| CONTACT: Richard R. Current,
Chief Financial Officer,
517/372-9200 |
LANSING, Mich., June 22, 2004 —
For the third consecutive year, Neogen Corporation (Nasdaq: NEOG)
has been named to FORTUNE Small Business’ list of the 100
fastest-growing, publicly-held small businesses in America.
FORTUNE Small Business ranked Neogen
71st in the nationwide list based on its average annual growth for
the past three years. Fortune calculations show Neogen had an 18.8%
increase in revenue, 12.8% earnings growth, and a 24.7% increase
in stock price. Neogen reported an increase in operating income
of 19.5% for the same three-year period.
“We are very pleased that this
respected financial publication has once again recognized our company’s
financial performance as one of the best in America,” said
James Herbert, Neogen’s president. “In the financial
community, as well as in our food and animal safety industry, trust
is earned. We’re extremely proud of the trust we’ve
earned from our customers and investors to make this recognition
possible.”
Compiled with help from Zacks Investment
Research, the FORTUNE Small Business 100 list took into consideration
only companies traded on major exchanges with $200 million or less
annual revenue, and with a stock price above $1. The complete list
appears in the July/August issue of the magazine.
In March, Neogen announced that its
third quarter revenues (ended Feb. 29) increased 29% to $14,717,000
from $11,403,000 in the prior year. For the first nine months of
Neogen’s 2004 fiscal year, revenues have increased 14% to
$40,196,000 from $35,158,000 in FY 2003. The quarter is the 44th
consecutive profitable quarter from operations for the Company,
and the 49th quarter of the past 53 quarters to show increased revenues.
Neogen is scheduled to release the results of its 2004 fiscal year,
which ended May 31, on July 21.
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, nutritional supplements, disinfectants, and rodenticides.
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.
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