Neogen named one of Fortune's 100 Fastest-Growing Small Companies

LANSING, Mich., June 24, 2002 — Neogen Corporation (Nasdaq: NEOG) has been named to Fortune Small Business’ list of the 100 fastest-growing, publicly-held small businesses in America.

Companies were ranked based on three criteria: earnings growth, revenue growth and stock performance over the past three years. The three criteria were then averaged to create the final list. For the period of March 1, 1999 to Feb. 28, 2002, Neogen had an average annual revenue growth rate of 22.8%, average annual earnings per share growth rate of 23.2%, and average annual increase in its stock price of 35.9%. Neogen’s growth in operating profit during the same three-year period averaged 39.1%

Neogen is scheduled to release the results of its 2002 fiscal year, which ended May 31, on July 24.

"We are extremely pleased that this respected financial publication has recognized our company’s financial performance as one of the best in America," said James Herbert, Neogen’s president. "With all the recent headlines devoted to business failures and financial misrepresentations, it should be comforting to investors that they still have good investment opportunities with solid, successful companies like Neogen. In spite of our outstanding performance, our stock is trading at 40% below our 52-week high. It is obvious that we have not been fully discovered by Wall Street."

Neogen’s Fortune Small Business recognition follows the Company’s second consecutive inclusion on Forbes Magazine’s annual list of the 200 Best Small Companies in America; Neogen being named to Bloomberg Personal Finance’s Bloomberg 100, an annual listing of top performing stocks; as well as Neogen being one of only four Michigan public companies to be given a perfect "A+" rating in an annual review by The Detroit News.

Compiled with help from Zachs 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 Fortune Small Business, which will be available on newsstands beginning July 1.

Neogen Corporation develops and markets products and services 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.