-----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, WDyYhKAsBRwHbfsIsI3K3i+VcMDwoKS/ZYvoSvTJElLxePBHBlf3Sq4xXCnWsNRr B0yog/J8K96oQDnCZfzuzg== 0000842023-10-000023.txt : 20100803 0000842023-10-000023.hdr.sgml : 20100803 20100803091227 ACCESSION NUMBER: 0000842023-10-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100803 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100803 DATE AS OF CHANGE: 20100803 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: 10985905 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 3, 2010 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 3, 2010, describing the results of operations for the quarter and fiscal year ended June 30, 2010 and its financial condition as of June 30, 2010, is attached hereto as Exhibit 99.1. Segment information for Techne Corporation for the quarter and fiscal year ended June 30, 2010 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 3, 2010. 99.2 Segment information for the quarter and fiscal year ended June 30, 2010. 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 3, 2010 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 3, 2010. 99.2 Segment information for Techne Corporation for the quarter and fiscal year ended June 30, 2010. EX-99.1 2 release610.txt PRESS RELEASE DATED AUGUST 3 TECHNE CORPORATION RELEASES UNAUDITED FOURTH QUARTER RESULTS FOR FISCAL YEAR 2010 Minneapolis/August 3, 2010/-- Techne Corporation's (NASDAQ: TECH) consolidated net earnings for the quarter ended June 30, 2010 increased 2.0% to $25.9 million or $.69 per diluted share compared with $25.4 million or $.68 per diluted share for the quarter ended June 30, 2009. Net operating income increased 6.8% to $38.9 million, or 58.3% of net sales, for the quarter ended June 30, 2010 as compared to net operating income of $36.4 million, or 56.1% of net sales, for the quarter ended June 30, 2009. The increase in net operating income for the quarter was primarily due to increased sales and improved gross margins as a result of changes in sales mix. The increased sales and improved gross margins for the quarter were partially offset by foreign exchange transaction losses. For the quarter ended June 30, 2010, foreign exchange transaction losses were $631,000 compared to foreign exchange transaction gains of $685,000 for the quarter ended June 30, 2009, resulting in a $.03 earnings per share impact between the quarters ended June 30 2010 and 2009. For fiscal 2010, Techne's consolidated net earnings increased 4.3% to $110 million or $2.94 per diluted share compared with $105 million or $2.78 per diluted share for fiscal 2009. Net operating income increased 3.7% to $156.3 million, or 58.1% of net sales, for fiscal 2010 as compared to net operating income of $150.8 million, or 57.1% of net sales, for fiscal 2009. The increase in net operating income for the fiscal year was primarily due to increased sales and improved gross margins as a result of changes in sales mix. The increased sales and improved gross margins for the fiscal year were partially offset by lower interest income of $3.3 million, or $.07 per share, and greater foreign exchange transaction losses of $926,000, or $.02 per share. Income taxes for fiscal 2010 included a $4.7 million tax benefit in the third quarter of fiscal 2010. The tax benefit, equating to $.12 per share, resulted from a foreign currency exchange tax loss on the repatriation of 50 million British pound sterling from R&D Europe to the U.S. Techne previously paid U.S. income taxes on the foreign earnings that were included in the repatriated funds. Consolidated net sales for the quarter and fiscal year ended June 30, 2010 were $66.7 million and $269.0 million, respectively. This was a 2.8% and 1.9% increase from the quarter and fiscal year ended June 30, 2009, respectively. Consolidated net sales for the quarter ended June 30, 2010 were negatively affected by a stronger U.S. dollar as compared foreign currencies (primarily British pound sterling and euro) for the quarter ended June 30, 2009. Excluding the effect of changes in foreign currency exchange rates, consolidated net sales increased 5.4% and 1.6% for the quarter and fiscal year ended June 30, 2010, 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 $45.3 million for the quarter ended June 30, 2010, an increase of 7.0% from $42.3 million for the quarter ended June 30, 2009. North American biotechnology sales to industrial pharmaceutical and biotechnology customers increased 11.7% during the fourth quarter of fiscal 2010 as compared to the fourth quarter of fiscal 2009. Biotechnology sales to academic customers, Pacific Rim distributors and sales in China grew 4.3%, 10.0% and 24.8%, respectively, in the fourth quarter of fiscal 2010 as compared to the fourth quarter of fiscal 2009. Biotechnology sales were $178 million for fiscal 2010, an increase of 2.3% over the same period last year. North American biotechnology sales to industrial pharmaceutical and biotechnology customers increased 0.9% during fiscal 2010 as compared to fiscal 2009. Biotechnology sales to academic customers, Pacific Rim distributors and sales in China grew 4.0%, 10.5% and 21.8%, respectively, in fiscal 2010 as compared to fiscal 2009. R&D Europe's net sales for the quarter and fiscal year ended June 30, 2010 were $17.0 million and $72.8 million, respectively, a decrease of 5.7% and an increase of 0.3% from the same prior-year periods. R&D Europe's net sales increased 3.8% and decreased 0.9%, respectively, for the quarter and fiscal year ended June 30, 2010 when measured at currency rates in effect in the comparable prior periods. Hematology net sales for the quarter and fiscal year ended June 30, 2010 were $4.5 million and $18.4 million, a decrease of 2.2% and an increase of 5.1%, respectively, from comparable prior-year periods. Consolidated gross margins were 79.3% and 79.8% for the quarter and fiscal year ended June 30, 2010, respectively, compared to 77.4% and 79.0% for the quarter and fiscal year ended June 30, 2009, respectively. The increased gross margins in fiscal 2010 are mainly the result of improved margins in the biotechnology segment due to incremental profit on increased sales volumes. Selling, general and administrative expenses for the quarter and fiscal year ended June 30, 2010 decreased $96,000 (1.3%) and $989,000 (3.0%), respectively from the quarter and fiscal year ended June 30, 2009. The decrease in selling, general and administrative expense for the quarter ended June 30, 2010 resulted primarily from decreased legal expenses of $506,000, partially offset by annual wage, salary and benefit increases. The decrease in selling, general and administrative expenses for fiscal 2010 was primarily due to lower stock compensation ($343,000), profit sharing ($403,000) and legal ($690,000) expenses, partially offset by annual wage, salary and benefit increases. Research and development expenses for the quarter and fiscal year ended June 30, 2010 increased $252,000 (4.2%) and $1.6 million (6.6%), respectively, from the quarter and fiscal year ended June 30, 2009. The increase in research and development expenses is the result of continuous development and release of new high-quality biotechnology products upon which the Company's future sales revenue growth is dependent. Interest income decreased $26,000 and $3.3 million for the quarter and fiscal year ended June 30, 2010, respectively, from the comparable prior-year periods, primarily as a result of lower rates of return on cash and available-for-sale investments, offset in part by higher cash and available- for-sale investment balances. The effective tax rates for the quarter and fiscal year ended June 30, 2010 were 32.9% and 29.8%, respectively, as compared to 32.2% and 32.3% for the same prior-year periods. The effective tax rate for fiscal 2010 was abnormally low due to the tax benefit received following repatriation of funds from the U.K. to the U.S. in the third quarter of fiscal 2010. Excluding this benefit, the effective tax rate for fiscal 2010 would have been 32.8%. The Company repurchased 260,693 and 283,555 shares of its common stock during the quarter and fiscal year ended June 30, 2010, respectively, for approximately $15.5 million and $16.9 million. Approximately $50.6 million remains available for the repurchase and retirement of shares under the currently open authorization. Forward Looking Statements: Our press releases may contain forward-looking statements within the meaning of the Private Litigation Reform Act. Such statements 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, general economic conditions, 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 our press releases 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 ---------------- ------------------ 6/30/10 6/30/09 6/30/10 6/30/09 ------- ------- -------- -------- Net sales $66,714 $64,890 $269,047 $263,956 Cost of sales 13,834 14,656 54,463 55,488 ------- ------- -------- -------- Gross margin 52,880 50,234 214,584 208,468 ------- ------- -------- -------- Operating expenses: Selling, general and administrative 7,464 7,560 32,175 33,164 Research and development 6,251 5,999 25,121 23,564 Amortization of intangible assets 240 240 960 960 ------- ------- -------- -------- Total operating expenses 13,955 13,799 58,256 57,688 ------- ------- -------- -------- Operating income 38,925 36,435 156,328 150,780 Other income (expense): Interest income 1,011 1,038 4,375 7,634 Other non-operating expense, net (1,335) (49) (4,257) (3,051) ------- ------- -------- -------- Total other (expense) income (324) 989 118 4,583 ------- ------- -------- -------- Earnings before income taxes 38,601 37,424 156,446 155,363 Income taxes 12,706 12,038 46,670 50,121 ------- ------- -------- -------- Net earnings $25,895 $25,386 $109,776 $105,242 ======= ======= ======== ======== Earnings per share: Basic $ 0.70 $ 0.68 $ 2.95 $ 2.78 Diluted $ 0.69 $ 0.68 $ 2.94 $ 2.78 Weighted average common shares outstanding: Basic 37,233 37,248 37,255 37,802 Diluted 37,314 37,332 37,347 37,900 TECHNE CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) 6/30/10 6/30/09 -------- -------- ASSETS Cash and equivalents $ 98,925 $160,940 Short-term available-for-sale investments 39,886 41,947 Trade accounts receivable 30,850 29,516 Other receivables 1,532 1,637 Inventory 13,737 11,269 Other current assets 16,110 10,158 -------- -------- Current assets 201,040 255,467 Available-for-sale investments 171,171 61,863 Property and equipment, net 97,400 100,133 Goodwill and intangible assets, net 27,112 28,072 Other non-current assets 22,093 26,470 -------- -------- Total assets $518,816 $472,005 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 17,024 $ 15,523 Stockholders' equity 501,792 456,482 -------- -------- Total liabilities and stockholders' equity $518,816 $472,005 ======== ======== EX-99.2 3 segment610.txt SEGMENT RESULTS SEGMENT INFORMATION TECHNE CORPORATION AND SUBISIDARIES (in thousands of $'s, except per share data) Fiscal 2010 Increase (Decrease) From Fiscal 2009 ------------------------------------------------- --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Sales 66,534 65,521 70,278 66,714 269,047 100% (2,790) 3,645 2,412 1,824 5,091 Cost of sales 12,901 13,329 14,399 13,834 54,463 20% (185) (101) 83 (822) (1,025) ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Gross margin 53,633 52,192 55,879 52,880 214,584 80% (2,605) 3,746 2,329 2,646 6,116 Gross margin percentage 80.6% 79.7% 79.5% 79.3% 79.8% SG&A expense 8,038 9,007 7,666 7,464 32,175 12% (802) (696) 605 (96) (989) R&D expense 6,154 6,391 6,325 6,251 25,121 10% 244 545 516 252 1,557 Amortization expense 240 240 240 240 960 -- -- -- -- -- -- Interest income (1,168) (1,156) (1,040) (1,011) (4,375) (2%) 1,719 1,049 464 27 3,259 Other non-oper- ating ex., net 662 1,011 1,249 1,335 4,257 2% (525) 299 146 1,286 1,206 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- 13,926 15,493 14,440 14,279 58,138 22% 636 1,197 1,731 1,469 5,033 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Earnings before income taxes 39,707 36,699 41,439 38,601 156,446 58% (3,241) 2,549 598 1,177 1,083 Income taxes 12,935 11,978 9,051 12,706 46,670 17% (1,420) 1,450 (4,149) 668 (3,451) ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- 26,772 24,721 32,388 25,895 109,776 41% (1,821) 1,099 4,747 509 4,534 ======= ======= ======= ======= ======== ======== ======= ======= ======= ======= ======= Diluted earnings per share .72 .66 .87 .69 2.94 Weighted average diluted shares outstanding 37,339 37,353 37,380 37,314 37,347
BIOTECHNOLOGY (1) (in thousands of $'s) Fiscal 2010 Increase (Decrease) From Fiscal 2009 ------------------------------------------------- --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Sales 51,696 50,703 54,236 53,032 209,667 100% (2,203) 2,060 518 3,298 3,673 Intersegment sales (7,668) (8,282) (8,057) (7,771) (31,778) 94 29 522 (342) 303 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- 44,028 42,421 46,179 45,261 177,889 (2,109) 2,089 1,040 2,956 3,976 Cost of sales 9,885 10,126 11,159 10,569 41,739 20% (362) (964) 79 258 (989) Intersegment sales (7,598) (7,753) (8,336) (7,857) (31,544) (137) 586 158 (403) 204 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- 2,287 2,373 2,823 2,712 10,195 (499) (378) 237 (145) (785) Gross margin 41,741 40,048 43,356 42,549 167,694 80% (1,610) 2,467 803 3,101 4,761 Gross margin percentage 80.9% 80.0% 79.4% 80.1% 80.1% SG&A expense 4,734 5,056 4,625 4,532 18,947 9% (407) (362) 363 318 (88) R&D expense 5,956 6,190 6,127 6,058 24,331 12% 239 547 505 248 1,539 Amortization expense 240 240 240 240 960 -- -- -- -- -- -- Interest, net (771) (772) (706) (733) (2,982) (1%) 313 198 147 10 668 Other expense 2 1 -- (2) 1 -- 4 -- (1) (4) (1) ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- 10,161 10,715 10,286 10,095 41,257 20% 149 383 1,014 572 2,118 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Pretax result 31,580 29,333 33,070 32,454 126,437 60% (1,759) 2,084 (211) 2,529 2,643 ======= ======= ======= ======= ======== ======== ======= ======= ======= ======= =======
(1) Includes R&D Systems' Biotechnology Division, BiosPacific, Inc. and R&D China R&D SYSTEMS EUROPE (in thousands of Br. pounds) Fiscal 2010 Increase (Decrease) From Fiscal 2009 ------------------------------------------------- --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Sales 10,881 11,462 12,296 11,403 46,042 100% 706 265 (420) 269 820 Cost of sales 5,061 5,288 5,824 5,785 21,958 48% 801 (73) (716) 102 114 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Gross margin 5,820 6,174 6,472 5,618 24,084 52% (95) 338 296 167 706 Gross margin percentage 53.5% 53.9% 52.6% 49.3% 52.3% SG&A expense 1,191 1,318 1,260 1,315 5,084 11% (33) (46) 69 127 117 Interest income (87) (79) (68) (38) (272) -- 703 504 167 64 1,438 Exchange loss/ (gain) (89) 61 237 428 637 1% (349) 96 74 796 617 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- 1,015 1,300 1,429 1,705 5,449 12% 321 554 310 987 2,172 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Pretax result 4,805 4,874 5,043 3,913 18,635 40% (416) (216) (14) (820) (1,466) ======= ======= ======= ======= ======== ======== ======= ======= ======= ======= =======
R&D SYSTEMS EUROPE (in thousands of $'s) Fiscal 2010 Increase (Decrease) From Fiscal 2009 ------------------------------------------------- --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Sales 17,838 18,775 19,161 16,990 72,764 100% (1,103) 1,491 868 (1,033) 223 Cost of sales 8,295 8,664 9,071 8,619 34,649 48% 364 390 (334) (811) (391) ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Gross margin 9,543 10,111 10,090 8,371 38,115 52% (1,467) 1,101 1,202 (222) 614 Gross margin percentage 53.5% 53.9% 52.7% 49.3% 52.4% SG&A expense 1,952 2,159 1,967 1,961 8,039 11% (331) 65 253 85 72 Interest income (143) (128) (108) (57) (436) -- 1,328 778 230 (29) 2,307 Exchange loss/ Gain (145) 99 372 633 959 1% (621) 94 134 1,320 927 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- 1,664 2,130 2,231 2,537 8,562 12% 376 937 617 1,376 3,306 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Pretax result 7,879 7,981 7,859 5,834 29,553 40% (1,843) 164 585 (1,598) (2,692) ======= ======= ======= ======= ======== ======== ======= ======= ======= ======= =======
HEMATOLOGY (in thousands of $'s) Fiscal 2010 Increase (Decrease) From Fiscal 2009 ------------------------------------------------- --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Sales 4,668 4,325 4,938 4,463 18,394 100% 422 65 504 (99) 892 Cost of sales 2,319 2,292 2,505 2,503 9,619 52% (50) (113) 180 134 151 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Gross margin 2,349 2,033 2,433 1,960 8,775 48% 472 178 324 (233) 741 Gross margin percentage 50.3% 47.0% 49.3% 43.9% 47.7% SG&A expense 370 366 346 311 1,393 8% (66) (32) 36 (8) (70) R&D expense 198 201 198 193 790 4% 5 (2) 11 4 18 Interest, net (72) (72) (65) (68) (277) (1%) 30 19 15 4 68 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- 496 495 479 436 1,906 11% (31) (15) 62 0 16 ------- ------- ------- ------- -------- -------- ------- ------- ------- ------- ------- Pretax result 1,853 1,538 1,954 1,524 6,869 37% 503 193 262 (233) 725 ======= ======= ======= ======= ======== ======== ======= ======= ======= ======= =======
CORPORATE AND OTHER (2) (in thousands of $'s) Fiscal 2010 Increase (Decrease) From Fiscal 2009 ---------------------------------------- --------------------------------------- First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter YTD Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- -------- ------- ------- ------- ------- ------- Interest income 182 184 161 153 680 (48) (54) (72) (42) (216) Rental income 81 115 83 134 413 (18) (16) (32) (2) (68) ------- ------- ------- ------- -------- ------- ------- ------- ------- ------- 263 299 244 287 1,093 (66) (70) (104) (44) (284) SG&A expense 982 1,426 728 660 3,796 2 (367) (47) (491) (903) Other-Building expenses 548 530 593 529 2,200 (5) (21) 20 (2) (8) Other-Equity Investment losses 338 496 367 309 1,510 79 210 (39) (30) 220 ------- ------- ------- ------- -------- ------- ------- ------- ------- ------- 1,868 2,452 1,688 1,498 7,506 76 (178) (66) (523) (691) ------- ------- ------- ------- -------- ------- ------- ------- ------- ------- Pretax result (1,605) (2,153) (1,444) (1,211) (6,413) (142) 108 (38) 479 407 ======= ======= ======= ======= ======== ======= ======= ======= ======= =======
(2) Unallocated corporate expenses and Techne's share of losses by Hemerus Medical, LLC and Nephromics, LLC. -----END PRIVACY-ENHANCED MESSAGE-----