$NEOG
NEOGEN CORP

2012 Q4 Form 10-Q Financial Statement

#000119312512518007 Filed on December 28, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2011 Q4
Revenue $50.74M $44.89M
YoY Change 13.02% 2.19%
Cost Of Revenue $23.43M $22.23M
YoY Change 5.38% 3.9%
Gross Profit $27.31M $22.66M
YoY Change 20.52% 0.75%
Gross Profit Margin 53.82% 50.47%
Selling, General & Admin $14.84M $12.80M
YoY Change 15.87% 14.32%
% of Gross Profit 54.33% 56.51%
Research & Development $1.993M $1.710M
YoY Change 16.55% 6.88%
% of Gross Profit 7.3% 7.55%
Depreciation & Amortization $1.660M $1.530M
YoY Change 8.5% 15.91%
% of Gross Profit 6.08% 6.75%
Operating Expenses $16.83M $14.51M
YoY Change 15.95% 12.51%
Operating Profit $10.48M $8.143M
YoY Change 28.66% -15.07%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $78.00K -$28.00K
YoY Change -378.57% -72.0%
Pretax Income $10.56M $8.115M
YoY Change 30.07% -14.58%
Income Tax $3.800M $2.900M
% Of Pretax Income 36.0% 35.74%
Net Earnings $6.793M $5.237M
YoY Change 29.71% -14.29%
Net Earnings / Revenue 13.39% 11.67%
Basic Earnings Per Share $0.19 $0.22
Diluted Earnings Per Share $0.18 $0.22
COMMON SHARES
Basic Shares Outstanding 35.74M shares 23.42M shares
Diluted Shares Outstanding 36.40M shares 23.97M shares

Balance Sheet

Concept 2012 Q4 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.80M $55.60M
YoY Change 27.34% 25.23%
Cash & Equivalents $41.31M $36.97M
Short-Term Investments $29.50M $18.60M
Other Short-Term Assets $5.700M $6.500M
YoY Change -12.31% 51.16%
Inventory $38.38M $36.40M
Prepaid Expenses
Receivables $37.59M $31.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $152.6M $130.4M
YoY Change 17.0% 20.63%
LONG-TERM ASSETS
Property, Plant & Equipment $31.26M $28.90M
YoY Change 8.18% 39.61%
Goodwill $60.04M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.83M
YoY Change
Total Long-Term Assets $117.1M $103.9M
YoY Change 12.68% 8.7%
TOTAL ASSETS
Total Short-Term Assets $152.6M $130.4M
Total Long-Term Assets $117.1M $103.9M
Total Assets $269.7M $234.3M
YoY Change 15.09% 15.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.420M $9.600M
YoY Change -12.29% 6.67%
Accrued Expenses $7.300M $7.200M
YoY Change 1.39% -5.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.32M $18.40M
YoY Change -0.46% -13.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.900M $4.400M
YoY Change -34.09% -4.35%
Total Long-Term Liabilities $13.65M $4.400M
YoY Change 210.11% -4.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.32M $18.40M
Total Long-Term Liabilities $13.65M $4.400M
Total Liabilities $31.96M $31.50M
YoY Change 1.46% -1.87%
SHAREHOLDERS EQUITY
Retained Earnings $140.2M
YoY Change
Common Stock $3.818M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $237.5M $202.8M
YoY Change
Total Liabilities & Shareholders Equity $269.7M $234.3M
YoY Change 15.1% 15.02%

Cashflow Statement

Concept 2012 Q4 2011 Q4
OPERATING ACTIVITIES
Net Income $6.793M $5.237M
YoY Change 29.71% -14.29%
Depreciation, Depletion And Amortization $1.660M $1.530M
YoY Change 8.5% 15.91%
Cash From Operating Activities $6.890M $4.820M
YoY Change 42.95% -39.83%
INVESTING ACTIVITIES
Capital Expenditures $1.500M -$2.070M
YoY Change -172.46% 11.89%
Acquisitions
YoY Change
Other Investing Activities -$9.430M $10.69M
YoY Change -188.21% -268.08%
Cash From Investing Activities -$10.88M $8.610M
YoY Change -226.36% -204.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 760.0K 1.450M
YoY Change -47.59% -67.99%
NET CHANGE
Cash From Operating Activities 6.890M 4.820M
Cash From Investing Activities -10.88M 8.610M
Cash From Financing Activities 760.0K 1.450M
Net Change In Cash -3.230M 14.88M
YoY Change -121.71% 243.65%
FREE CASH FLOW
Cash From Operating Activities $6.890M $4.820M
Capital Expenditures $1.500M -$2.070M
Free Cash Flow $5.390M $6.890M
YoY Change -21.77% -30.12%

Facts In Submission

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dei Trading Symbol
TradingSymbol
NEOG
dei Entity Registrant Name
EntityRegistrantName
NEOGEN CORP
dei Amendment Flag
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dei Entity Filer Category
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-7736000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9377000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1337000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24231000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
479000 shares
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
478000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20955000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
19698000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3920000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3996000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
16000 shares
us-gaap Operating Expenses
OperatingExpenses
32995000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
1500000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.392 pure
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23752000 shares
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2076000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
46667000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
44082000
us-gaap Gross Profit
GrossProfit
53800000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
34153000
us-gaap Net Income Loss
NetIncomeLoss
13507000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
150000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1500000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
306000 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7500000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
151000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
13933000
CY2011Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-22000
CY2011Q4 us-gaap Share Based Compensation
ShareBasedCompensation
472000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4467000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.81
neog Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities
-608000
neog Accrual For Environmental Loss Contingencies Undiscounted Estimated Period
AccrualForEnvironmentalLossContingenciesUndiscountedEstimatedPeriod
15 Y
neog Environmental Remediation Expense Period Of Remediation
EnvironmentalRemediationExpensePeriodOfRemediation
5 Y
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.012 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.364 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.42
CY2011Q4 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset
14000
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
8143000
CY2011Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-22000
CY2011Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-40000
CY2011Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4675000
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2011Q4 us-gaap Profit Loss
ProfitLoss
5215000
CY2011Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
26000
CY2011Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4173000
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23974000 shares
CY2011Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
556000 shares
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
44891000
CY2011Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-562000
CY2011Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8115000
CY2011Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8631000
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2011Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1710000
CY2011Q4 us-gaap Operating Expenses
OperatingExpenses
14514000
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23418000 shares
CY2011Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
22234000
CY2011Q4 us-gaap Gross Profit
GrossProfit
22657000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
5237000
CY2011Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-28000
CY2011Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2900000
CY2011Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
4653000
CY2012Q4 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset
40000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
10477000
CY2012Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-38000
CY2012Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
75000
CY2012Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6923000
CY2012Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-38000
CY2012Q4 us-gaap Share Based Compensation
ShareBasedCompensation
724000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2012Q4 us-gaap Profit Loss
ProfitLoss
6755000
CY2012Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
43000
CY2012Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4895000
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24267000 shares
CY2012Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
439000 shares
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
50737000
CY2012Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
130000
CY2012Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10555000
CY2012Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9941000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2012Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1993000
CY2012Q4 us-gaap Operating Expenses
OperatingExpenses
16829000
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23828000 shares
CY2012Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
23431000
CY2012Q4 us-gaap Gross Profit
GrossProfit
27306000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
6793000
CY2012Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
78000
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3800000
CY2012Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
6885000

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