Neogen Corporation announced today that revenues for the first quarter of its 2016 fiscal year, which ended Aug. 31, were $74,860,000 - an 11% increase compared to revenues of $67,599,000 in the first quarter of last year.
First quarter net income increased 5% to $9,323,000, or $0.25 per share, from the previous year's first quarter income of $8,883,000, or $0.24 a share. The revenues and net income represent first quarter records for the 33-year-old company.
"We are pleased to report a solid start to our new fiscal year, despite facing the same currency headwinds that all U.S. companies with significant international sales have been facing in recent months," said James Herbert, Neogen's chief executive officer and chairman. "We were able to complete two strategic acquisitions in the quarter, while building our core business through broad-based increases in sales across many of our diverse product lines and market segments."
The first quarter was the 94th of the past 99 quarters that Neogen reported revenue increases compared with the previous year - including all consecutive quarters in the last 10 years.
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