-----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, Aw0iVtXG3YNhSzfiNvmfu4sPhpaVLs6XqkMblNCr8l1lYOvoM3grRpdqtJ4f6Gzr 51+ebZsksgf5Lj0y47C8YQ== 0000842023-09-000028.txt : 20090804 0000842023-09-000028.hdr.sgml : 20090804 20090804092227 ACCESSION NUMBER: 0000842023-09-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090804 DATE AS OF CHANGE: 20090804 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: 09981871 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 k8q.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 4, 2009 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 4, 2009, describing the results of operations for the quarter and fiscal year ended June 30, 2009 and its financial condition as of June 30, 2009, is attached hereto as Exhibit 99.1. Segment information for Techne Corporation for the quarter and fiscal year ended June 30, 2009 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 (d) Exhibits 99.1 Press Release dated August 4, 2009. 99.2 Segment information for the quarter and fiscal year ended June 30, 2009. 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 4, 2009 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 4, 2009. 99.2 Segment information for Techne Corporation for the quarter and fiscal year ended June 30, 2009. EX-99.1 2 fy09release.txt PRESS RELEASE DATED AUGUST 4, 2009 TECHNE CORPORATION RELEASES UNAUDITED FOURTH QUARTER RESULTS FOR FISCAL YEAR 2009 Minneapolis/August 4, 2009/-- Techne Corporation's (NASDAQ: TECH) consolidated net earnings for the quarter ended June 30, 2009 decreased 6.9% to $25.4 million or $.68 per diluted share compared with $27.3 million or $.70 per diluted share for the quarter ended June 30, 2008. For the fiscal year ended June 30, 2009, Techne's consolidated net earnings increased 1.6% to $105.2 million or $2.78 per diluted share compared with $103.6 million or $2.64 per diluted share for the fiscal year ended June 30, 2008. Net earnings as a percentage of net sales were 39.9% for the fiscal year ended June 30, 2009 as compared to 40.2% in fiscal 2008. Foreign currency fluctuations and general economic conditions continued to have a negative impact on consolidated net sales and earnings in the quarter ended June 30, 2009. The change in exchange rates used to convert foreign currencies (primarily British pound sterling and euros) to U.S. dollars reduced net earnings by $1.1 million ($.03 per diluted share) for the quarter and $4.5 million ($.12 per diluted share) for fiscal year 2009, as compared to the same periods in fiscal 2008. Consolidated net sales for the quarter and fiscal year ended June 30, 2009 were $64.9 million and $264.0 million, respectively. This was a 4.2% decrease and a 2.5% increase from the quarter and fiscal year ended June 30, 2008, respectively. Consolidated net sales were negatively affected by the strength of the U.S. dollar as compared to foreign currencies. Excluding the effect of changes in foreign currency exchange rates, consolidated net sales decreased 0.9% for the quarter ended June 30, 2009 and increased 5.9% for the fiscal year ended June 30, 2009, from the comparable prior year periods. Biotechnology net sales, which include sales by R&D Systems' Biotechnology Division, R&D Systems China and BiosPacific, were $42.3 million for the quarter ended June 30, 2009, a decrease of 0.6% from the quarter ended June 30, 2008. Biotechnology sales were $173.9 million for the fiscal year ended June 30, 2009, an increase of 5.0% over the same period last year. North American biotechnology sales to industrial pharmaceutical and biotechnology customers declined approximately 2% during the fourth quarter of fiscal 2009. The Company attributes the lower fourth quarter sales growth rate to continued customer caution in a time of economic uncertainty. R&D Europe's net sales for the quarter and fiscal year ended June 30, 2009 were $18.0 million and $72.5 million, decreases of 14.3% and 4.2%, respectively, from the same prior-year periods. R&D Europe's net sales decreased 3.6% for the quarter ended June 30, 2009 and increased 7.2% for the fiscal year ended June 30, 2009 when measured at currency rates in effect in the comparable prior periods. R&D Europe's net sales for the quarter ended June 30, 2009 were affected by the timing of the Easter holiday in Europe, which occurred in the third quarter of fiscal 2008. Hematology net sales for the quarter and fiscal year ended June 30, 2009 were $4.6 million and $17.5 million, increases of 8.9% and 9.2%, respectively, compared to the quarter and fiscal year ended June 30, 2008. Consolidated gross margins were 77.4% and 79.0% for the quarter and fiscal year ended June 30, 2009, respectively, compared to 79.5% for both the quarter and fiscal year ended June 30, 2008, respectively. The decreases in gross margins in the quarter and fiscal year ended June 30, 2009 were primarily caused by lower gross margins in Europe resulting from comparatively unfavorable exchange rates. Consolidated gross margins for the quarter ended June 30, 2009 also decreased from the quarter ended March 31, 2009 as a result of a change in sales mix from higher margin Biotechnology Division sales to lower margin Hematology Division and R&D Europe sales. Selling, general and administrative expenses for the quarter and fiscal year ended June 30, 2009 decreased $1.4 million (15.9%) and $3.6 million (9.7%), respectively from the quarter and fiscal year ended June 30, 2008. The decrease in selling, general and administrative expenses from the comparable prior-year periods were the result of the following (in thousands): Quarter Fiscal Year ------- ----------- Reduction in profit sharing expense $(1,816) $(3,759) Change in exchange rates to convert foreign expenses to U.S. dollars (486) (2,024) Legal expenses 587 786 Stock option expense 111 (249) Other, including annual wage, salary and benefits increases 178 1,695 ------- ------- $(1,426) $(3,551) ======= ======= Research and development expenses increased $187,000 (3.2%) and $1.2 million (5.2%), respectively, for the quarter and fiscal year ended June 30, 2009 from the comparable prior-year periods. Interest income decreased $1.7 million and $4.6 million for the quarter and fiscal year ended June 30, 2009, respectively, from the comparable prior-year periods, primarily as a result of lower rates of return on cash and available-for-sale investments and, to a lesser extent, to lower cash and available-for-sale investment balances. The effective tax rates for the quarter and fiscal year ended June 30, 2009 were 32.2% and 32.3%, respectively, as compared to effective tax rates of 32.7% for both of the same prior-year periods. In November 2007, the Company's Board of Directors authorized the repurchase and retirement of up to $150 million of the Company's common stock. In April 2009, an additional $60 million was authorized for repurchase and retirement of common stock. The Company repurchased approximately 33,000 shares of its common stock during the fourth quarter of fiscal 2009 for approximately $1.8 million. Approximately $67.5 million remains available for the repurchase of shares under these authorizations. Forward Looking Statements: This earnings release contains forward-looking statements within the meaning of the Private Litigation Reform Act. These statements 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, general economic conditions, 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. R&D Systems has two subsidiaries, BiosPacific, Inc. (BiosPacific), located in Emeryville, California and R&D Systems China Co. Ltd., (R&D China), located in Shanghai, China. BiosPacific is a worldwide supplier of biologics to manufacturers of in vitro diagnostic systems and immunodiagnostic kits. R&D China and R&D Europe distribute 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 ---------------- ------------------ 6/30/09 6/30/08 6/30/09 6/30/08 ------- ------- -------- -------- Net sales $64,890 $67,769 $263,956 $257,420 Cost of sales 14,656 13,888 55,488 52,889 ------- ------- -------- -------- Gross margin 50,234 53,881 208,468 204,531 Operating expenses: Selling, general and administrative 7,560 8,986 33,164 36,715 Research and development 5,999 5,812 23,564 22,394 Amortization of intangible assets 240 282 960 1,135 ------- ------- -------- -------- Total operating expenses 13,799 15,080 57,688 60,244 ------- ------- -------- -------- Operating income 36,435 38,801 150,780 144,287 Other income (expense): Interest income 1,038 2,783 7,634 12,188 Other non-operating expense, net (49) (1,079) (3,051) (2,644) ------- ------- -------- -------- Total other income 989 1,704 4,583 9,544 ------- ------- -------- -------- Earnings before income taxes 37,424 40,505 155,363 153,831 Income taxes 12,038 13,248 50,121 50,273 ------- ------- -------- -------- Net earnings $25,386 $27,257 $105,242 $103,558 ======= ======= ======== ======== Earnings per share: Basic $ 0.68 $ 0.70 $ 2.78 $ 2.65 Diluted $ 0.68 $ 0.70 $ 2.78 $ 2.64 Weighted average common shares outstanding: Basic 37,248 38,665 37,802 39,139 Diluted 37,332 38,788 37,900 39,247 TECHNE CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) 6/30/09 6/30/08 -------- -------- ASSETS Cash and equivalents $160,940 $166,992 Short-term available-for-sale investments 41,947 39,353 Trade accounts receivable 29,516 31,747 Other receivables 1,637 1,585 Inventory 11,269 9,515 Other current assets 10,158 9,241 -------- -------- Current assets 255,467 258,433 -------- -------- Available-for-sale investments 61,863 87,384 Property and equipment, net 100,133 101,722 Goodwill and intangible assets, net 28,072 29,032 Other non-current assets 26,470 30,798 -------- -------- Total assets $472,005 $507,369 ======== ======== LIABILITIES Current liabilities $ 15,523 $ 20,239 Stockholders' equity 456,482 487,13 -------- -------- Total liabilities and equity $472,005 $507,369 ======== ======== EX-99.2 3 seg609.txt SEGMENT RESULTS SEGMENT INFORMATION TECHNE CORPORATION AND SUBISIDARIES (in thousands of $'s, except per share data) Fiscal 2009 Increase (Decrease) From Fiscal 2008 ------------------------------------------------ --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 69,324 61,876 67,866 64,890 263,956 100% 11,337 (266) (1,656) (2,879) 6,536 Cost of sales 13,086 13,430 14,316 14,656 55,488 21% 982 679 170 768 2,599 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Gross margin 56,238 48,446 53,550 50,234 208,468 79% 10,355 (945) (1,826) (3,647) 3,937 Gross margin percentage 81.1% 78.3% 78.9% 77.4% 79.0% SG&A expense 8,840 9,703 7,061 7,560 33,164 13% 750 (942) (1,933) (1,426) (3,551) R&D expense 5,910 5,846 5,809 5,999 23,564 9% 729 284 (30) 187 1,170 Amortization expense 240 240 240 240 960 - (48) (42) (43) (42) (175) Interest income (2,887) (2,205) (1,504) (1,038) (7,634) (3%) 111 1,047 1,651 1,745 4,554 Other non-oper- ating ex., net 1,187 712 1,103 49 3,051 1% 618 139 680 (1,030) 407 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 13,290 14,296 12,709 12,810 53,105 20% 2,160 486 325 (566) 2,405 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Earnings before income taxes 42,948 34,150 40,841 37,424 155,363 59% 8,195 (1,431) (2,151) (3,081) 1,532 Income taxes 14,355 10,528 13,200 12,038 50,121 19% 2,674 (1,414) (202) (1,210) (152) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 28,593 23,622 27,641 25,386 105,242 40% 5,521 (17) (1,949) (1,871) 1,684 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ====== Diluted earnings per share .74 .62 .74 .68 2.78 Weighted average diluted shares outstanding 38,747 37,992 37,499 37,332 37,900
BIOTECHNOLOGY (1) (in thousands of $'s) Fiscal 2009 Increase (Decrease) From Fiscal 2008 ------------------------------------------------ --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 53,899 48,643 53,718 49,734 205,994 100% 8,571 2,067 806 (261) 11,183 Intersegment sales (7,762) (8,311) (8,579) (7,429)(32,081) (1,315) (878) (757) 17 (2,933) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ 46,137 40,332 45,139 42,305 173,913 7,256 1,189 49 (244) 8,250 Cost of sales 10,247 11,090 11,080 10,311 42,728 21% 1,250 1,478 371 64 3,163 Intersegment sales (7,461) (8,339) (8,494) (7,454)(31,748) (1,287) (909) (739) 284 (2,651) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ 2,786 2,751 2,586 2,857 10,980 (37) 569 (368) 348 512 Gross margin 43,351 37,581 42,553 39,448 162,933 79% 7,293 620 417 (592) 7,738 Gross margin percentage 81.0% 77.2% 79.4% 79.3% 79.3% SG&A expense 5,141 5,418 4,262 4,214 19,035 9% 517 (116) (995) (1,352) (1,946) R&D expense 5,717 5,643 5,622 5,810 22,792 11% 715 275 (18) 188 1,160 Amortization expense 240 240 240 240 960 -- (48) (42) (43) (42) (175) Interest, net (1,084) (970) (853) (743) (3,650) (1%) 173 339 432 245 1,189 Other expense (2) 1 1 2 2 -- (36) (11) 6 (387) (428) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 10,012 10,332 9,272 9,523 39,139 19% 1,321 445 (618) (1,348) (200) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Pretax result 33,339 27,249 33,281 29,925 123,794 60% 5,972 175 1,035 756 7,938 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ======
(1) Includes R&D Systems' Biotechnology Division, BiosPacific, Inc. and R&D China R&D SYSTEMS EUROPE (in thousands of Br. pounds) Fiscal 2009 Increase (Decrease) From Fiscal 2008 ------------------------------------------------ --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 10,175 11,197 12,716 11,134 45,222 100% 2,570 1,896 2,536 569 7,571 Cost of sales 4,260 5,361 6,540 5,683 21,844 48% 805 1,308 2,148 1,197 5,458 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Gross margin 5,915 5,836 6,176 5,451 23,378 52% 1,765 588 388 (628) 2,113 Gross margin percentage 58.1% 52.1% 48.6% 49.0% 51.7% SG&A expense 1,224 1,364 1,191 1,188 4,967 11% 110 88 28 (65) 161 Interest income (790) (583) (235) (102) (1,710) (4%) (107) 190 527 638 1,248 Exchange loss/ (gain) 260 (35) 163 (368) 20 1% 356 46 393 (359) 436 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 694 746 1,119 718 3,277 8% 359 324 948 214 1,845 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Pretax result 5,221 5,090 5,057 4,733 20,101 44% 1,406 264 (560) (842) 268 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ======
R&D SYSTEMS EUROPE (in thousands of $'s) Fiscal 2009 Increase (Decrease) From Fiscal 2008 ------------------------------------------------ --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 18,941 17,284 18,293 18,023 72,541 100% 3,492 (1,743) (1,933) (3,010) (3,194) Cost of sales 7,931 8,274 9,405 9,430 35,040 48% 911 (19) 679 508 2,079 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Gross margin 11,010 9,010 8,888 8,593 37,501 52% 2,581 (1,724) (2,612) (3,518) (5,273) Gross margin percentage 58.1% 52.1% 48.6% 47.7% 51.7% SG&A expense 2,283 2,094 1,714 1,876 7,967 11% 21 (505) (597) (619) (1,700) Interest income (1,471) (906) (338) (28) (2,743) (4%) (84) 670 1,176 1,444 3,206 Exchange loss 476 5 238 (687) 32 1% 674 170 695 (670) 869 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 1,288 1,193 1,614 1,161 5,256 8% 611 335 1,274 155 2,375 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Pretax result 9,722 7,817 7,274 7,432 32,245 44% 1,970 (2,059) (3,886) (3,673) (7,648) ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= ======
HEMATOLOGY (in thousands of $'s) Fiscal 2009 Increase (Decrease) From Fiscal 2008 ------------------------------------------------ --------------------------------------- First Second Third Fourth Percent First Second Third Fourth Quarter Quarter Quarter Quarter YTD Of Sales Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Sales 4,246 4,260 4,434 4,562 17,502 100% 589 288 228 375 1,480 Cost of sales 2,369 2,405 2,325 2,369 9,468 54% 108 129 (141) (88) 8 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Gross margin 1,877 1,855 2,109 2,193 8,034 46% 481 159 369 463 1,472 Gross margin percentage 44.2% 43.5% 47.6% 48.1% 45.9% SG&A expense 436 398 310 319 1,463 9% (31) (89) (179) (241) (540) R&D expense 193 203 187 189 772 4% 14 9 (12) (1) 10 Interest, net (102) (91) (80) (72) (345) (2%) 18 34 43 21 116 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ 527 510 417 436 1,890 11% 1 (46) (148) (221) (414) ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------ Pretax result 1,350 1,345 1,692 1,757 6,144 35% 480 205 517 684 1,886 ======= ======= ======= ======= ======= ======== ======= ======= ======= ======= =======
CORPORATE AND OTHER (2) (in thousands of $'s) Fiscal 2009 Increase (Decrease) From Fiscal 2008 --------------------------------------- --------------------------------------- First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter YTD Quarter Quarter Quarter Quarter YTD ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ Interest income 230 238 233 195 896 (4) (4) -- (35) (43) Rental income 99 131 115 136 481 32 20 24 1 77 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ 329 369 348 331 1,377 28 16 24 (34) 34 SG&A expense 980 1,793 775 1,151 4,699 243 (232) (162) 786 635 Other-Building expenses 553 551 573 531 2,208 9 (49) (60) (7) (107) Other-Equity Investment losses 259 286 406 339 1,290 3 49 63 35 150 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ 1,792 2,630 1,754 2,021 8,197 255 (232) (159) 814 678 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ Pretax result (1,463) (2,261) (1,406) (1,690) (6,820) (227) 248 183 (848) (644) ======= ======= ======= ======= ======= ======= ======= ======= ======= ======
(2) Unallocated corporate expenses and Techne's share of losses by Hemerus Medical, LLC and Nephromics, LLC. -----END PRIVACY-ENHANCED MESSAGE-----