Neogen again named one of Forbes’ 200 Best Small Companies

LANSING, Mich., Oct. 13, 2003 — In its Oct. 27, 2003 issue, Forbes Magazine has named Neogen Corporation (Nasdaq: NEOG) to its annual list of the 200 Best Small Companies in America for the third time.

The Forbes list is based on growth in sales, earnings, and return on equity for the past five years, and the latest 12 months.

“Our tough selection process starts with a screen from a database of more than 3,500 companies whose latest 12-month sales were $5 to $600 million,” said Forbes’ editors in announcing the list. “To cull solidly profitable candidates, we tossed out those with a net margin or five-year average ROE below 5%. Liquidity was also a must: Shares had to be trading above $5 by the end of September.”

“We are pleased any time we receive independent recognition of our company’s solid performance, and especially when it comes from a source as trusted as Forbes,” said James Herbert, Neogen’s president. “The list provides the investment community with another tool to identify solid performers for possible investment.”

Neogen’s 2003 fiscal year, which ended May 31, was another record year for the company in terms of both revenues and earnings. Revenues were approximately $46.5 million as compared to approximately $41 million in the previous year—a 13% increase. Neogen’s compound annual growth rate over the past 5 years is 20%. The company’s net income advanced strongly in FY 2003 to $4.8 million, up 21% from the prior year.

For more information about Forbes’ list of the 200 Best Small Companies in America, refer to the Oct. 27, 2003 issue of Forbes Magazine, or online at www.forbes.com.

Neogen Corporation develops and markets products dedicated to food and animal safety. The Company’s Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen’s Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals and nutritional supplements.

Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s most recently filed Form 10-K.