-----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, D4JOjjVa4ZvN2Ad+kEZvxRSODNP4oXI5h/M3Q+5zj7jYb3rvuyoZ5K6cfWF3jq8C BFcpPydLujnkXIPlm8cxyA== 0000842023-08-000018.txt : 20080805 0000842023-08-000018.hdr.sgml : 20080805 20080805091638 ACCESSION NUMBER: 0000842023-08-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080805 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080805 DATE AS OF CHANGE: 20080805 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: 08989840 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 k8q.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 5, 2008 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 August 5, 2008, describing the results of operations for the quarter and fiscal year ended June 30, 2008 and its financial condition as of June 30, 2008, is attached hereto as Exhibit 99.1. Segment information for Techne Corporation for the quarter and fiscal year ended June 30, 2008 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 August 5, 2008. 99.2 Segment information for the quarter and fiscal year ended June 30, 2008. 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 5, 2008 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 August 5, 2008. 99.2 Segment information for Techne Corporation for the quarter and fiscal year ended June 30, 2008. EX-99.1 2 release.txt EARNINGS RELEASE DATED AUGUST 5, 2008 TECHNE CORPORATION RELEASES UNAUDITED FOURTH QUARTER RESULTS FOR FISCAL YEAR 2008 Minneapolis/August 5, 2008/--Techne Corporation's (NASDAQ: TECH) consolidated net earnings for the quarter ended June 30, 2008 increased 18.9% to $27.3 million or $.70 per diluted share compared with $22.9 million or $.58 per diluted share for the quarter ended June 30, 2007. For the fiscal year ended June 30, 2008, Techne's consolidated net earnings increased 21.7% to $103.6 million or $2.64 per diluted share compared with $85.1 million or $2.15 per diluted share for the fiscal year ended June 30, 2007. Net earnings as a percentage of net sales improved to 40.2% for the fiscal year ended June 30, 2008 from 38.1% in the fiscal year ended June 30, 2007. The improvement in net earnings was mainly due to increased consolidated net sales. The favorable impact on consolidated net earnings of the change in exchange rates used to convert foreign currencies (primarily British pound sterling and Euros) to U.S. dollars was $296,000 ($.008 per diluted share) for the quarter and $1.3 million ($.034 per diluted share) for the fiscal year ended June 30, 2008. Consolidated net sales for the quarter and fiscal year ended June 30, 2008 were $67.8 million and $257.4 million, respectively. This was an increase of 16.0% and 15.2% from the quarter and fiscal year ended June 30, 2007, respectively. Consolidated net sales were favorably affected by the strength of foreign currencies as compared to the U.S. dollar. Excluding the effect of changes in foreign currency exchange rates, consolidated net sales increased 12.1% and 12.3% for the quarter and fiscal year ended June 30, 2008, respectively, from the comparable prior year periods. Biotechnology net sales, which include sales by R&D Systems' Biotechnology Division, R&D Systems China and BiosPacific, were $42.5 million and $165.7 million for the quarter and fiscal year ended June 30, 2008, increases of 11.6% and 13.0%, respectively, from the quarter and fiscal year ended June 30, 2007. This improvement was primarily the result of increased volume, including shipments to diagnostic customers. Increased sales to diagnostic customers positively effected Biotechnology net sales in the second and third quarters of fiscal 2008. The timing of diagnostic customer sales is not predictable and these sales increases are not necessarily indicative of future sales. Excluding sales to diagnostic customers, Biotechnology net sales increased 12.4% for the fiscal year ended June 30, 2008 from the comparable prior year period. R&D Europe's net sales for the quarter and fiscal year ended June 30, 2008 were $21.0 million and $75.7 million, increases of 30.0% and 22.6%, respectively, from the same prior-year periods. R&D Europe's net sales increased 16.0% and 12.2% for the quarter and fiscal year ended June 30, 2008 when measured at currency rates in effect in the comparable prior periods. Hematology net sales for the quarter and fiscal year ended June 30, 2008 were $4.2 million and $16.0 million, increases of 1.9% and 6.1%, respectively, compared to the quarter and fiscal year ended June 30, 2007. The increase for the fiscal year was mainly due to increased volume sales to several OEM customers during the third quarter of the fiscal year. Consolidated gross margins were 79.5% for both the quarter and fiscal year ended June 30, 2008, compared to 78.3% and 79.1% for the quarter and fiscal year ended June 30, 2007, respectively. The gross margin improvement resulted from higher gross margins in Europe due to favorable exchange rates and changes in sales mix as a result of higher sales growth in the Biotechnology Division as compared to the sales growth in the lower margin Hematology Division. This improvement was partially offset by lower gross margins generated from high volume sales to diagnostic customers, particularly in the second and third quarters of the fiscal year. Selling, general and administrative expenses for the quarter and fiscal year ended June 30, 2008 increased $1.1 million (14.6%) and $5.7 million (18.6%), respectively, from the same prior year periods. These increases include wage and salary increases and the hiring of additional marketing and administrative personnel to support the Company's sales growth. Selling, general and administrative expenses for the quarter ended June 30, 2008 also increased from the same prior year period due to increased profit sharing and bonuses of $841,000. Selling, general and administrative expenses for the fiscal year ended June 30, 2008 also increased because of additional profit sharing and bonuses of $2.0 million, increased legal fees of $837,000, R&D China selling, general and administrative expenses of $552,000, and the change in foreign currency exchange rates used to convert British pounds to U.S. dollars of $311,000. The effective tax rates for both the quarter and fiscal year ended June 30, 2008 were 32.7% as compared to effective tax rates of 32.9% and 34.0% for the quarter and fiscal year ended June 30, 2007, respectively. Fiscal year 2008 rates were positively impacted by changes in state apportionment estimates. Without significant business developments, the Company expects its fiscal 2009 effective income tax rate to range from approximately 33.0% to 34.0%. In November 2007, the Company's Board of Directors authorized the repurchase and retirement of up to $150 million of the Company's common stock. The Company repurchased approximately 140,000 shares of its common stock during the fourth quarter of fiscal 2008 for approximately $9.4 million. During fiscal 2008, the Company repurchased approximately 899,000 shares of its common stock for approximately $58.7 million. Forward Looking Statements: This earnings release contains forward-looking statements within the meaning of the Private Litigation Reform Act. These statements, including the Company's expectations as to and income tax rates, 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 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. * * * * * * * * * * * * 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, BiosPacific, Inc. (BiosPacific), located in Emeryville, California and R&D Systems China Co. Ltd., (R&D China), located in Shanghai, China. BiosPacific is a worldwide supplier of biologics to manufacturers of in vitro diagnostic systems and immunodiagnostic kits. R&D China and R&D Europe distribute 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 FISCAL YEAR ENDED 6/30/08 6/30/07 6/30/08 6/30/07 ------- ------- -------- ------- Net sales $67,769 $58,425 $257,420 $223,482 Cost of sales 13,888 12,697 52,889 46,667 ------- ------- -------- -------- Gross margin 53,881 45,728 204,531 176,815 ------- ------- -------- -------- Operating expenses: Selling, general and administrative 8,986 7,839 36,715 30,965 Research and development 5,812 5,014 22,394 20,082 Amortization of intangible assets 282 404 1,135 1,614 ------- ------- -------- -------- Total operating expenses 15,080 13,257 60,244 52,661 ------- ------- -------- -------- Operating income 38,801 32,471 144,287 124,154 Other expense (income): Interest expense -- -- -- 1,083 Interest income (2,783) (2,565) (12,188) (8,434) Other non-operating expense, net 1,079 894 2,644 2,574 ------- ------- -------- -------- Total other income (1,704) (1,671) (9,544) (4,777) ------- ------- -------- -------- Earnings before income taxes 40,505 34,142 153,831 128,931 Income taxes 13,248 11,218 50,273 43,820 ------- ------- -------- -------- Net earnings $27,257 $22,924 $103,558 $ 85,111 ======= ======= ======== ======== Earnings per share: Basic $ 0.70 $ 0.58 $ 2.65 $ 2.16 Diluted $ 0.70 $ 0.58 $ 2.64 $ 2.15 Weighted average common shares outstanding: Basic 38,665 39,444 39,139 39,406 Diluted 38,788 39,555 39,247 39,513 TECHNE CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) 6/30/08 6/30/07 -------- -------- ASSETS Cash and equivalents $166,992 $135,485 Short-term available-for-sale investments 39,353 29,289 Trade accounts receivable 31,747 29,559 Other receivables 1,585 1,407 Inventory 9,515 8,757 Other current assets 9,241 8,341 -------- -------- Current assets 258,433 212,838 Available-for-sale investments 87,384 91,433 Property and equipment, net 101,722 91,535 Goodwill and intangible assets, net 29,032 30,167 Other non-current assets 30,798 28,871 -------- -------- Total assets $507,369 $454,844 ======== ======== LIABILITIES Current liabilities $ 20,239 $ 17,193 Stockholders' equity 487,130 437,651 -------- -------- Total liabilities and equity $507,369 $454,844 ======== ======== EX-99.2 3 segment608.txt SEGMENT RESULTS SEGMENT INFORMATION TECHNE CORPORATION AND SUBISIDARIES (in thousands of $'s, except per share data)
Increase (Decrease) Fiscal 2008 From Fiscal 2007 ------------------------------------------------ -------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 57,987 62,142 69,522 67,769 257,420 100% 5,636 9,633 9,325 9,344 33,938 Cost of sales 12,104 12,751 14,146 13,888 52,889 21% 867 2,037 2,127 1,191 6,222 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Gross margin 45,883 49,391 55,376 53,881 204,531 79% 4,769 7,596 7,198 8,153 27,716 Gross margin percentage 79.1% 79.5% 79.7% 79.5% 79.5% SG&A expense 8,090 10,645 8,994 8,986 36,715 14% 1,023 1,815 1,765 1,147 5,750 R&D expense 5,181 5,562 5,839 5,812 22,394 9% 326 518 670 798 2,312 Amortization expense 288 282 283 282 1,135 - (115) (122) (120) (122) (479) Interest expense 0 0 0 0 0 - (268) (815) 0 0 (1,083) Interest income (2,998) (3,252) (3,155) (2,783)(12,188) (5%) (1,322) (1,296) (918) (218)(3,754) Other non-opera- ting ex., net 569 573 423 1,079 2,644 1% 84 145 (344) 185 70 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 11,130 13,810 12,384 13,376 50,700 19% (272) 245 1,053 1,790 2,816 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Earnings before income taxes 34,753 35,581 42,992 40,505 153,831 60% 5,041 7,351 6,145 6,363 24,900 Income taxes 11,681 11,942 13,402 13,248 50,273 20% 1,600 2,375 448 2,030 6,453 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 23,072 23,639 29,590 27,257 103,558 40% 3,441 4,976 5,697 4,333 18,447 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ====== Diluted earnings per share .58 .60 .76 .70 2.64 Weighted average diluted shares outstanding 39,587 39,497 39,108 38,788 39,247
BIOTECHNOLOGY (1) (in thousands of $'s)
Increase (Decrease) Fiscal 2008 From Fiscal 2007 ------------------------------------------------ -------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 45,328 46,576 52,912 49,995 194,811 100% 3,707 6,503 6,710 5,207 22,127 Intersegment sales (6,447) (7,433) (7,822) (7,446)(29,148) (748) (786) (750) (794)(3,078) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ 38,881 39,143 45,090 42,549 165,663 2,959 5,717 5,960 4,413 19,049 Cost of sales 8,997 9,612 10,709 10,247 39,565 20% 515 1,929 1,668 670 4,782 Intersegment sales (6,174) (7,430) (7,755) (7,738)(29,097) (650) (995) (608) (1,059)(3,312) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ 2,823 2,182 2,954 2,509 10,468 (135) 934 1,060 (389) 1,470 Gross margin 36,058 36,961 42,136 40,040 155,195 80% 3,094 4,783 4,900 4,802 17,579 Gross margin percentage 80.2% 79.4% 79.8% 79.5% 79.7% SG&A expense 4,624 5,534 5,257 5,566 20,981 10% 611 870 1,091 949 3,521 R&D expense 5,002 5,368 5,640 5,622 21,632 11% 327 514 669 789 2,299 Amortization expense 288 282 283 282 1,135 1% (115) (122) (120) (122) (479) Interest, net (1,257) (1,309) (1,285) (988) (4,839) (2%) (662) (587) (444) 43 (1,650) Exchange loss/ (gain) 34 12 (5) 389 430 -- 34 12 (5) 389 430 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 8,691 9,887 9,890 10,871 39,339 20% 195 687 1,191 2,048 4,121 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Pretax result 27,367 27,074 32,246 29,169 115,856 60% 2,899 4,096 3,709 2,754 13,458 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ======
(1) Includes R&D Systems' Biotechnology Division, BiosPacific, Inc. and R&D China R&D SYSTEMS EUROPE (in thousands of British pounds)
Increase (Decrease) Fiscal 2008 From Fiscal 2007 ------------------------------------------------ -------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 7,605 9,301 10,180 10,565 37,651 100% 735 1,450 1,326 2,411 5,922 Cost of sales 3,455 4,053 4,392 4,486 16,386 44% 170 287 301 689 1,447 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Gross margin 4,150 5,248 5,788 6,079 21,265 56% 565 1,163 1,025 1,722 4,475 Gross margin percentage 54.6% 56.4% 56.9% 57.5% 56.5% SG&A expense 1,114 1,276 1,163 1,253 4,806 13% 40 40 88 140 308 Interest income (683) (773) (762) (740) (2,958) (8%) (273) (293) (220) (145) (931) Exchange gain (96) (81) (230) (9) (416) (2%) (174) (17) (252) (15) (458) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 335 422 171 504 1,432 3% (407) (270) (384) (20)(1,081) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Pretax result 3,815 4,826 5,617 5,575 19,833 53% 972 1,433 1,409 1,742 5,556 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ======
R&D SYSTEMS EUROPE (in thousands of $'s)
Increase (Decrease) Fiscal 2008 From Fiscal 2007 ------------------------------------------------ -------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 15,449 19,027 20,226 21,033 75,735 100% 2,522 3,770 2,823 4,854 13,969 Cost of sales 7,020 8,293 8,726 8,922 32,961 44% 839 974 686 1,381 3,880 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Gross margin 8,429 10,734 11,500 12,111 42,774 56% 1,683 2,796 2,137 3,473 10,089 Gross margin percentage 54.6% 56.4% 56.9% 57.6% 56.5% SG&A expense 2,262 2,599 2,311 2,495 9,667 13% 242 194 199 276 911 Interest income (1,387) (1,576) (1,514) (1,472) (5,949) (8%) (616) (643) (447) (298)(2,004) Exchange gain (198) (165) (457) (17) (837) (2%) (345) (39) (499) (36) (919) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 677 858 340 1,006 2,881 3% (719) (488) (747) (58)(2,012) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Pretax result 7,752 9,876 11,160 11,105 39,893 53% 2,402 3,284 2,884 3,531 12,101 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ======
HEMATOLOGY (in thousands of $'s)
Increase (Decrease) Fiscal 2008 From Fiscal 2007 ------------------------------------------------ -------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 3,657 3,972 4,206 4,187 16,022 100% 155 146 542 77 920 Cost of sales 2,261 2,276 2,466 2,457 9,460 59% 163 129 381 199 872 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Gross margin 1,396 1,696 1,740 1,730 6,562 41% (8) 17 161 (122) 48 Gross margin percentage 38.2% 42.7% 41.4% 41.3% 41.0% SG&A expense 467 487 489 560 2,003 12% 69 48 58 138 313 R&D expense 179 194 199 190 762 5% (1) 4 1 9 13 Interest, net (120) (125) (123) (93) (461) (3%) (39) (30) (12) 43 (38) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 526 556 565 657 2,304 14% 29 22 47 190 288 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Pretax result 870 1,140 1,175 1,073 4,258 27% (37) (5) 114 (312) (240) ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ======
CORPORATE AND OTHER (2) (in thousands of $'s)
Increase (Decrease) Fiscal 2008 From Fiscal 2007 --------------------------------------- -------------------------------------- First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter YTD Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ Interest income 234 242 233 230 939 5 36 15 6 62 Rental income 67 111 91 135 404 (232) (130) 36 44 (282) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ 301 353 324 365 1,343 (227) (94) 51 50 (220) SG&A expense 737 2,025 937 365 4,064 101 703 417 (216) 1,005 Interest expense -- -- -- -- -- (268) (815) -- -- (1,083) Other-Building expenses 544 600 633 538 2,315 34 51 114 (96) 103 Other-Equity Investment losses 256 237 343 304 1,140 129 (9) 82 (28) 174 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ 1,537 2,862 1,913 1,207 7,519 (4) (70) 613 (340) 199 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ Pretax result (1,236) (2,509) (1,589) (842) (6,176) (223) (24) (562) 390 (419) ======= ======= ======= ======= ======= ======= ======= ======= ======= ======
(2) Unallocated corporate expenses and Techne's share of losses by Hemerus Medical, LLC and Nephromics, LLC. -----END PRIVACY-ENHANCED MESSAGE-----