$NEOG
NEOGEN CORP

2019 Q1 Form 10-Q Financial Statement

#000119312519092402 Filed on March 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $97.70M $95.89M
YoY Change 1.89% 8.49%
Cost Of Revenue $53.07M $50.37M
YoY Change 5.36% 6.03%
Gross Profit $44.63M $44.60M
YoY Change 0.06% 9.1%
Gross Profit Margin 45.68% 46.51%
Selling, General & Admin $26.74M $25.85M
YoY Change 3.43% 8.22%
% of Gross Profit 59.92% 57.96%
Research & Development $3.249M $2.836M
YoY Change 14.56% 7.38%
% of Gross Profit 7.28% 6.36%
Depreciation & Amortization $4.430M $4.410M
YoY Change 0.45% 20.82%
% of Gross Profit 9.93% 9.89%
Operating Expenses $29.99M $28.69M
YoY Change 4.53% 8.14%
Operating Profit $14.64M $15.91M
YoY Change -8.01% 10.88%
Interest Expense $1.335M $524.0K
YoY Change 154.77% 74.67%
% of Operating Profit 9.12% 3.29%
Other Income/Expense, Net $1.984M $1.368M
YoY Change 45.03% -0.58%
Pretax Income $16.62M $17.28M
YoY Change -3.81% 9.88%
Income Tax $3.550M $700.0K
% Of Pretax Income 21.36% 4.05%
Net Earnings $13.07M $16.59M
YoY Change -21.18% 61.23%
Net Earnings / Revenue 13.38% 17.3%
Basic Earnings Per Share $0.25 $0.32
Diluted Earnings Per Share $0.25 $0.32
COMMON SHARES
Basic Shares Outstanding 52.07M 51.54M
Diluted Shares Outstanding 52.47M 52.24M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $246.7M $192.2M
YoY Change 28.36% 54.25%
Cash & Equivalents $93.58M $82.07M
Short-Term Investments $153.1M $110.1M
Other Short-Term Assets $11.00M $9.300M
YoY Change 18.28% -1.06%
Inventory $84.87M $77.51M
Prepaid Expenses
Receivables $80.01M $73.21M
Other Receivables $0.00 $0.00
Total Short-Term Assets $422.6M $352.2M
YoY Change 19.99% 27.26%
LONG-TERM ASSETS
Property, Plant & Equipment $76.45M $72.51M
YoY Change 5.43% 18.92%
Goodwill $104.1M $99.48M
YoY Change 4.62% -4.42%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $250.0M $243.4M
YoY Change 2.71% 5.58%
TOTAL ASSETS
Total Short-Term Assets $422.6M $352.2M
Total Long-Term Assets $250.0M $243.4M
Total Assets $672.6M $595.6M
YoY Change 12.93% 17.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.95M $19.65M
YoY Change -3.57% 15.12%
Accrued Expenses $15.30M $16.70M
YoY Change -8.38% 7.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.27M $37.29M
YoY Change -8.11% 7.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.190M $4.973M
YoY Change -15.75% 55.41%
Total Long-Term Liabilities $4.190M $4.973M
YoY Change -15.75% 55.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.27M $37.29M
Total Long-Term Liabilities $4.190M $4.973M
Total Liabilities $52.67M $53.67M
YoY Change -1.86% -3.55%
SHAREHOLDERS EQUITY
Retained Earnings $403.4M $341.5M
YoY Change 18.15% 20.46%
Common Stock $8.339M $8.253M
YoY Change 1.04% 35.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $619.9M $541.7M
YoY Change
Total Liabilities & Shareholders Equity $672.6M $595.6M
YoY Change 12.93% 17.41%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $13.07M $16.59M
YoY Change -21.18% 61.23%
Depreciation, Depletion And Amortization $4.430M $4.410M
YoY Change 0.45% 20.82%
Cash From Operating Activities $10.39M $19.17M
YoY Change -45.8% 22.57%
INVESTING ACTIVITIES
Capital Expenditures -$5.160M -$5.890M
YoY Change -12.39% -12.87%
Acquisitions
YoY Change
Other Investing Activities -$15.21M $1.320M
YoY Change -1252.27% -103.11%
Cash From Investing Activities -$20.36M -$4.570M
YoY Change 345.51% -90.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 350.0K 2.520M
YoY Change -86.11% -62.39%
NET CHANGE
Cash From Operating Activities 10.39M 19.17M
Cash From Investing Activities -20.36M -4.570M
Cash From Financing Activities 350.0K 2.520M
Net Change In Cash -9.620M 17.12M
YoY Change -156.19% -163.64%
FREE CASH FLOW
Cash From Operating Activities $10.39M $19.17M
Capital Expenditures -$5.160M -$5.890M
Free Cash Flow $15.55M $25.06M
YoY Change -37.95% 11.88%

Facts In Submission

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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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105835000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
46.50
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
48.78
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1306000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1026000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
4137000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3692000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.91
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.272
CY2019Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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15000000
CY2019Q1 us-gaap Line Of Credit Facility Interest Rate At Period End
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0.0358
CY2018Q2 us-gaap Accrual For Environmental Loss Contingencies
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916000
neog Accrual For Environmental Loss Contingencies Undiscounted Estimated Period
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P15Y
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100000
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3000000
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CY2018Q4 neog Cumulative Stock Repurchased And Retired Value
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1.00
CY2019Q1 us-gaap Preferred Stock Shares Authorized
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100000
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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1.00
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000
CY2019Q1 us-gaap Preferred Stock Shares Issued
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PreferredStockSharesIssued
0
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0
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PreferredStockSharesOutstanding
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CY2018Q2 us-gaap Common Stock Shares Authorized
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CY2018Q2 us-gaap Common Stock Shares Issued
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CY2019Q1 us-gaap Common Stock Shares Outstanding
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us-gaap Use Of Estimates
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<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 18pt; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">ESTIMATES AND ASSUMPTIONS </div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 6pt; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of these financial statements requires that management make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, management evaluates the estimates, including, but not limited to, variable consideration related to revenue recognition, allowances for doubtful accounts, the market value of, and demand for, inventories, stock-based compensation, provision for income taxes and related balance sheet accounts, accruals, goodwill and other intangible assets. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">There have been no significant changes to the critical accounting policies and estimates disclosed in our Annual Report on Form 10-K for the fiscal year ended May&#160;31, 2018, except for the new revenue recognition standard the Company adopted effective June&#160;1, 2018. See the&#160;below sections Revenue Recognition and Recently Adopted Accounting Standards for further information on revenue recognition. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 18pt; margin-top: 12pt; margin-right: 0px; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">There were no significant changes to the contractual obligations or contingent liabilities and commitments disclosed in our Annual Report on Form 10-K for the fiscal year ended May&#160;31, 2018. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
LIBOR plus 100 basis points
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2021-09-30
CY2018Q1 us-gaap Assets
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595601000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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97700000
CY2019Q1 us-gaap Operating Income Loss
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14639000
CY2019Q1 us-gaap Assets
Assets
672585000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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94903000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
15913000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
304424000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
289811000
us-gaap Operating Income Loss
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50335000
us-gaap Operating Income Loss
OperatingIncomeLoss
49364000
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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0
us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
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0
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2019-09-30
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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1700000
CY2018Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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1550000
CY2017Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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1.33
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916000
neog Remedial Action Objective Time Frame
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P5Y
CY2018Q2 us-gaap Preferred Stock Value
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0
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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8473000
CY2018Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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519000
CY2018Q3 us-gaap Profit Loss
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15237000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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581626000
CY2018Q4 us-gaap Stock Issued During Period Value Share Based Compensation
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4107000
CY2018Q4 us-gaap Profit Loss
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16051000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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602074000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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4158000
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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641000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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-2778000
CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
290000
CY2019Q1 us-gaap Stock Repurchased During Period Value
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3135000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3105000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
13752000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
18916000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3135000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10617000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18916000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
553000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-207000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
10502000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4499000
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
83074000
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
77567000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
93576000
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
82066000
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-02-28
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
NEOGEN CORP
dei Entity Central Index Key
EntityCentralIndexKey
0000711377
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-31
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Trading Symbol
TradingSymbol
NEOG
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
false
CY2019Q1 dei Entity Common Stock Shares Outstanding
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52120422
CY2019Q1 us-gaap Inventory Net
InventoryNet
84870000
CY2018Q2 us-gaap Inventory Net
InventoryNet
76005000
neog Products And Services Payment Terms
ProductsAndServicesPaymentTerms
30 to 60 days

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