Neogen Corporation Reports Unaudited Consolidated Financial Results for the Quarter and Six Months Ended November 30, 2017
January 03, 2018 at 05:08 pm EST
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Neogen Corporation reported unaudited consolidated financial results for the quarter and six months ended November 30, 2017. For the quarter, the company reported total revenue of $101,817,000 against $90,717,000 for the same period a year ago. Operating income was $17,998,000 against $16,852,000 for the same period a year ago. Income before tax was $19,053,000 against $16,771,000 for the same period a year ago. Net income attributable to company was $17,100,000 or $0.33 per diluted share against $11,151,000 $0.22 per diluted share for the same period a year ago. Net income benefited by approximately $3.4 million due to its required adoption of new accounting standards. The company generated about $9 million in cash from operations during the quarter and invested about $6 million in property and equipment.
For the six months, the company reported total revenue of $197,073,000 against $174,362,000 for the same period a year ago. Operating income was $34,422,000 against $31,594,000 for the same period a year ago. Income before tax was $36,289,000 against $32,005,000 for the same period a year ago. Net income attributable to company was $29,014,000 or $0.56 per diluted share against $21,032,000 $0.41 per diluted share for the same period a year ago. For the year-to-date, the company generated $27.4 million from operations and spent about $10 million on capital expenditures.
Neogen Corporation is engaged in developing, manufacturing and marketing a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. Its Food Safety segment consists primarily of diagnostic test kits and complementary products sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues and general sanitation concerns. Its Animal Safety segment is engaged in the development, manufacture, marketing, and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodent control products, cleaners, disinfectants, insect control products and genomics testing services for the worldwide animal safety market.