Neogen Reports Increase in Quarterly Net Income

Michigan-based Neogen Corporation, a provider of food and animal safety testing solutions, has reported that net income for the third quarter of its fiscal 2010, ended Feb. 28, increased 38 percent from the previous year to $3.9 million.

A key portion of the company's third quarter growth was due to increases in same-store sales of key products, including vitamin injectables and biosecurity on its animal safety side, said Lon Bohannon, Neogen's president and chief operating officerCOO.

Third quarter sales of Neogen's Lexington, Ky.-based animal safety division increased to $14.1 million in the current year. For the first nine months of fiscal yearFY 2010, the division's sales increased 7 percent over the prior year to $45.8 million.

While the animal safety division's customers continue to feel the effects of a depressed animal protein market, this division did experience increases in sales for various products, the company said. Sales of rodenticides into domestic markets increased 51 percent as Neogen continues to grow its market share, and new products gain market acceptance.

Sales of vitamin injectables into the livestock market were up 45 percent over the prior year. Sales of Neogen's over-the-counter OTC wound treatment products also increased substantially in the current quarter.