Business
Neogen reports fiscal 2020 results
LANSING, Mich., July 21, 2020 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today that revenues for the fourth quarter of its 2020 fiscal year,
About this update from Neogen Corporation
[{"type":"text","content":"LANSING, Mich., July 21, 2020 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today that revenues for the fourth quarter of its 2020 fiscal year, which ended May 31, were $109,074,000, compared to $109,762,000 the prior year quarter. Revenues for the company for the full fiscal year were $418,170,000, compared to the prior year's $414,186,000. \nFourth quarter net income was $16,347,000, or $0.31 per share, compared to the prior year's $15,815,000, or $0.30 per share. Net income for the full 2020 fiscal year was $59,475,000, or $1.13 per share, compared to the prior year's $60,176,000, or $1.15 per share.\n\"We've experienced unprecedented challenges to our business around the world in recent months. In response to this crisis, Neogen took immediate action to protect our employees and our business. The results that we are reporting today are reflective of an incredible amount of hard work from our entire team, and I am extremely proud of them,\" said John Adent, Neogen's president and chief executive officer. \"While we know that we have a long, hard fight ahead of us, going forward, Neogen's mission matters more than ever. Keeping our food, and food production environments, as safe as possible will be even more important in the challenging months that lie ahead. Neogen was built to do just that.\"\nGross margins for the company were 47.4% of sales in the fourth quarter of 2020, compared to 46.0% in the prior year quarter. The improvement was driven by opportunistic sales of sanitizers and disinfectants in response to COVID-19 and continued strength in genomic service revenues, in particular to the companion animal market. For the entire 2020 fiscal year, gross margins were 46.9%, compared to the prior year's 46.3%, with increased margins in the Animal Safety segment resulting from higher margin genomic services and the strong sales of COVID-related disinfectants and sanitizers, partially offset by adverse impact of currency translations and lower sales of higher margin Food Safety products. Operating income improved to $19,944,000 in the current quarter, or 18.3% of sales, compared to $18,730,000, or 17.1%, in the fourth quarter of the company's 2019 fiscal year. For the entire year, operating income was $67.5 million, or 16.1% of sales, compared to $68.1 million, or 16.4%, in the company's 2019 fiscal year.\n\"Curr...