-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VN+gEUMaCnSaiQAc5iMOcEcoum+zkhm+lezlSTFk46o9dB69iJH0kjgL0cgKXkjW DYDStYl9U4TVOZBuZD05/A== 0000842023-05-000029.txt : 20050817 0000842023-05-000029.hdr.sgml : 20050817 20050817101840 ACCESSION NUMBER: 0000842023-05-000029 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050816 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050817 DATE AS OF CHANGE: 20050817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECHNE CORP /MN/ CENTRAL INDEX KEY: 0000842023 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 411427402 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17272 FILM NUMBER: 051032277 BUSINESS ADDRESS: STREET 1: 614 MCKINLEY PL N E CITY: MINNEAPOLIS STATE: MN ZIP: 55413 BUSINESS PHONE: 6123798854 MAIL ADDRESS: STREET 1: 614 MCKINLEY PLACE NE CITY: MINNEAPOLIS STATE: MN ZIP: 55413 8-K 1 k8.txt 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): August 16, 2005 TECHNE CORPORATION (Exact Name of Registrant as Specified in Charter) Minnesota 0-17272 41-1427402 (State or Other Jurisdiction (Commission I.R.S. Employer of Incorporation) File Number) Identification No.) 614 Mckinley Place NE Minneapolis, MN 55413 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (612) 379-8854 Not Applicable (Former Name or Former Address, if changed since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: / / Written communications pursuant to Rule 425 under the Securities Act 17 CFR 230.425) / / Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) / / Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) / / Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition A copy of the press release issued by Techne Corporation on August 16, 2005, describing the results of operations for the quarter and fiscal year ended June 30, 2005 and its financial condition as of June 30, 2005, is attached hereto as Exhibit 99.1. Segment information for Techne Corporation for the quarter and fiscal year ended June 30, 2005 which has been included on Techne Corporation's website (www.techne-corp.com), is attached hereto as Exhibit 99.2. The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Press Release dated August 16, 2005. 99.2 Segment information for the quarter and fiscal year ended June 30, 2005. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 17, 2005 TECHNE CORPORATION By: /s/ Thomas E. Oland --------------------------- Name: Thomas E. Oland Title: President and Chief Executive Officer EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 Press release of Techne Corporation dated August 16, 2005. 99.2 Segment information for Techne Corporation for the quarter and fiscal year ended June 30, 2005. EX-99.1 2 press8-05.txt PRESS RELEASE TECHNE CORPORATION RELEASES UNAUDITED FOURTH QUARTER RESULTS FOR FISCAL YEAR 2005 Minneapolis/August 16, 2005/--Techne Corporation's (NASDAQ: TECH) consolidated net earnings increased 39% to $18.6 million or $.47 per diluted share for the quarter ended June 30, 2005 compared with $13.4 million or $.32 per diluted share for the quarter ended June 30, 2004. Net earnings as a percentage of sales improved from 31.5% in the fourth quarter of last year to 39.0% for the quarter ended June 30, 2005. For the fiscal year ended June 30, 2005, Techne's consolidated net earnings were $66.1 million or $1.62 per diluted share compared with $52.9 million or $1.27 per diluted share for the fiscal year ended June 30, 2004. Net earnings as a percentage of sales improved from 32.8% last year to 37.0% for fiscal 2005. Consolidated net sales for the quarter and fiscal year ended June 30, 2005 were $47.6 million and $178.7 million, respectively. This was an increase of 12% and 11% from the fourth quarter and fiscal year ended June 30, 2004, respectively. R&D Systems' Biotechnology Division net sales for the quarter and fiscal year ended June 30, 2005 were $29.7 million and $111.2 million, increases of 12% for each period. R&D Europe's net sales for the quarter and fiscal year were $13.9 million and $51.3 million, increases of 23% and 16%, respectively. In British pound sterling, R&D Europe's net sales increased 21% and 9% for the quarter and fiscal year ended June 30, 2005, respectively. Compared to the prior year, R&D Systems Europe had two extra shipping days in the quarter ended June 30, 2005 due to the timing of the European Easter holiday. R&D Systems' Hematology Division net sales for the quarter and fiscal year were $4.0 million and $16.2 million, decreases of 14% and 7%, respectively. Fiscal 2005 net sales and earnings were favorably affected by the strength of the British pound as compared to the U.S. dollar. Excluding the effect of changes in foreign currency exchange rates, consolidated net sales increased 11% and 9% for the quarter and fiscal year ended June 30, 2005, respectively. The impact on consolidated net earnings of the change in exchange rates used to convert R&D Europe results from British pounds to U.S. dollars was approximately $133,000 (insignificant per diluted share) and $868,000 ($.02 per diluted share) for the quarter and fiscal year ended June 30, 2005, respectively. Fourth quarter and fiscal year ended June 30, 2004 results also included the effect of a one-time $1.5 million write-down of the Company's investment in Discovery Genomics, Inc. (DGI), equivalent to 4 cents per diluted share. This charge impacted operating margins by 3.6% and 0.9% in the fourth quarter and fiscal year ended June 30, 2004, respectively. During the second quarter of fiscal 2005 a large OEM customer notified the Hematology Division that they would be changing to a new primary vendor for certain controls and calibrators. Sales to this customer in the quarter and fiscal year ended June 30, 2005 decreased $842,000 and $1.4 million from the prior year. Although the Hematology Division will continue to manufacture products for this customer as a secondary supplier, it is anticipated that the effect on revenues in the first six months of fiscal 2006 will be a reduction of approximately $1.4 million. The reduction in Hematology Division revenues is not expected to have a significant impact on consolidated earnings and revenues. Gross margins were 79.3% and 79.2% in the fourth quarter of fiscal 2005 and 2004 and 79.4% and 78.4% for the fiscal years 2005 and 2004, respectively. The improvement resulted from higher margins in Europe due to favorable exchange rates and from sales growth in the Biotechnology Division as compared to sales declines in the Hematology Division. Fourth quarter fiscal 2005 margins were lower than in the third quarter of fiscal 2005 mainly due to changes in product mix and a strengthening U.S. dollar versus the British pound sterling. Selling, general and administrative expenses for the quarter and fiscal year ended June 30, 2005 increased $506,000 (9%) and $2.8 million (13%), respectively. Fourth quarter spending includes increased professional fees of about $200,000, primarily related to Sarbanes-Oxley compliance. The fiscal year expense increase resulted from the change in foreign currency exchange rates and increases in personnel and benefit costs, profit sharing and professional fee expenses. Research and development expenses for the quarter and fiscal year ended June 30, 2005 decreased $837,000 (16%) and $2.4 million (12%), respectively. Included in research and development expenses for the prior year periods were the Company's share of losses by ChemoCentryx, Inc. (CCX) and Discovery Genomics, Inc. (DGI), development stage companies in which Techne has invested. The losses by these companies included in Techne results for the quarter and fiscal year ended June 30, 2004 were $674,000 and $2.8 million, respectively. The Company converted from the equity method to the cost method for accounting for its investment in CCX in the fourth quarter of fiscal 2004. Excluding the CCX and DGI losses in fiscal 2004, R&D Systems research and development expenses decreased $133,000 (3%) and increased $459,000 (3%) for the quarter and fiscal year ended June 30, 2005, respectively. The effective tax rates were 32.6% and 37.0% in the quarters ended June 30, 2005 and 2004 and 33.8% and 35.9% for the fiscal years then ended, respectively. The decrease in the effective tax rates was due to the reduction of non-deductible losses by CCX and DGI. U.S. federal taxes have also been reduced by increased credits for research and development expenditures and the benefit for extraterritorial income. In March 2005, the Company repurchased approximately 2.9 million shares of its common stock under an accelerated stock buyback transaction ("ASB") for an initial value of approximately $100 million. The ASB agreement is subject to a market price adjustment provision based upon the volume weighted average price during the nine-month period ending December 31, 2005. The market price adjustment may be settled in cash or stock at the Company's option. Based on the volume weighted average price per share through June 30, 2005, the settlement amount for the contract would have been approximately $18.6 million or about 428,000 shares at June 30, 2005. The effect of the reduction in outstanding shares on earnings per diluted share was $.03 and $.04 for the quarter and fiscal year ended June 30, 2005. In the first quarter of fiscal 2006, the Company will begin recognizing compensation costs for equity instruments issued to employees and directors based on the fair value at the date of grant. An estimated compensation expense of about $1.2 million or $.03 per diluted share is anticipated for fiscal 2006. In July 2005, the Company acquired Fortron Bio Science, Inc. and BiosPacific, Inc. for an aggregate $20 million in cash. Fortron develops and manufactures antibodies and BiosPacific is a worldwide supplier of biologics to manufacturers of in vitro diagnostic systems and immunodiagnostic kits. The acquisitions will help the Company expand into the diagnostic market by offering research reagents that may have future diagnostic application and/or developing products specifically for diagnostic markets. Fortron and BiosPacific generated combined revenues of approximately $8.7 million in calendar 2004. The acquisitions are expected to be slightly accretive to the Company's earnings per share in fiscal year 2006. Forward Looking Statements: This earnings release contains forward-looking statements within the meaning of the Private Litigation Reform Act. These statements look forward in time, and include our expectations as to anticipated lower revenues in the Hematology Division, the contribution from the Fortron and BiosPacific acquisitions and the expensing of stock options, involve risks and uncertainties that may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the introduction and acceptance of new biotechnology and hematology products, the levels and particular directions of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, the retention of hematology OEM and proficiency survey business, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships. For additional information concerning such factors, see the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in this release due to new information or future events. Investors are cautioned not to place undue emphasis on these statements. * * * * * * * * * * * * * * Techne Corporation has two operating subsidiaries: Research and Diagnostic Systems, Inc. (R&D Systems) of Minneapolis, Minnesota and R&D Systems Europe, Ltd. (R&D Europe) of Abingdon, England. R&D Systems is a specialty manufacturer of biological products and R&D Europe is a distributor of biotechnology products. Contact: Greg Melsen, Chief Financial Officer Kathy Backes, Controller (612) 379-8854 TECHNE CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) QUARTER ENDED FISCAL YEAR ENDED ------------------ ------------------ 6/30/05 6/30/04 6/30/05 6/30/04 -------- -------- -------- -------- Net sales $ 47,551 $ 42,459 $178,652 $161,257 Cost of sales 9,847 8,837 36,813 34,887 -------- -------- -------- -------- Gross margin 37,704 33,622 141,839 126,370 Operating expenses: Selling, general and administrative 6,173 5,667 24,476 21,725 Research and development 4,441 5,278 18,379 20,773 Amortization of intangible assets 305 400 1,221 1,599 -------- -------- -------- -------- Total operating expenses 10,919 11,345 44,076 44,097 -------- -------- -------- -------- Operating income 26,785 22,277 97,763 82,273 Other expense (income): Interest expense 206 164 822 678 Interest income (929) (910) (4,109) (3,251) Impairment loss -- 1,523 -- 1,523 Other non-operating expense (income), net (42) 269 1,163 782 -------- -------- -------- -------- Total other expense (income) (765) 1,046 (2,124) (268) -------- -------- -------- -------- Earnings before income taxes 27,550 21,231 99,887 82,541 Income taxes 8,983 7,864 33,755 29,613 -------- -------- -------- -------- Net earnings $ 18,567 $ 13,367 $ 66,132 $ 52,928 ======== ======== ======== ======== Earnings per share: Basic $ 0.48 $ 0.33 $ 1.64 $ 1.29 Diluted $ 0.47 $ 0.32 $ 1.62 $ 1.27 Weighted average common shares outstanding: Basic 38,545 41,114 40,359 41,046 Diluted 39,396 41,785 40,920 41,697 TECHNE CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) 6/30/05 6/30/04 -------- -------- ASSETS Cash and equivalents $ 80,344 $ 51,201 Short-term available-for-sale investments 16,790 42,534 Trade accounts receivable 22,041 20,262 Other receivables 1,681 837 Inventory 7,758 7,457 Other current assets 6,367 5,774 -------- -------- Current assets 134,981 128,065 Available-for-sale investments 41,871 82,858 Property and equipment, net 89,036 80,504 Goodwill and intangible assets, net 14,138 15,359 Other non-current assets 15,237 18,674 -------- -------- Total assets $295,263 $325,460 ======== ======== LIABILITIES Current liabilities $ 14,016 $ 13,459 Long-term debt 13,378 14,576 Stockholders' equity 267,869 297,425 -------- -------- Total liabilities and equity $295,263 $325,460 ======== ======== EX-99.2 3 seg605.txt SEGMENT RESULTS SEGMENT INFORMATION TECHNE CORPORATION AND SUBISIDARIES (in thousands of $'s, except per share data)
Fiscal 2005 Increase(Decrease) From Fiscal 2004 ------------------------------------------------ -------- - ------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Sales 40,919 42,247 47,935 47,551 178,652 100% 2,926 3,983 5,394 5,092 17,395 Cost of sales 8,887 8,941 9,138 9,847 36,813 21% 224 500 192 1,010 1,926 ------- ------- ------- ------- ------- -------- ------ - ------ ------ ------ ------ Gross margin 32,032 33,306 38,797 37,704 141,839 79% 2,702 3,483 5,202 4,082 15,469 Gross margin percentage 78.3% 78.8% 80.9% 79.3% 79.4% SG&A expense 5,634 6,290 6,379 6,173 24,476 14% 551 771 923 506 2,751 R&D expense 4,688 4,619 4,631 4,441 18,379 10% (275) (831) (451) (837) (2,394) Amortization expense 305 306 305 305 1,221 1% (95) (93) (95) (95) (378) Interest expense 245 178 193 206 822 -- 70 6 26 42 144 Interest income (1,053) (1,189) (938) (929) (4,109) (2%) (327) (427) (85) (19) (858) Other non-operating exp., net 466 416 323 (42) 1,163 -- 388 396 (92) (311) 381 Impairment loss -- -- -- -- -- -- -- - -- -- (1,523) (1,523) ------- ------- ------- ------- ------- -------- ------ - ------ ------ ------ ------ 10,285 10,620 10,893 10,154 41,952 23% 312 (178) 226 (2,237) (1,877) ------- ------- ------- ------- ------- -------- ------ - ------ ------ ------ ------ Earnings before income taxes 21,747 22,686 27,904 27,550 99,887 56% 2,390 3,661 4,976 6,319 17,346 Income taxes 7,555 7,752 9,465 8,983 33,755 19% 770 1,097 1,156 1,119 4,142 ------- ------- ------- ------- ------- -------- ------ - ------ ------ ------ ------ 14,192 14,934 18,439 18,567 66,132 37% 1,620 2,564 3,820 5,200 13,204 ======= ======= ======= ======= ======= ======== ====== ====== ====== ====== ====== Diluted earnings per share 0.34 0.36 0.45 0.47 1.62 Weighted average diluted shares outstanding 41,676 41,681 40,896 39,396 40,920
HEMATOLOGY DIVISION (in thousands of $'s)
Fiscal 2005 Increase(Decrease) From Fiscal 2004 ------------------------------------------------ -------- - ------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Sales 4,013 4,515 3,652 4,004 16,184 100% (268) 61 (417) (670) (1,294) Cost of sales 2,220 2,163 2,123 2,147 8,653 53% (126) (181) (111) (340) (758) ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Gross margin 1,793 2,352 1,529 1,857 7,531 47% (142) 242 (306) (330) (536) Gross margin percentage 44.7% 52.1% 41.9% 46.4% 46.5% SG&A expense 409 436 505 458 1,808 11% 18 53 66 (26) 111 R&D expense 188 189 199 194 770 5% (3) (1) (4) (3) (11) Interest, net (56) (77) (44) (38) (215) (1%) 21 (3) 35 44 97 ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- 541 548 660 614 2,363 15% 36 49 97 15 197 ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Pretax result 1,252 1,804 869 1,243 5,168 32% (178) 193 (403) (345) (733) ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= =======
BIOTECHNOLOGY DIVISION (in thousands of $'s)
Fiscal 2005 Increase(Decrease) From Fiscal 2004 ------------------------------------------------ -------- - ------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Sales 30,691 30,072 36,338 35,642 132,743 100% 2,038 2,306 5,124 4,207 13,675 Intersegment sales (4,804) (5,204) (5,598) (5,984) (21,590) (183) (237) (453) (1,031) (1,904) ------- ------- ------- ------- ------- ------- - ------- ------- ------- ------- 25,887 24,868 30,740 29,658 111,153 1,855 2,069 4,671 3,176 11,771 Cost of sales 6,111 6,070 6,368 7,042 25,591 19% 195 540 247 1,268 2,250 Intersegment sales (4,756) (5,210) (5,479) (5,997) (21,442) (235) (316) (339) (1,100) (1,990) ------- ------- ------- ------- ------- ------- ------- - ------- ------- ------- ------- 1,355 860 889 1,045 4,149 (40) 224 (92) 168 260 Gross margin 24,532 24,008 29,851 28,613 107,004 81% 1,895 1,845 4,763 3,008 11,511 Gross margin percentage 80.1% 79.8% 82.5% 80.2% 80.7% SG&A expense 2,973 3,415 3,712 3,417 13,517 10% 322 466 795 173 1,756 R&D expense 4,500 4,430 4,432 4,247 17,609 14% 336 123 142 (131) 470 Amortization expense 305 306 305 305 1,221 1% (95) (93) (95) (95) (378) Interest, net (414) (564) (320) (279) (1,577) (1%) (8) (176) 91 152 59 ------- ------- ------- ------- ------- ------- ------- - ------- ------- ------- ------- 7,364 7,587 8,129 7,690 30,770 24% 555 320 933 99 1,907 ------- ------- ------- ------- ------- ------- ------- - ------- ------- ------- ------- Pretax result 17,168 16,421 21,722 20,923 76,234 57% 1,340 1,525 3,830 2,909 9,604 ======= ======= ======= ======= ======= ======= ======= ======= ======= ======= =======
R&D SYSTEMS EUROPE (in thousands of British pounds)
Fiscal 2005 Increase(Decrease) From Fiscal 2004 ------------------------------------------------ -------- - ------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Sales 6,080 6,808 7,131 7,575 27,594 100% 100 443 410 1,291 2,244 Cost of sales 2,931 3,133 3,225 3,622 12,911 47% (109) (24) 118 600 585 ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Gross margin 3,149 3,675 3,906 3,953 14,683 53% 209 467 292 691 1,659 Gross margin percentage 51.8% 54.0% 54.8% 52.2% 53.2% SG&A expense 950 1,161 1,022 1,097 4,230 15% (100) 69 44 110 123 Interest income (254) (263) (280) (307) (1,104) (4%) (127) (113) (105) (105) (450) Exchange loss/(gain) 26 (44) 16 (48) (50) -- 75 29 (30) (88) (14) ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- 722 854 758 742 3,076 11% (152) (15) (91) (83) (341) ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Pretax result 2,427 2,821 3,148 3,211 11,607 42% 361 482 383 774 2,000 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= =======
R&D SYSTEMS EUROPE (in thousands of $'s)
Fiscal 2005 Increase(Decrease) From Fiscal 2004 ------------------------------------------------ -------- - ------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Sales 11,019 12,864 13,543 13,889 51,315 100% 1,339 1,853 1,140 2,586 6,918 Cost of sales 5,312 5,918 6,126 6,655 24,011 47% 390 457 395 1,182 2,424 ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Gross margin 5,707 6,946 7,417 7,234 27,304 53% 949 1,396 745 1,404 4,494 Gross margin percentage 51.8% 54.0% 54.8% 52.1% 53.2% SG&A expense 1,722 2,194 1,939 2,011 7,866 15% 23 303 134 212 672 Interest income (460) (497) (531) (565) (2,053) (4%) (254) (237) (208) (208) (907) Exchange loss 47 (82) 29 (88) (94) -- 131 47 (56) (153) (31) ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- 1,309 1,615 1,437 1,358 5,719 11% (100) 113 (130) (149) (266) ------- ------- ------- ------- ------- -------- ------- - ------- ------- ------- ------- Pretax result 4,398 5,331 5,980 5,876 21,585 42% 1,049 1,283 875 1,553 4,760 ======= ======= ======= ====== ======= ======== ======= ======= ======= ======= =======
CORPORATE AND OTHER (1) (in thousands of $'s)
Fiscal 2005 Increase(Decrease) From Fiscal 2004 --------------------------------------- ----------------- - ---------------------- First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter YTD Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- ------- ------- - - ------ ------- ------- Interest income 42 51 43 47 183 5 11 3 7 26 Rental income 19 53 318 360 750 -- 7 298 313 618 ------- ------- ------- ------- ------- ------- ------- - - ------ ------- ------- 61 104 361 407 933 5 18 301 320 644 SG&A expense 530 245 223 287 1,285 188 (51) (72) 147 212 R&D-CCX losses -- -- -- -- -- (436) (828) (519) (654) (2,437) R&D-DGI losses -- -- -- -- -- (172) (125) (47) (20) (364) Other-Hemerus losses 74 73 85 74 306 74 73 62 45 254 Interest expense 164 178 193 206 741 (11) 6 26 42 63 Building expense 364 478 527 332 1,701 183 283 177 81 724 Impairment loss -- -- -- -- -- -- -- - -- (1,523) (1,523) ------- ------- ------- ------- ------- ------- ------- - - ------ ------- ------- 1,132 974 1,028 899 4,033 (174) (642) (373) (1,882) (3,071) ------- ------- ------- ------- ------- ------- ------- - - ------ ------- ------- Pretax result (1,071) (870) (667) (492) (3,100) 179 660 674 2,202 3,715 ======= ======= ======= ======= ======= ======= ======= ======= ======= =======
(1) Unallocated corporate expenses and Techne's share of losses by ChemoCentryx, Inc. (CCX), Discovery Genomics, Inc. (DGI) and Hemerus Medical, LLC. -----END PRIVACY-ENHANCED MESSAGE-----