|CONTACT: Richard R Current, Vice President & CFO, 517/372-9200|
LANSING, Mich., Feb. 8, 2007 — Neogen Corporation’s (NASDAQ: NEOG) Chief Executive Officer James Herbert is scheduled to present at the Roth Capital Partners’ 19th Annual Growth Conference in Dana Point, Calif., at 12 p.m. (Pacific time) Wednesday, Feb. 21. The presentation will be available on the investor page of Neogen’s Web site, www.neogen.com.
“We welcome the opportunity to tell our very positive story of consistent revenue and earnings growth for the past 15 years,” said Herbert. “We believe our recent stock price performance is in part due to escalating awareness of this growth, and our sound plan to continue that run. We expect that presenting at the Roth conference will help amplify this positive effect by having our story told to an increasing number of potential investors.”
Roth Capital Partners’ growth conference will feature more than 300 leading growth companies in sectors such as technology, healthcare, financial services and consumer products. In addition to the group presentations, the conference allows for one-on-one meetings between institutional investors and company executives.
The second quarter of Neogen’s 2007 fiscal year (ended Nov. 30) was the 55th consecutive profitable quarter from operations for the company, and the 59th quarter of the past 64 quarters to show increased revenues as compared with the previous year. In the quarter, Neogen’s net income increased 25% from the previous year’s second quarter. On a per-share basis, net income in the quarter rose to $0.26, compared to the prior year’s $0.23. Neogen’s second quarter net income of $2,427,000 set another quarterly record for the 24-year-old company.
Year-to-date net income for the first six months of Neogen’s 2007 fiscal year increased 23% to $4,832,000 from $3,923,000 in FY 2006, or to $0.52 per share in the current year from the prior year’s $0.47. Second quarter revenues increased 22% to $22,189,000, also a quarterly record, compared to the prior year’s $18,256,000. Year-to-date revenues rose 21% during the fiscal year’s first half to $42,409,000 from FY 2006’s $35,034,000.
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.