$NEOG
NEOGEN CORP

2013 Q4 Form 10-Q Financial Statement

#000119312514006488 Filed on January 09, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4
Revenue $59.60M $50.74M
YoY Change 17.47% 13.02%
Cost Of Revenue $30.11M $23.43M
YoY Change 28.5% 5.38%
Gross Profit $29.49M $27.31M
YoY Change 8.0% 20.52%
Gross Profit Margin 49.48% 53.82%
Selling, General & Admin $17.50M $14.84M
YoY Change 17.95% 15.87%
% of Gross Profit 59.34% 54.33%
Research & Development $2.303M $1.993M
YoY Change 15.55% 16.55%
% of Gross Profit 7.81% 7.3%
Depreciation & Amortization $2.140M $1.660M
YoY Change 28.92% 8.5%
% of Gross Profit 7.26% 6.08%
Operating Expenses $19.80M $16.83M
YoY Change 17.67% 15.95%
Operating Profit $9.689M $10.48M
YoY Change -7.52% 28.66%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $39.00K $78.00K
YoY Change -50.0% -378.57%
Pretax Income $9.728M $10.56M
YoY Change -7.84% 30.07%
Income Tax $3.500M $3.800M
% Of Pretax Income 35.98% 36.0%
Net Earnings $6.207M $6.793M
YoY Change -8.63% 29.71%
Net Earnings / Revenue 10.41% 13.39%
Basic Earnings Per Share $0.17 $0.19
Diluted Earnings Per Share $0.17 $0.18
COMMON SHARES
Basic Shares Outstanding 36.46M shares 35.74M shares
Diluted Shares Outstanding 37.37M shares 36.40M shares

Balance Sheet

Concept 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.10M $70.80M
YoY Change 11.72% 27.34%
Cash & Equivalents $43.61M $41.31M
Short-Term Investments $35.50M $29.50M
Other Short-Term Assets $6.700M $5.700M
YoY Change 17.54% -12.31%
Inventory $47.33M $38.38M
Prepaid Expenses
Receivables $45.80M $37.59M
Other Receivables $0.00 $0.00
Total Short-Term Assets $178.9M $152.6M
YoY Change 17.23% 17.0%
LONG-TERM ASSETS
Property, Plant & Equipment $38.23M $31.26M
YoY Change 22.29% 8.18%
Goodwill $66.54M $60.04M
YoY Change 10.83%
Intangibles $18.14M
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.6M $85.83M
YoY Change 19.56%
Total Long-Term Assets $140.9M $117.1M
YoY Change 20.29% 12.68%
TOTAL ASSETS
Total Short-Term Assets $178.9M $152.6M
Total Long-Term Assets $140.9M $117.1M
Total Assets $319.7M $269.7M
YoY Change 18.56% 15.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.36M $8.420M
YoY Change 34.89% -12.29%
Accrued Expenses $11.60M $7.300M
YoY Change 58.9% 1.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.29M $18.32M
YoY Change 27.16% -0.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.200M $2.900M
YoY Change -24.14% -34.09%
Total Long-Term Liabilities $14.61M $13.65M
YoY Change 7.09% 210.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.29M $18.32M
Total Long-Term Liabilities $14.61M $13.65M
Total Liabilities $37.90M $31.96M
YoY Change 18.6% 1.46%
SHAREHOLDERS EQUITY
Retained Earnings $167.9M $140.2M
YoY Change 19.78%
Common Stock $5.856M $3.818M
YoY Change 53.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $281.9M $237.5M
YoY Change
Total Liabilities & Shareholders Equity $319.7M $269.7M
YoY Change 18.56% 15.1%

Cashflow Statement

Concept 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income $6.207M $6.793M
YoY Change -8.63% 29.71%
Depreciation, Depletion And Amortization $2.140M $1.660M
YoY Change 28.92% 8.5%
Cash From Operating Activities $5.220M $6.890M
YoY Change -24.24% 42.95%
INVESTING ACTIVITIES
Capital Expenditures -$2.450M $1.500M
YoY Change -263.33% -172.46%
Acquisitions
YoY Change
Other Investing Activities -$6.780M -$9.430M
YoY Change -28.1% -188.21%
Cash From Investing Activities -$9.230M -$10.88M
YoY Change -15.17% -226.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.640M 760.0K
YoY Change 378.95% -47.59%
NET CHANGE
Cash From Operating Activities 5.220M 6.890M
Cash From Investing Activities -9.230M -10.88M
Cash From Financing Activities 3.640M 760.0K
Net Change In Cash -370.0K -3.230M
YoY Change -88.54% -121.71%
FREE CASH FLOW
Cash From Operating Activities $5.220M $6.890M
Capital Expenditures -$2.450M $1.500M
Free Cash Flow $7.670M $5.390M
YoY Change 42.3% -21.77%

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
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
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2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2013-11-30
dei Entity Central Index Key
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118147000
us-gaap Payments To Acquire Productive Assets
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us-gaap Investment Income Interest
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59000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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1212000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5001000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
8104000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
104000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15257000
us-gaap Gross Profit
GrossProfit
59855000
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OperatingIncomeLoss
22107000
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9088000
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CostOfServices
8990000
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0
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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2107000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-483000
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NetIncomeLoss
14045000
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3718000
us-gaap Share Based Compensation
ShareBasedCompensation
1695000
us-gaap Stock Repurchased During Period Value
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923000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-6419000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
21543000
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
110000
us-gaap Operating Expenses
OperatingExpenses
37748000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7700000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
477000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6871000
us-gaap Cost Of Revenue
CostOfRevenue
58292000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4170000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2107000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1695000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
52083000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26713000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4390000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-121000
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IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1870000
neog Accrual For Environmental Loss Contingencies Undiscounted Estimated Period
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P15Y
neog Environmental Remediation Expense Period Of Remediation
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CY2013Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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1.5 pure
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
21.25
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
512000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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36.44
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
513000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
80000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.39
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.012 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.392 pure
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.20
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36401000 shares
CY2013Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6371000
CY2012Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
659000 shares
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35742000 shares
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
50737000
CY2012Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
43000
CY2012Q4 us-gaap Profit Loss
ProfitLoss
6755000
CY2012Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
6885000
CY2012Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
46492000
CY2012Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
75000
CY2012Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4245000
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 Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
130000
CY2012Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6923000
CY2012Q4 us-gaap Gross Profit
GrossProfit
27306000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
10477000
CY2012Q4 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
-40000
CY2012Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
78000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
6793000
CY2012Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
20695000
CY2012Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-38000
CY2012Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4895000
CY2012Q4 us-gaap Cost Of Services
CostOfServices
2736000
CY2012Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9941000
CY2012Q4 us-gaap Operating Expenses
OperatingExpenses
16829000
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3800000
CY2012Q4 us-gaap Cost Of Revenue
CostOfRevenue
23431000
CY2012Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
724000
CY2012Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1993000
CY2012Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-38000
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37374000 shares
CY2013Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
916000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36458000 shares
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
59599000
CY2013Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
28000
CY2013Q4 us-gaap Profit Loss
ProfitLoss
6228000
CY2013Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
7110000
CY2013Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
53228000
CY2013Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
9728000
CY2013Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
882000
CY2013Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7089000
CY2013Q4 us-gaap Gross Profit
GrossProfit
29491000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
9689000
CY2013Q4 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
0
CY2013Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
39000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
6207000
CY2013Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
25792000
CY2013Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
21000
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6280000
CY2013Q4 us-gaap Cost Of Services
CostOfServices
4316000
CY2013Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11219000
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
19802000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3500000
CY2013Q4 us-gaap Cost Of Revenue
CostOfRevenue
30108000
CY2013Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
906000
CY2013Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2303000
CY2013Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
21000

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