ------- ------- ------ Sales 47,709 48,029 95,738 100% 6,790 5,782 12,572 Cost of sales 11,096 10,695 21,791 23% 2,209 1,754 3,963 ------- ------- ------ -------- ------- ------- ------ Gross margin 36,613 37,334 73,947 77% 4,581 4,028 8,609 Gross margin percentage 76.7% 77.7% 77.2% SG&A expense 6,454 7,980 14,434 15% 820 1,690 2,510 R&D expense 4,717 4,574 9,291 10% 29 (45) (16) Amortization expense 492 492 984 1% 187 186 373 Interest expense 223 238 461 -- (22) 60 38 Interest income (974) (1,130) (2,104) (2%) 79 59 138 Other non-operating ex., net 211 281 492 -- (255) (135) (390) ------- ------- ------ -------- ------- ------- ------ 11,123 12,435 23,558 24% 838 1,815 2,653 ------- ------- ------ -------- ------- ------- ------ Earnings before income taxes 25,490 24,899 50,389 53% 3,743 2,213 5,956 Income taxes 8,489 8,385 16,874 18% 934 633 1,567 ------- ------- ------ -------- ------- ------- ------ 17,001 16,514 33,515 35% 2,809 1,580 4,389 Diluted earnings per share 0.43 0.42 0.84 Weighted average diluted shares outstanding 39,669 39,761 39,730 BIOTECHNOLOGY (1) (in thousands of $'s) Increase(Decrease) Fiscal 2006 From Fiscal 2005 --------------------------------- ---------------------- First Second Percent First Second Quarter Quarter YTD Of Sales Quarter Quarter YTD ------- ------- ------- -------- ------- ------- ------ Sales 37,599 37,697 75,296 100% 6,908 7,625 14,533 Intersegment sales (5,299) (6,555) (11,854) (495) (1,351)(1,846) ------- ------- ------- ------- ------- ------ 32,300 31,142 63,442 6,413 6,274 12,687 Cost of sales 8,470 8,147 16,617 22% 2,359 2,077 4,436 Intersegment sales (5,323) (6,140) (11,463) (567) (930)(1,497) ------- ------- ------- -------- ------- ------- ------ 3,147 2,007 5,154 1,792 1,147 2,939 Gross margin 29,153 29,135 58,288 78% 4,621 5,127 9,748 Gross margin percentage 77.5% 78.4% 77.9% SG&A expense 3,639 4,194 7,833 10% 666 779 1,445 R&D expense 4,532 4,404 8,936 12% 32 (26) 6 Amortization expense 492 492 984 1% 187 186 373 Interest, net (268) (373) (641) -- 146 191 337 ------- ------- ------- -------- ------- ------- ------ 8,395 8,717 17,112 23% 1,031 1,130 2,161 ------- ------- ------- -------- ------- ------- ------ Pretax result 20,758 20,418 41,176 55% 3,590 3,997 7,587 ======= ======= ======= ======== ======= ======= ====== (1) Fiscal 2006 includes R&D Systems' Biotechnology Division, Fortron Bio Science, Inc., and BiosPacific, Inc. R&D SYSTEMS EUROPE (in thousands of British pounds) Increase(Decrease) Fiscal 2006 From Fiscal 2005 --------------------------------- ---------------------- First Second Percent First Second Quarter Quarter YTD Of Sales Quarter Quarter YTD ------- ------- ------- -------- ------- ------- ------ Sales 6,690 7,529 14,219 100% 610 721 1,331 Cost of sales 3,292 3,765 7,057 50% 361 632 993 ------- ------- ------- -------- ------- ------- ------ Gross margin 3,398 3,764 7,162 50% 249 89 338 Gross margin percentage 50.8% 50.0% 50.4% SG&A expense 1,004 1,185 2,189 15% 54 24 78 Interest income (326) (329) (655) (4%) (72) (66) (138) Exchange loss 15 26 41 -- (11) 70 59 ------- ------- ------- -------- ------- ------- ------ 693 882 1,575 11% (29) 28 (1) ------- ------- ------- -------- ------- ------- ------ Pretax result 2,705 2,882 5,587 39% 278 61 339 ======= ======= ======= ======== ======= ======= ====== R&D SYSTEMS EUROPE (in thousands of $'s) Increase(Decrease) Fiscal 2006 From Fiscal 2005 --------------------------------- ---------------------- First Second Percent First Second Quarter Quarter YTD Of Sales Quarter Quarter YTD ------- ------- ------- -------- ------- ------- ------ Sales 11,875 13,106 24,981 100% 856 242 1,098 Cost of sales 5,844 6,554 12,398 50% 532 636 1,168 ------- ------- ------- -------- ------- ------- ------ Gross margin 6,031 6,552 12,583 50% 324 (394) (70) Gross margin percentage 50.8% 50.0% 50.4% SG&A expense 1,782 2,059 3,841 15% 60 (135) (75) Interest income (579) (572) (1,151) (4%) (119) (75) (194) Exchange loss 28 46 74 -- (19) 128 109 ------- ------- ------- -------- ------- ------- ------ 1,231 1,533 2,764 11% (78) (82) (160) ------- ------- ------- -------- ------- ------- ------ Pretax result 4,800 5,019 9,819 39% 402 (312) 90 ======= ======= ======= ======== ======= ======= ====== HEMATOLOGY (in thousands of $'s) Increase(Decrease) Fiscal 2006 From Fiscal 2005 --------------------------------- ---------------------- First Second Percent First Second Quarter Quarter YTD Of Sales Quarter Quarter YTD ------- ------- ------- -------- ------- ------- ------ Sales 3,534 3,781 7,315 100% (479) (734)(1,213) Cost of sales 2,105 2,134 4,239 58% (115) (29) (144) ------- ------- ------- -------- ------- ------- ------ Gross margin 1,429 1,647 3,076 42% (364) (705)(1,069) Gross margin percentage 40.4% 43.6% 42.1% SG&A expense 384 424 808 11% (25) (12) (37) R&D expense 185 170 355 5% (3) (19) (22) Interest, net (37) (50) (87) (1%) 19 27 46 ------- ------- ------- -------- ------- ------- ------ 532 544 1,076 15% (9) (4) (13) ------- ------- ------- -------- ------- ------- ------ Pretax result 897 1,103 2,000 27% (355) (701)(1,056) ======= ======= ======= ======== ======= ======= ====== CORPORATE AND OTHER (2) (in thousands of $'s) Increase(Decrease) Fiscal 2006 From Fiscal 2005 ------------------------ ---------------------- First Second First Second Quarter Quarter YTD Quarter Quarter YTD ------- ------- ------- ------- ------- ------ Interest income 90 135 225 48 84 132 Rental income 342 337 679 323 284 607 ------- ------- ------- ------- ------- ------ 432 472 904 371 368 739 SG&A expense 649 1,303 1,952 119 1,058 1,177 Interest expense 223 238 461 59 60 119 Other-Hemerus losses 82 82 164 79 12 91 Other-Building expenses 443 490 933 8 9 17 ------- ------- ------- ------- ------- ------ 1,397 2,113 3,510 265 1,139 1,404 ------- ------- ------- ------- ------- ------ Pretax result (965) (1,641) (2,606) 106 (771) (665) ======= ======= ======= ======= ======= ====== (2) Unallocated corporate expenses and Techne's share of losses by Hemerus Medical, LLC. -----END PRIVACY-ENHANCED MESSAGE-----