UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended November 30, 2015.
or
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
to
Commission file number 0-17988
Neogen
Corporation
(Exact name of registrant as specified in its charter)
|
|
|
Michigan |
|
38-2367843 |
(State or other jurisdiction of
incorporation or organization) |
|
(IRS Employer
Identification Number) |
620 Lesher Place
Lansing, Michigan 48912
(Address of principal executive offices, including zip code)
(517) 372-9200
(Registrants telephone number, including area code)
N/A
(Former name, former
address and former fiscal year, if changed since last report)
Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and
(2) has been subject to such filing requirements for the past 90
days. YES x NO ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files). YES x NO ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (see definition of
accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act):
|
|
|
|
|
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|
Large accelerated filer |
|
x |
|
Accelerated filer |
|
¨ |
|
|
|
|
Non-accelerated filer |
|
¨ (Do not check if a smaller reporting company) |
|
Smaller Reporting Company |
|
¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act): YES ¨ NO x
As of November 30, 2015, there were 37,443,771 shares of Common Stock outstanding.
NEOGEN CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
1
PART I FINANCIAL INFORMATION
Item 1. Interim Consolidated Financial Statements
NEOGEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
|
|
(Unaudited) |
|
|
(Audited) |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
71,378 |
|
|
$ |
66,061 |
|
Marketable securities (at fair value, which approximates cost) |
|
|
51,640 |
|
|
|
48,103 |
|
Accounts receivable, less allowance of $1,400 and $1,300 |
|
|
57,604 |
|
|
|
59,208 |
|
Inventories |
|
|
61,485 |
|
|
|
51,601 |
|
Deferred income taxes |
|
|
2,293 |
|
|
|
1,991 |
|
Prepaid expenses and other current assets |
|
|
6,077 |
|
|
|
4,231 |
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
250,477 |
|
|
|
231,195 |
|
NET PROPERTY AND EQUIPMENT |
|
|
51,865 |
|
|
|
44,473 |
|
|
|
|
OTHER ASSETS |
|
|
|
|
|
|
|
|
Goodwill |
|
|
75,147 |
|
|
|
70,119 |
|
Other non-amortizable intangible assets |
|
|
9,020 |
|
|
|
9,020 |
|
Customer based intangibles, net of accumulated amortization of $15,069 and $14,446 at November 30, 2015 and May 31,
2015 |
|
|
23,571 |
|
|
|
24,170 |
|
Other non-current assets, net of accumulated amortization of $7,630 and $7,191 at November 30, 2015 and May 31, 2015 |
|
|
15,703 |
|
|
|
13,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
123,441 |
|
|
|
116,513 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
425,783 |
|
|
$ |
392,181 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
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CURRENT LIABILITIES |
|
|
|
|
|
|
|
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Accounts payable |
|
$ |
20,682 |
|
|
$ |
13,691 |
|
Accrued compensation |
|
|
4,246 |
|
|
|
4,142 |
|
Income taxes |
|
|
289 |
|
|
|
1,275 |
|
Other accruals |
|
|
6,010 |
|
|
|
6,348 |
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
|
|
31,227 |
|
|
|
25,456 |
|
|
|
|
DEFERRED INCOME TAXES |
|
|
14,478 |
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|
|
13,711 |
|
OTHER LONG-TERM LIABILITIES |
|
|
2,176 |
|
|
|
2,051 |
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|
|
|
|
|
|
|
|
|
|
|
|
16,654 |
|
|
|
15,762 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
47,881 |
|
|
|
41,218 |
|
|
|
|
COMMITMENTS AND CONTINGENCIES (note 7) |
|
|
0 |
|
|
|
0 |
|
EQUITY |
|
|
|
|
|
|
|
|
Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding |
|
|
0 |
|
|
|
0 |
|
Common stock, $0.16 par value, 60,000,000 shares authorized 37,443,771 and 37,128,269 shares issued and outstanding at
November 30, 2015 and May 31, 2015, respectively |
|
|
5,991 |
|
|
|
5,941 |
|
Additional paid-in capital |
|
|
141,371 |
|
|
|
131,906 |
|
Accumulated other comprehensive loss |
|
|
(3,449 |
) |
|
|
(2,442 |
) |
Retained earnings |
|
|
233,965 |
|
|
|
215,569 |
|
|
|
|
|
|
|
|
|
|
TOTAL NEOGEN CORPORATION STOCKHOLDERS EQUITY |
|
|
377,878 |
|
|
|
350,974 |
|
Non-controlling interest |
|
|
24 |
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY |
|
|
377,902 |
|
|
|
350,963 |
|
|
|
|
|
|
|
|
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|
TOTAL LIABILITIES AND EQUITY |
|
$ |
425,783 |
|
|
$ |
392,181 |
|
|
|
|
|
|
|
|
|
|
See notes to interim consolidated financial statements
2
NEOGEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share amounts)
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|
|
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|
|
|
|
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|
Three Months Ended November 30, |
|
|
Six Months Ended November 30, |
|
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|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
REVENUES |
|
|
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|
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Product revenues |
|
$ |
68,717 |
|
|
$ |
59,824 |
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|
$ |
133,754 |
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|
$ |
118,048 |
|
Service revenues |
|
|
10,893 |
|
|
|
8,631 |
|
|
|
20,717 |
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|
18,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total Revenues |
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79,610 |
|
|
|
68,455 |
|
|
|
154,471 |
|
|
|
136,054 |
|
COST OF REVENUES |
|
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Cost of product revenues |
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34,006 |
|
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|
29,258 |
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|
64,637 |
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|
57,234 |
|
Cost of service revenues |
|
|
7,380 |
|
|
|
4,989 |
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|
13,818 |
|
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|
10,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost of Revenues |
|
|
41,386 |
|
|
|
34,247 |
|
|
|
78,455 |
|
|
|
67,770 |
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|
|
|
|
|
|
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|
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|
GROSS MARGIN |
|
|
38,224 |
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|
|
34,208 |
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|
76,016 |
|
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|
68,284 |
|
|
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|
OPERATING EXPENSES |
|
|
|
|
|
|
|
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Sales and marketing |
|
|
14,203 |
|
|
|
12,743 |
|
|
|
27,774 |
|
|
|
24,963 |
|
General and administrative |
|
|
6,791 |
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|
|
6,094 |
|
|
|
13,543 |
|
|
|
12,107 |
|
Research and development |
|
|
2,618 |
|
|
|
2,474 |
|
|
|
5,192 |
|
|
|
4,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,612 |
|
|
|
21,311 |
|
|
|
46,509 |
|
|
|
41,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
14,612 |
|
|
|
12,897 |
|
|
|
29,507 |
|
|
|
26,336 |
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
Interest income |
|
|
51 |
|
|
|
47 |
|
|
|
119 |
|
|
|
92 |
|
Change in purchase consideration |
|
|
0 |
|
|
|
(454 |
) |
|
|
0 |
|
|
|
(213 |
) |
Other expense |
|
|
(471 |
) |
|
|
(64 |
) |
|
|
(995 |
) |
|
|
(80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(420 |
) |
|
|
(471 |
) |
|
|
(876 |
) |
|
|
(201 |
) |
INCOME BEFORE INCOME TAXES |
|
|
14,192 |
|
|
|
12,426 |
|
|
|
28,631 |
|
|
|
26,135 |
|
INCOME TAXES |
|
|
5,050 |
|
|
|
4,600 |
|
|
|
10,200 |
|
|
|
9,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
9,142 |
|
|
|
7,826 |
|
|
|
18,431 |
|
|
|
16,735 |
|
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST |
|
|
(69 |
) |
|
|
(20 |
) |
|
|
(35 |
) |
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
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|
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|
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION |
|
$ |
9,073 |
|
|
$ |
7,806 |
|
|
$ |
18,396 |
|
|
$ |
16,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION PER SHARE |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to interim consolidated financial statements
3
NEOGEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net Income |
|
$ |
9,142 |
|
|
$ |
7,826 |
|
|
$ |
18,431 |
|
|
$ |
16,735 |
|
Other Comprehensive Loss, Net of Tax: Currency Translation Adjustments |
|
|
(294 |
) |
|
|
(1,638 |
) |
|
|
(1,007 |
) |
|
|
(1,857 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income |
|
|
8,848 |
|
|
|
6,188 |
|
|
|
17,424 |
|
|
|
14,878 |
|
Comprehensive Income attributable to non-controlling interest |
|
|
(69 |
) |
|
|
(20 |
) |
|
|
(35 |
) |
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income attributable to Neogen Corporation |
|
$ |
8,779 |
|
|
$ |
6,168 |
|
|
$ |
17,389 |
|
|
$ |
14,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to interim consolidated financial statements
4
NEOGEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive |
|
|
Retained |
|
|
Non-controlling |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Earnings |
|
|
Interest |
|
|
Total |
|
Balance, May 31, 2015 |
|
|
37,128 |
|
|
$ |
5,941 |
|
|
$ |
131,906 |
|
|
$ |
(2,442 |
) |
|
$ |
215,569 |
|
|
$ |
(11 |
) |
|
$ |
350,963 |
|
Issuance of shares of common stock under equity compensation plans, and share based compensation |
|
|
307 |
|
|
|
49 |
|
|
|
9,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,155 |
|
Issuance of shares under employee stock purchase plan |
|
|
9 |
|
|
|
1 |
|
|
|
359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
360 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the six months ended November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,396 |
|
|
|
35 |
|
|
|
18,431 |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,007 |
) |
|
|
|
|
|
|
|
|
|
|
(1,007 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, November 30, 2015 |
|
|
37,444 |
|
|
$ |
5,991 |
|
|
$ |
141,371 |
|
|
$ |
(3,449 |
) |
|
$ |
233,965 |
|
|
$ |
24 |
|
|
$ |
377,902 |
|
See notes to interim consolidated financial statements
5
NEOGEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net Income |
|
$ |
18,431 |
|
|
$ |
16,735 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
5,680 |
|
|
|
5,170 |
|
Share based compensation |
|
|
2,545 |
|
|
|
1,959 |
|
Excess income tax benefit from the exercise of stock options |
|
|
(2,443 |
) |
|
|
(1,132 |
) |
Changes in operating assets and liabilities, net of business acquisitions: |
|
|
|
|
Accounts receivable |
|
|
2,514 |
|
|
|
(91 |
) |
Inventories |
|
|
(8,784 |
) |
|
|
(2,066 |
) |
Prepaid expenses and other current assets |
|
|
(1,858 |
) |
|
|
3,368 |
|
Accounts payable, accruals and other |
|
|
4,776 |
|
|
|
(576 |
) |
|
|
|
|
|
|
|
|
|
NET CASH FROM OPERATING ACTIVITIES |
|
|
20,861 |
|
|
|
23,367 |
|
CASH FLOWS FOR INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property and equipment and other noncurrent assets |
|
|
(7,815 |
) |
|
|
(4,705 |
) |
Proceeds from the sale of marketable securities |
|
|
80,379 |
|
|
|
42,342 |
|
Purchases of marketable securities |
|
|
(83,916 |
) |
|
|
(51,768 |
) |
Business acquisitions, net of cash required |
|
|
(13,554 |
) |
|
|
(4,514 |
) |
|
|
|
|
|
|
|
|
|
NET CASH FOR INVESTING ACTIVITIES |
|
|
(24,906 |
) |
|
|
(18,645 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Exercise of stock options |
|
|
6,611 |
|
|
|
3,248 |
|
Excess income tax benefit from the exercise of stock options |
|
|
2,443 |
|
|
|
1,132 |
|
Increase in other long-term liabilities |
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
NET CASH FROM FINANCING ACTIVITIES |
|
|
9,054 |
|
|
|
4,380 |
|
EFFECT OF EXCHANGE RATE ON CASH |
|
|
308 |
|
|
|
(719 |
) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
5,317 |
|
|
|
8,383 |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
66,061 |
|
|
|
40,675 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
71,378 |
|
|
$ |
49,058 |
|
|
|
|
|
|
|
|
|
|
See notes to interim consolidated financial statements
6
NEOGEN CORPORATION AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (generally accepted accounting principles) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been
included. The results of operations for the three and six month periods ended November 30, 2015 are not necessarily indicative of the results to be expected for the fiscal year ending May 31, 2016. For more complete financial information,
these consolidated financial statements should be read in conjunction with the May 31, 2015 audited consolidated financial statements and the notes thereto included in the Companys annual report on Form 10-K for the year ended
May 31, 2015.
2. INVENTORIES
Inventories are stated at the lower of cost, determined on the first-in, first-out method, or market. The components of inventories follow:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
|
|
(In thousands) |
|
Raw Materials |
|
$ |
26,574 |
|
|
$ |
21,605 |
|
Work-in-process |
|
|
4,219 |
|
|
|
3,972 |
|
Finished and purchased goods |
|
|
30,692 |
|
|
|
26,024 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
61,485 |
|
|
$ |
51,601 |
|
|
|
|
|
|
|
|
|
|
3. NET INCOME PER SHARE
The calculation of net income per share attributable to Neogen Corporation follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
(In thousands, except per share amounts) |
|
Numerator for basic and diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Neogen shareholders |
|
$ |
9,073 |
|
|
$ |
7,806 |
|
|
$ |
18,396 |
|
|
$ |
16,689 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares |
|
|
37,390 |
|
|
|
36,941 |
|
|
|
37,301 |
|
|
|
36,858 |
|
Effect of dilutive stock options and warrants |
|
|
478 |
|
|
|
438 |
|
|
|
509 |
|
|
|
473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted net income per share |
|
|
37,868 |
|
|
|
37,379 |
|
|
|
37,810 |
|
|
|
37,331 |
|
Net income attributable to Neogen Corporation per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
4. SEGMENT INFORMATION
The Company has two reportable segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits
and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the production and marketing of products
dedicated to animal health, including a complete line of consumable products marketed to veterinarians and animal health product distributors; the segment also provides genetic identification services. Additionally, Animal Safety produces and
markets rodenticides, disinfectants and insecticides to assist in the control of rodents and disease in and around agricultural, food production and other facilities.
Segment information as of and for the three months ended November 30, 2015 and 2014 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Safety |
|
|
Animal Safety |
|
|
Corporate and Eliminations (1) |
|
|
Total |
|
|
|
(In thousands) |
|
Three months ended November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers |
|
$ |
34,682 |
|
|
$ |
34,035 |
|
|
$ |
0 |
|
|
$ |
68,717 |
|
Service revenues to external customers |
|
|
2,572 |
|
|
|
8,321 |
|
|
|
0 |
|
|
|
10,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers |
|
|
37,254 |
|
|
|
42,356 |
|
|
|
0 |
|
|
|
79,610 |
|
Operating income (loss) |
|
|
7,687 |
|
|
|
7,833 |
|
|
|
(908 |
) |
|
|
14,612 |
|
Total assets |
|
|
132,472 |
|
|
|
182,478 |
|
|
|
110,833 |
|
|
|
425,783 |
|
|
|
|
|
Three months ended November 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers |
|
$ |
30,351 |
|
|
$ |
29,473 |
|
|
$ |
0 |
|
|
$ |
59,824 |
|
Service revenues to external customers |
|
|
2,604 |
|
|
|
6,027 |
|
|
|
0 |
|
|
|
8,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers |
|
|
32,955 |
|
|
|
35,500 |
|
|
|
0 |
|
|
|
68,455 |
|
Operating income (loss) |
|
|
8,196 |
|
|
|
5,436 |
|
|
|
(735 |
) |
|
|
12,897 |
|
Total assets |
|
|
107,777 |
|
|
|
175,038 |
|
|
|
83,102 |
|
|
|
365,917 |
|
Segment information for the six months ended November 30, 2015 and 2014 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Safety |
|
|
Animal Safety |
|
|
Corporate and Eliminations (1) |
|
|
Total |
|
|
|
(In thousands) |
|
Six months ended November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers |
|
$ |
66,733 |
|
|
$ |
67,021 |
|
|
$ |
0 |
|
|
$ |
133,754 |
|
Service revenues to external customers |
|
|
4,981 |
|
|
|
15,736 |
|
|
|
0 |
|
|
|
20,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers |
|
|
71,714 |
|
|
|
82,757 |
|
|
|
0 |
|
|
|
154,471 |
|
Operating income (loss) |
|
|
16,108 |
|
|
|
15,173 |
|
|
|
(1,774 |
) |
|
|
29,507 |
|
|
|
|
|
|
Six months ended November 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers |
|
$ |
58,414 |
|
|
$ |
59,634 |
|
|
$ |
0 |
|
|
$ |
118,048 |
|
Service revenues to external customers |
|
|
5,504 |
|
|
|
12,502 |
|
|
|
0 |
|
|
|
18,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers |
|
|
63,918 |
|
|
|
72,136 |
|
|
|
0 |
|
|
|
136,054 |
|
Operating income (loss) |
|
|
15,712 |
|
|
|
12,141 |
|
|
|
(1,517 |
) |
|
|
26,336 |
|
(1) |
Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, deferred assets and overhead expenses not allocated to specific business segments. Also includes the elimination of
intersegment transactions. |
8
5. EQUITY COMPENSATION PLANS
Options are generally granted under the employee and director stock option plan for five-year periods and become exercisable in equal annual
installments during that period. Certain non-qualified options are granted for ten-year periods. A summary of stock option activity during the six months ended November 30, 2015 follows:
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Weighted- Average Exercise Price |
|
Options outstanding at June 1, 2015 |
|
|
1,988,000 |
|
|
$ |
31.04 |
|
Granted |
|
|
549,000 |
|
|
|
46.98 |
|
Exercised |
|
|
(315,000 |
) |
|
|
22.09 |
|
Forfeited |
|
|
(15,000 |
) |
|
|
35.58 |
|
|
|
|
|
|
|
|
|
|
Options outstanding at November 30, 2015 |
|
|
2,207,000 |
|
|
|
36.26 |
|
During the three and six month periods ended November 30, 2015 and 2014, the Company recorded $1,248,000 and $1,053,000
and $2,545,000 and $1,959,000 of compensation expense related to its share-based awards.
The weighted-average fair value of stock options granted during
fiscal 2016 and fiscal 2015, estimated on the date of grant using the Black-Scholes option pricing model was $13.11 and $11.88 respectively, per option. The fair value of stock options granted was estimated using the following weighted-average
assumptions.
|
|
|
|
|
|
|
|
|
|
|
FY2016 |
|
|
FY2015 |
|
Risk-free interest rate |
|
|
1.2 |
% |
|
|
1.2 |
% |
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Expected stock price volatility |
|
|
33.3 |
% |
|
|
36.2 |
% |
Expected option life |
|
|
4.0 years |
|
|
|
4.0 years |
|
The Company has an Employee Stock Purchase plan that provides for employee stock purchases at a 5% discount to market price.
The discount is recorded in administrative expense as of the date of purchase.
6. NEW ACCOUNTING PRONOUNCEMENTS
In May 2014, the FASB issued a new standard on revenue recognition. The new standard outlines a single comprehensive model for entities to
use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to
depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability
for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is
not permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.
7. BUSINESS AND PRODUCT LINE ACQUISITIONS
The Consolidated Statements of Income reflect the results of operations for business acquisitions since the respective dates of purchase.
All are accounted for using the acquisition method. Goodwill recognized in the acquisitions discussed below relates primarily to enhancing the Companys strategic platform for the expansion of available product offerings.
On July 1, 2013, the Company acquired the assets of SyrVet Inc., a veterinary business based in Waukee, Iowa. SyrVet offered a product line similar to
Neogens Ideal Instruments line of veterinary instruments with a strong presence in Mexico and Latin America. Consideration for the purchase was $10,012,000 in cash and up to $1,500,000 of a contingent consideration liability, due at the end of
the first year, based on an excess net sales formula. The Company estimated the contingent consideration liability to be $930,000, based on forecasted sales. The final purchase price allocation, based upon the fair value of these assets determined
using the income approach, included accounts receivable of $747,000, net inventory of $2,195,000, property and equipment of $556,000, current liabilities of $226,000, contingent consideration liabilities of $930,000, non-amortizable trademarks of
$790,000, intangible assets of $4,810,000 (with an estimated life of 15 years) and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value measurements. This business has been relocated to Lexington, Kentucky and
integrated with the Companys current operations there, reporting within the Animal Safety segment. In August 2014, the Company paid $689,000 to the former owner for contingent consideration based upon the level of achievement of sales targets;
the remaining $241,000 of the accrual was reversed to other income.
9
On November 1, 2013, the Company acquired the assets of Prima Tech Incorporated, a veterinary instrument
company based in Kenansville, North Carolina. Prima Tech manufactures devices used by farmers, ranchers, and veterinarians to inject animals, provide topical applications, and to use for oral administration. Prima Tech is also a supplier of products
used in artificial insemination in the swine industry. Consideration for the purchase was $12,068,000 in cash and up to $600,000 of contingent consideration, due at the end of the first year, based on an excess net sales formula. The Company
estimated the contingent consideration liability to be $146,000 based on forecasted sales. The final purchase price allocation, based upon the fair value of these assets determined using the income approach, included accounts receivable of $963,000,
net inventory of $2,796,000, property and equipment of $1,653,000, prepaid assets of $8,000, current liabilities of $1,840,000, contingent consideration liabilities of $146,000, non-amortizable trademarks of $1,500,000, intangible assets of
$4,400,000 (with an estimated life of 5-15 years) and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value measurements. This business continues to operate in its current location and reports within the Animal
Safety segment. In October 2014, the Company paid the former owners $600,000 for contingent consideration based on achievement of defined sales targets, recording an additional $454,000 charge to other expense.
On January 2, 2014, the Company acquired all of the stock of Chem-Tech Ltd., a pest control manufacturing and distribution business located in
Pleasantville, Iowa. Consideration for the purchase was $17,185,000 in cash and up to $1,000,000 of a contingent consideration liability, due at the end of the first year, based on an excess net sales formula. The Company estimated the contingent
consideration liability to be $390,000, based on forecasted sales. The final purchase price allocation included accounts receivable of $380,000, net inventory of $4,184,000, prepaid assets of $100,000, property and equipment of $807,000, current
liabilities of $184,000, contingent consideration liabilities of $390,000, intangible assets of $8,327,000 (with an estimated life of 5-25 years) and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value
measurements. This business continues to operate in its current location and reports within the Animal Safety segment. In February 2015, the Company paid the former owners $474,000 for contingent consideration based upon achievement of sales
targets, recording an additional $84,000 charge to other expense.
On October 1, 2014, the Company acquired all of the stock of BioLumix, Inc., a
manufacturer and marketer of automated systems for the detection of microbial contaminants located in Ann Arbor, Michigan. Consideration for the purchase was $4,514,000 in cash. The final purchase price allocation included accounts receivable of
$499,000, other receivable of $178,000, net inventory of $421,000 prepaid assets of $48,000, property and equipment of $159,000, current liabilities of $155,000, long-term liabilities of $780,000, intangible assets of $2,090,000 (with an estimated
life of 5-15 years) and the remainder to goodwill (non-deductible for tax purposes). These values are Level 3 fair value measurements. This business has been relocated to Lansing, Michigan and integrated with the Companys operations there,
reporting within the Food Safety segment.
On December 8, 2014, the Company acquired the food safety and veterinary genomic assets of its Chinese
distributor Beijing Anapure BioScientific Co., Ltd. Consideration for the purchase was $2,040,000 in cash. The preliminary purchase allocation included inventory of $525,000, property and equipment of $64,000, intangible assets of $20,000 (with an
estimated life of five years) and the remainder to goodwill. These are Level 3 fair value measurements. This business has been integrated into the Companys subsidiary in China and reports within the Food Safety segment.
On June 1, 2015, Neogen acquired the assets of Sterling Test House, a commercial food testing laboratory based in India. Consideration for the purchase
was $1,118,000 in cash. The purchase price allocation included accounts receivable of $43,000, net inventory of $14,000, property and equipment of $141,000 and the remainder to goodwill and other intangible assets. These are Level 3 fair value
measurements. This business will continue to operate in its current location and reports within the Animal Safety segment.
On August 26, 2015, the
Company acquired all of the stock of Lab M Holdings, a developer, manufacturer and supplier of microbiological culture media and diagnostic systems located in the United Kingdom. Consideration for the purchase was $12,436,000 in cash. The
preliminary purchase allocation included cash of $285,000, accounts receivable of $975,000, net inventory of $1,169,000, property and equipment of $3,337,000, other current assets of $596,000, current liabilities of $1,350,000, long-term deferred
tax liability of $784,000, intangible assets of $3,918,000 (with an estimated life of 3-15 years) and the remainder to goodwill. These are Level 3 fair value measurements. This business will continue to operate in its current location and reports
within the Food Safety segment.
On December 22, 2015, the Company acquired the rodenticide assets of Virbaq Corporation, the North American
affiliate of the France-based Virbac group, a global animal health company. The acquired assets include a rodenticide active ingredient that complements Neogens existing active ingredients, and more than 40 regulatory approvals for a variety
of formulations in the United States, Canada and Mexico. The acquired assets also include a large retail and OEM customer base. Consideration for the purchase
10
was $3,525,000 in cash and up to $300,000 of contingent consideration. The products will be manufactured at the Companys current production facility in Randolph, Wisconsin and will report
through Animal Safety. Due to the timing of the transaction, the preliminary purchase price allocation was not complete at the time of filing.
8. LONG TERM DEBT
The Company has a financing agreement with a bank providing for an unsecured revolving line of credit of $12,000,000, which matures on
September 1, 2017. There were no advances against this line of credit during fiscal 2016 and fiscal 2015 and no balance outstanding at November 30, 2015. Interest is at LIBOR plus 100 basis points (rate under the terms of the agreement was
1.23% at November 30, 2015). Financial covenants include maintaining specified levels of tangible net worth, debt service coverage, and funded debt to EBITDA, each of which the Company was in compliance with at November 30, 2015.
9. COMMITMENTS AND CONTINGENCIES
The Company is involved in environmental remediation and monitoring activities at its Randolph, Wisconsin manufacturing facility and accrues
for related costs when such costs are determined to be probable and estimable. The Company is currently expensing annual costs of remediation, which have ranged from $47,000 to $56,000 per year over the past five years. The Companys estimated
liability for these costs of $916,000 at November 30, 2015 and May 31, 2015, measured on an undiscounted basis over an estimated period of 15 years; $50,000 of the liability is recorded within current liabilities and the remainder is
recorded within other long-term liabilities in the consolidated balance sheet.
The Company is subject to certain legal and other proceedings in the
normal course of business that, in the opinion of management, should not have a material effect on its future results of operations or financial position.
10. STOCK PURCHASE
In December 2008, the Companys Board of Directors authorized a program to purchase, subject to market conditions, up to 1,125,000
shares of the Companys common stock. As of November 30, 2015, 112,026 cumulative shares had been purchased in negotiated and open market transactions for a total price, including commissions, of approximately $923,000. Shares purchased
under the program were retired. There have been no purchases in fiscal 2016 and there were none in fiscal 2015.
11
PART I FINANCIAL INFORMATION
Item 2. |
Managements Discussion and Analysis of Financial Condition and Results of Operations |
The
information in this Managements Discussion and Analysis of Financial Condition and Results of Operations contains both historical financial information and forward-looking statements. Neogen does not provide forecasts of future performance.
While management is optimistic about the Companys long-term prospects, historical financial information may not be indicative of future financial performance.
Safe Harbor and Forward-Looking Statements
Forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, are made throughout this Quarterly Report on Form 10-Q. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward looking statements. Without limiting the
foregoing, the words believes, anticipates, plans, expects, seeks, estimates, and similar expressions are intended to identify forward-looking statements. There are a number of
important factors, including competition, recruitment and dependence on key employees, impact of weather on agriculture and food production, identification and integration of acquisitions, research and development risks, patent and trade secret
protection, government regulation and other risks detailed from time to time in the Companys reports on file at the Securities and Exchange Commission, that could cause Neogen Corporations results to differ materially from those
indicated by such forward-looking statements, including those detailed in this Managements Discussion and Analysis of Financial Condition and Results of Operations.
In addition, any forward-looking statements represent managements views only as of the day this Quarterly Report on Form 10-Q was first filed with the
Securities and Exchange Commission and should not be relied upon as representing managements views as of any subsequent date. While management may elect to update forward-looking statements at some point in the future, it specifically
disclaims any obligation to do so, even if its views change.
Critical Accounting Policies and Estimates
The discussion and analysis of the Companys financial condition and results of operations are based on the consolidated financial statements that have
been prepared in accordance with accounting principles generally accepted in the United States. 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 disclosure of contingent assets and liabilities. On an ongoing basis, management evaluates the estimates, including those related to receivable allowances, inventories, 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.
There were no significant changes to our contractual obligations or contingent liabilities and commitments disclosed in the Companys Annual Report or
Form 10-K for the fiscal year ended May 31, 2015.
There have been no material changes to the critical accounting policies and estimates disclosed in
the Companys Annual Report on Form 10-K for the fiscal year ended May 31, 2015.
12
Executive Overview
Neogen Corporation revenues for the quarter ended November 30, 2015 were $79.6 million, an increase of $11.1 million, or 16.3%, compared to revenues of
$68.5 million in the second quarter of the prior fiscal year. For the year-to-date period ended November 30, 2015, revenues were $154.5 million, an increase of $18.4 million, or 13.5%, compared to the same period in the prior year. Net income
attributable to Neogen for the second quarter increased 16.2% to $9.1 million, or $0.24 per fully diluted share, compared to $7.8 million, or $0.21 per fully diluted share, in the second quarter of fiscal 2015. For the year-to-date period, net
income was $18.4 million, or $0.49 per fully diluted share, an increase of 10.2% compared to fiscal 2015 year-to-date net income of $16.7 million, or $0.45 per fully diluted share.
Food Safety revenues increased 13.0% for the second quarter, and Animal Safety revenues increased 19.3%, each compared to the same period in the prior year.
For the year-to-date period, Food Safety revenues increased 12.2% and Animal Safety revenues increased 14.7%. In the current fiscal year, the Company benefitted from sales resulting from the Lab M, BioLumix and, to a lesser extent, Sterling Test
House acquisitions. Overall organic sales growth was 12.8% in the second quarter and 10.5% for the year-to-date period. For the second quarter, organic sales increased 6.1% in the Food Safety division and 19.0% in the Animal Safety division. For the
six month period, organic sales increased 6.5% in the Food Safety division and 14.1% in the Animal Safety division.
The strength of the U.S. dollar and
difficult prior year comparisons at Neogen Europe continued to have a negative impact on comparative revenues for the Companys international operations for both the second quarter and six month periods. The dollar was higher in the current
year to date against all currencies in which the Company conducts business, compared to the same period in the prior year. Neogen Europe sales were down 10.3% in the second quarter, 5.9% in local currency, due to non-recurring genomics projects and
lower mycotoxin revenues resulting from prior year outbreaks which did not recur; for the year to date, revenues were down 11.2% (5.2% in local currency) due to non-recurring genomics projects, lower mycotoxin revenues, and equipment placements from
the prior year, which did not repeat in the current year.
Despite the difficult comparative currency situation, Neogen Latinoamerica, based in Mexico
City, increased revenues 27.8% (58.5% in local currency) in the second quarter due to market share increases across most product lines and, to a lesser extent, the transfer of some customers located in Central America. These customers, previously
served by sales and technical service personnel in Lansing, Michigan, were transferred to Neogen Latinoamerica in order to be better served by local sales staff. On a year-to-date basis, revenues increased 27.0% in U.S. dollars and 56.5% in local
currency. Neogen do Brasil sales decreased 12.0% in the second quarter, when translated from the real to the U.S. dollar, but increased 38.4% in local currency in a difficult economic environment, led by increases in sales of dehydrated culture
media, dairy antibiotic test kits and Soleris equipment. For the six month period, sales increased 1.1% in U.S. dollars and 52.4% in local currency, led by the previously mentioned product lines and an increase in sales of biosecurity products in
the first quarter. Neogen China had a significant revenue increase for both the quarter and year-to-date periods, albeit off a small prior year base, on market share gains after the December 2014 acquisition of a former distributor in China.
Expressed as a percentage of total sales, international sales in the second quarter of fiscal 2016 were 36.0%, compared to 40.4% in the same period of the
prior year. For the six month period, international sales were 34.4% of total sales, compared to 38.6% in the prior year. This decline as a percentage of sales was due in part to the strength of the U.S. dollar, which reduced comparative revenues in
the local currency of our international locations when converted to dollars. Revenues were negatively impacted by currency translations of $2.3 million in the second quarter and $4.5 million for the six month period. Excluding this decrease,
international sales as a percentage of total sales would have been 38.9% for the second quarter and 37.3% for the year-to-date period.
Service revenue
was $10.9 million in the second quarter, an increase of $2.3 million, or 26.2%, compared to the same quarter in the prior year. On a year-to-date basis, service revenue increased 15.1% from $18.0 million in the prior year to $20.7 million. For both
the quarter and year-to-date periods, the increase is due primarily to increases at GeneSeek, the Companys commercial agrigenomics laboratory located in Lincoln, Nebraska. Sales recorded at GeneSeek increased 34.6% in the second quarter and
22.9% for the six month period, both compared to the same periods in the prior year, due to incremental business from a large poultry producer and increased penetration in services to the porcine market.
Consolidated gross margins were 48.0% in the second quarter of fiscal 2016 compared to 50.0% in the same period in the prior fiscal year. Year-to-date gross
margins were 49.2% compared to 50.2% in the prior year. For the second quarter of the current fiscal year, Food Safety gross margins declined 450 basis points, the result of mix changes on existing product lines and lower margin acquired Lab M
products, while Animal Safety gross margins improved 80 basis points, due to favorable product mix. For the year-to-date period, Food Safety gross margins were 220 basis points lower than the same period a year ago and Animal Safety gross margins
improved by 40 basis points. Changes in product mix within each segment and the increase in Animal Safety sales as a percentage of total sales also contributed to the comparative variances.
13
Overall operating expenses increased 10.8% for the second quarter and 10.9% for the six months, both compared to
the same periods in the prior year. Sales and marketing expense increased 11.5% in the second quarter and 11.3% on a year-to-date basis. Increases in personnel related expenses such as salaries, benefits and travel, reflecting increased headcount,
represent the majority of the increase. Other increases were shipping expense and higher advertising and promotion costs. General and administrative expense rose by 11.4% in the second quarter and was up 11.9% for the year-to-date period. The
increase in both periods was due to higher stock-based compensation, the result of increased value per share from option grants, salary expenses due to increased headcount, and increased depreciation and license expenses, primarily related to the
Companys information technology infrastructure. Research and development expense increased 5.8% in the second quarter and 6.4% on a year-to-date basis. The increases in both periods reflect higher levels of development activity and increases
in personnel related expenses.
Operating income was 18.4% of sales in the second quarter of fiscal 2016, compared to 18.8% in the same quarter of the
prior year. For the six month period ended November 30, 2015, operating income was 19.1% of sales compared to 19.4% in the prior year.
Other expense
was $420,000 in the second quarter compared to $471,000 in the same period in the prior year. Components of other income/expense in the fiscal 2016 second quarter included $562,000 of expense related to currency translations. Partially offsetting
this was $74,000 of royalty income and $51,000 of interest income. During the second quarter of fiscal 2015, other expense of $454,000 was recorded to reflect additional contingent consideration related to the Prima Tech acquisition. The total
amount from the second quarter of fiscal 2015 also includes expense from currency translations of $164,000, royalty income of $85,000 and interest income of $47,000.
Year to date, other expense was $876,000; expense due to currency translations for the six month period was $1,167,000, offset by $109,000 of royalty income
and $118,000 of interest income. For the year to date in the prior year, other expense of $202,000 reflects the $454,000 Prima Tech charge recorded during the second quarter and expense from currency translations of $220,000, offset by a $241,000
over accrual for contingent consideration related to the SyrVet acquisition recorded in the first quarter of fiscal 2015, royalty income of $85,000 and interest income of $92,000.
The provision for income taxes was 35.6% of income before tax, compared to 37.0% recorded in the prior year second quarter. The prior year second quarter
included an adjustment to deferred tax assets related to Neogen do Brasil. On a year-to-date basis, the provision was 35.6% compared to 36.0% in the prior year.
14
Revenues
Three and six months ended November 30, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
Increase/ (Decrease) |
|
|
% |
|
|
|
(In thousands) |
|
Food Safety |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Toxins, Allergens & Drug Residues |
|
$ |
16,409 |
|
|
$ |
15,952 |
|
|
$ |
457 |
|
|
|
2.9 |
% |
Bacterial & General Sanitation |
|
|
8,495 |
|
|
|
7,017 |
|
|
|
1,478 |
|
|
|
21.1 |
% |
Dehydrated Culture Media & Other |
|
|
12,350 |
|
|
|
9,986 |
|
|
|
2,364 |
|
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
37,254 |
|
|
$ |
32,955 |
|
|
$ |
4,299 |
|
|
|
13.0 |
% |
Animal Safety |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences |
|
$ |
1,960 |
|
|
$ |
2,261 |
|
|
$ |
(301 |
) |
|
|
-13.3 |
% |
Veterinary Instruments & Disposables |
|
|
10,411 |
|
|
|
10,242 |
|
|
|
169 |
|
|
|
1.7 |
% |
Animal Care & Other |
|
|
9,870 |
|
|
|
7,060 |
|
|
|
2,810 |
|
|
|
39.8 |
% |
Rodenticides, Insecticides & Disinfectants |
|
|
11,912 |
|
|
|
9,909 |
|
|
|
2,003 |
|
|
|
20.2 |
% |
DNA Testing Service |
|
|
8,203 |
|
|
|
6,028 |
|
|
|
2,175 |
|
|
|
36.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
42,356 |
|
|
$ |
35,500 |
|
|
$ |
6,856 |
|
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues |
|
$ |
79,610 |
|
|
$ |
68,455 |
|
|
$ |
11,155 |
|
|
|
16.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
Increase/ (Decrease) |
|
|
% |
|
|
|
(In thousands) |
|
Food Safety |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Toxins, Allergens & Drug Residues |
|
$ |
32,792 |
|
|
$ |
31,392 |
|
|
$ |
1,400 |
|
|
|
4.5 |
% |
Bacterial & General Sanitation |
|
|
16,571 |
|
|
|
13,151 |
|
|
|
3,420 |
|
|
|
26.0 |
% |
Dehydrated Culture Media & Other |
|
|
22,351 |
|
|
|
19,375 |
|
|
|
2,976 |
|
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
71,714 |
|
|
$ |
63,918 |
|
|
$ |
7,796 |
|
|
|
12.2 |
% |
Animal Safety |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences |
|
$ |
3,659 |
|
|
$ |
4,606 |
|
|
$ |
(947 |
) |
|
|
-20.6 |
% |
Veterinary Instruments & Disposables |
|
|
20,578 |
|
|
|
19,642 |
|
|
|
936 |
|
|
|
4.8 |
% |
Animal Care & Other |
|
|
18,028 |
|
|
|
12,769 |
|
|
|
5,259 |
|
|
|
41.2 |
% |
Rodenticides, Insecticides & Disinfectants |
|
|
25,037 |
|
|
|
22,617 |
|
|
|
2,420 |
|
|
|
10.7 |
% |
DNA Testing Service |
|
|
15,455 |
|
|
|
12,502 |
|
|
|
2,953 |
|
|
|
23.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
82,757 |
|
|
$ |
72,136 |
|
|
$ |
10,621 |
|
|
|
14.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues |
|
$ |
154,471 |
|
|
$ |
136,054 |
|
|
$ |
18,417 |
|
|
|
13.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues for the Companys Food Safety segment were $37.3 million in the second quarter of fiscal 2016, an increase of
13.0% compared to the same period in the prior year. On a year-to-date basis, Food Safety revenues were $71.7 million, 12.2% higher than the comparable period of the prior year. Sales from the BioLumix (October 1, 2014) and Lab M (August 26, 2015)
acquisitions contributed $2.3 million and $3.6 million to the growth for the respective quarter and year-to-date periods. Natural Toxins, Allergens and Drug Residues increased 2.9% in the second quarter and rose 4.5% on a year-to-date basis, each
compared to the same periods of the prior year. Increases in this category were driven by continued strong growth of allergen test kits, particularly for the detection of gluten, soy, and peanut, as demand for this product line continues to increase
due to higher consumer awareness and increased recalls due to allergenic contamination. Overall allergen sales increased 21.1% for the quarter and 17.9% on a year-to-date basis. Natural toxin sales decreased 5.3% for the second quarter of fiscal
2016, the result of relatively clean crops in both North America and Europe; in the same period in the prior year, there were DON outbreaks in Eastern Europe and Canada which did not recur. On a year-to-date basis, natural toxin revenues increased
2.6%, primarily the result of higher first quarter DON revenues due to isolated outbreaks in the Midwestern U.S. and Europe. Drug residue test kit revenues were flat compared to last years second quarter and were down 6.4% on a year-to-date
basis, primarily due to currency translation and delays in the launch of a new product required by legislation in Eastern Europe.
15
Bacterial and General Sanitation revenues rose 21.1% in the second quarter of fiscal 2016 and increased 26.0% for
the year-to-date period, each compared to the same period a year ago. Growth in the Soleris and BioLumix product lines, which increased 28.4% overall for the quarter (5.5% on an organic basis) and 60.1% for the year to date (11.8% organic)
contributed significantly to the increase in this category, with growth in both equipment and disposable vials. The AccuPoint sanitation monitoring product line rose 24.6% in the second quarter and increased 18.3% for the year-to-date period, due to
the successful introduction of an improved, next generation product line. Additionally, pathogen kit sales increased 11.2% for the quarter and rose 4.4% for the year-to-date period, due primarily to increases in sales of listeria test kits to the
commercial lab market.
Dehydrated Culture Media and Other sales increased 23.7% for the quarter and 15.4% for the year-to-date period ended
November 30, 2015, each as compared to the same period in the prior year. The Lab M acquisition, which closed on August 26, 2015, added $1.8 million in revenue in the second quarter. Other increases in this category for both the three and
six month periods were sales of Animal Safety products to customers in Central America which were transferred to the Companys Neogen Latinoamerica subsidiary in order to better serve them, and increases in Acumedia sales to the traditional
media market. Genomics revenues in Europe, Brazil, China and Mexico, which are recorded as Food Safety revenues in these countries, were 7.7% lower than the prior year for the three month period, and 19.5% lower for the six month period, due in
large part to revenues in Europe in each quarter in the prior year which did not recur.
Animal Safety segment revenues were $42.4 million for the quarter
ended November 30, 2015, a 19.3% increase, and year-to-date revenues were $82.8 million, a 14.7% increase, each compared to the same period in the prior year. The growth was led by strong increases in the Animal Care and Other product line, up
39.8% in the quarter and 41.2% for the year to date. The increase in the three and six month periods was primarily from a recently executed distribution agreement with a large manufacturer and supplier of dairy equipment and strength in the
Companys line of wound care products. In addition, during the second quarter of fiscal 2016, revenues for the Companys veterinary antibiotic line increased 55.6%, due to focused marketing efforts and a major competitor exiting the
business. For the year-to-date period, small animal supplements were up 21.6%, due to strong sales of the Companys line of thyroid replacement therapy for companion animals resulting from a supply disruption in the market in the first quarter.
Life Sciences sales decreased 13.3% for the quarter, and 20.6% on a year-to-date basis, due to delayed implementation of new testing requirements in
Brazil for commercial drivers until spring of 2016, which has resulted in lower sales of the companys forensic kit sales to commercial labs in these markets. The prior year comparative periods included sales of those forensic kits, which were
made prior to the delay in effective date. Revenues of Veterinary Instruments and Disposables rose 1.7% for the quarter and 4.8% for the year to date; increase in syringes used to deliver medications and animal marking products were the primary
contributors to this growth. Lower sales of detectable needles and hoof and leg care products in the second quarter partially offset the growth in this product category.
Rodenticides, Insecticides and Disinfectants revenues increased 20.2% for the quarter and 10.7% on a year-to-date basis, primarily due to an increase in
rodenticide revenues of 69.4% for the quarter and 54.0% for the six months. The increase in rodenticides for both periods resulted from a contract manufacturing relationship with a large marketer of residential rodenticides, increases in retail
market share, and continuing revenues relating to a vole outbreak in the northwestern U.S. Insecticide revenues recovered from a weak first quarter to record revenue increases of 24.8% in the second quarter, although for the year to date, they were
down 10.1%. Partially offsetting these increases were lower revenues of cleaners and disinfectants, down 31.1% in the second quarter and down 17.7% for the six months, primarily due to the lack of availability of a key technical raw material.
DNA Testing Services revenues increased 36.1% in the second quarter and 23.6% for the year-to-date period, each compared to the same period in the prior year.
For each comparative period, incremental business with a large poultry producer led the growth. Additionally, in the second quarter of fiscal 2016, revenues increased due to market penetration in the porcine market. For the comparative year-to-date
period, revenues from a number of proprietary service offerings has helped the Company to increase sales with existing customers and gain market share.
16
Financial Condition and Liquidity
The overall cash, cash equivalents and marketable securities position of the Company was $123.0 million at November 30, 2015, compared to $114.2 million
at May 31, 2015. Approximately $20.9 million was generated from operations during the first six months of fiscal 2016. Net cash proceeds of $6.6 million were realized from the exercise of stock options and issuance of shares under the
Companys Employee Stock Purchase Plan during the first six months of fiscal 2016. The Company spent $7.8 million for property, equipment and other non-current assets and $13.6 million for its Lab M and Sterling Test House acquisitions in the
first half of fiscal 2016.
Accounts receivable balances were $57.6 million at November 30, 2015, a decline of $1.6 million, or 2.7%, compared to
$59.2 million at May 31, 2015. Average days sales outstanding improved from 63 at May 31, 2015 to 62 at November 30, 2015. Inventory levels rose by $9.9 million, or 19.2%, compared to May 31, 2015. The increase is due
primarily to the timing of receipts of international orders, planned increases in stocking levels of identified key products to ensure availability, and inventories acquired as a result of business acquisitions.
Inflation and changing prices are not expected to have a material effect on operations, as management believes it will continue to be successful in offsetting
increased input costs with price increases and/or cost efficiencies.
Management believes that the Companys existing cash and marketable securities
balances at November 30, 2015, along with available borrowings under its credit facility and cash expected to be generated from future operations, will be sufficient to fund activities for the foreseeable future. However, existing cash and
borrowing capacity may not be sufficient to meet the Companys cash requirements to commercialize products currently under development or its plans to acquire other organizations, technologies or products that fit within the Companys
mission statement. Accordingly, the Company may choose to issue equity securities or enter into other financing arrangements for a portion of its future financing needs.
17
PART I FINANCIAL INFORMATION
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
The Company has interest rate and foreign
exchange rate risk exposure. It has no long-term fixed rate investments or borrowings. Primary interest rate risk is due to potential fluctuations in interest rates for variable rate borrowings; currently, there are no short-term borrowings
outstanding and there were none during the quarter.
Foreign exchange risk exposure arises because the Company markets and sells its products throughout
the world. The Company also could be affected by weak economic conditions in foreign markets that could reduce demand for its products. Additionally, revenues in certain foreign countries as well as certain expenses related to those revenues are
transacted in currencies other than the U.S. dollar. The Companys operating results are primarily exposed to changes in exchange rates between the U.S. dollar, the British pound sterling, the euro, the Mexican peso, the Brazilian
real, and the Chinese yuan. When the U.S. dollar weakens against foreign currencies, the dollar value of revenues denominated in foreign currencies increases. When the U.S. dollar strengthens, the opposite situation occurs. Additionally,
previously recognized revenues in the course of collection can be affected positively or negatively by changes in exchange rates. The Company uses derivative financial instruments to help manage the economic impact of fluctuations in certain
currency exchange rates. These contracts are adjusted to fair value through earnings.
Neogen has assets, liabilities and operations outside of the United
States, located in Scotland, Brazil, Mexico, China, India, and Canada where the functional currency is the British pound sterling, Brazilian real, Mexican peso, Chinese yuan, Indian rupee, and Canadian dollar respectively, and also transacts
business throughout Europe in the euro. The Companys investments in foreign subsidiaries are considered to be long-term.
PART I FINANCIAL
INFORMATION
Item 4. |
Controls and Procedures |
Evaluation of Disclosure Controls and Procedures
An evaluation of the effectiveness of the design and operation of the Companys disclosure controls and procedures as of November 30, 2015 was
carried out under the supervision and with the participation of the Companys management, including the Chairman & Chief Executive Officer and the Vice President & Chief Financial Officer (the Certifying Officers).
Based on the evaluation, the Certifying Officers concluded that the Companys disclosure controls and procedures are effective.
Changes in
Internal Controls Over Financial Reporting
There was no change to the Companys internal control over financial reporting during the quarter
ended November 30, 2015 that materially affected, or is reasonably likely to materially affect, the Companys internal control over financial reporting.
18
PART II OTHER INFORMATION
Item 1. |
Legal Proceedings |
The Company is subject to certain legal and other proceedings in the normal course of
business. In the opinion of management, the outcomes of these matters are not expected to have a material effect on its future results of operations or financial position.
(a) Exhibit Index
|
|
|
31.1 |
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a). |
|
|
31.2 |
|
Certification of Chief Financial Officer pursuant to Rule 13a 14(a). |
|
|
32 |
|
Certification pursuant to 18 U.S.C. section 1350 |
|
|
101.INS |
|
XBRL Instance Document |
|
|
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
|
|
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
101.DEF |
|
XBRL Taxonomy Extension Definition Document |
|
|
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document |
|
|
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
Items 1A, 2, 3, 4, and 5 are not applicable or removed or reserved and have been omitted.
19
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
|
NEOGEN CORPORATION |
(Registrant) |
Dated: January 8, 2016
|
/s/ James L. Herbert |
James L. Herbert |
Chairman & Chief Executive Officer |
(Principal Executive Officer) |
Dated: January 8, 2016
|
/s/ Steven J. Quinlan |
Steven J. Quinlan |
Vice President & Chief Financial Officer |
(Principal Financial Officer and Principal Accounting Officer) |
20
EXHIBIT 31.1
13a. CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
NEOGEN CORPORATION AND SUBSIDIARIES
CEO CERTIFICATION
I, James L. Herbert,
certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q for the period ended November 30, 2015 of Neogen Corporation; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and |
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and |
|
c) |
evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and |
|
d) |
disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrants internal control over financial reporting. |
5. |
The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrants auditors and the audit committee of
registrants board of directors: |
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; and |
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Dated: January 8, 2016
|
/s/ James L. Herbert |
James L. Herbert |
Chairman & Chief Executive Officer |
(Principal Executive Officer) |
EXHIBIT 31.2
13a. CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
NEOGEN CORPORATION AND SUBSIDIARIES
CFO CERTIFICATION
I, Steven J. Quinlan,
certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q for the period ended November 30, 2015 of Neogen Corporation; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and |
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and |
|
c) |
evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and |
|
d) |
disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrants internal control over financial reporting. |
5. |
The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrants auditors and the audit committee of
registrants board of directors: |
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; and |
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Dated: January 8, 2016
|
/s/ Steven J. Quinlan |
Steven J. Quinlan |
Vice President & Chief Financial Officer |
(Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT 32
18 U.S.C. SECTION 1350 CERTIFICATION
NEOGEN CORPORATION
CERTIFICATION PURSUANT TO
18
U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with this Quarterly Report on Form 10-Q of Neogen Corporation (the Company) for the period ended November 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, James
L. Herbert, as Chief Executive Officer of the Company and I, Steven J. Quinlan, as Chief Financial Officer, hereby certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
This Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
(2) |
Information contained in this Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
Dated: January 8, 2016
|
/s/ James. L. Herbert |
James L. Herbert |
Chairman & Chief Executive Officer |
(Principal Executive Officer) |
|
/s/ Steven J. Quinlan |
Steven J. Quinlan |
Vice President & Chief Financial Officer |
(Principal Financial Officer and Principal Accounting Officer) |
A signed original of this written statement required by Section 906 has been provided to the Company and will be
retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.3.1.900
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v3.3.1.900
Consolidated Balance Sheets - USD ($) $ in Thousands |
Nov. 30, 2015 |
May. 31, 2015 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 71,378
|
$ 66,061
|
Marketable securities (at fair value, which approximates cost) |
51,640
|
48,103
|
Accounts receivable, less allowance of $1,400 and $1,300 |
57,604
|
59,208
|
Inventories |
61,485
|
51,601
|
Deferred income taxes |
2,293
|
1,991
|
Prepaid expenses and other current assets |
6,077
|
4,231
|
TOTAL CURRENT ASSETS |
250,477
|
231,195
|
NET PROPERTY AND EQUIPMENT |
51,865
|
44,473
|
OTHER ASSETS |
|
|
Goodwill |
75,147
|
70,119
|
Other non-amortizable intangible assets |
9,020
|
9,020
|
Customer based intangibles, net of accumulated amortization of $15,069 and $14,446 at November 30, 2015 and May 31, 2015 |
23,571
|
24,170
|
Other non-current assets, net of accumulated amortization of $7,630 and $7,191 at November 30, 2015 and May 31, 2015 |
15,703
|
13,204
|
Total Other Assets |
123,441
|
116,513
|
TOTAL ASSETS |
425,783
|
392,181
|
CURRENT LIABILITIES |
|
|
Accounts payable |
20,682
|
13,691
|
Accrued compensation |
4,246
|
4,142
|
Income taxes |
289
|
1,275
|
Other accruals |
6,010
|
6,348
|
TOTAL CURRENT LIABILITIES |
31,227
|
25,456
|
DEFERRED INCOME TAXES |
14,478
|
13,711
|
OTHER LONG-TERM LIABILITIES |
2,176
|
2,051
|
Liabilities, Noncurrent, Total |
16,654
|
15,762
|
TOTAL LIABILITIES |
47,881
|
41,218
|
COMMITMENTS AND CONTINGENCIES (note 7) |
0
|
0
|
EQUITY |
|
|
Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding |
0
|
0
|
Common stock, $0.16 par value, 60,000,000 shares authorized 37,443,771 and 37,128,269 shares issued and outstanding at November 30, 2015 and May 31, 2015, respectively |
5,991
|
5,941
|
Additional paid-in capital |
141,371
|
131,906
|
Accumulated other comprehensive loss |
(3,449)
|
(2,442)
|
Retained earnings |
233,965
|
215,569
|
TOTAL NEOGEN CORPORATION STOCKHOLDERS' EQUITY |
377,878
|
350,974
|
Non-controlling interest |
24
|
(11)
|
TOTAL EQUITY |
377,902
|
350,963
|
TOTAL LIABILITIES AND EQUITY |
$ 425,783
|
$ 392,181
|
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v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Nov. 30, 2015 |
May. 31, 2015 |
Accounts receivable, allowance |
$ 1,400
|
$ 1,300
|
Customer based intangibles, accumulated amortization |
15,069
|
14,446
|
Other non-current assets, accumulated amortization |
$ 7,630
|
$ 7,191
|
Preferred stock, par value |
$ 1.00
|
$ 1.00
|
Preferred stock, shares authorized |
100,000
|
100,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.16
|
$ 0.16
|
Common stock, shares authorized |
60,000,000
|
60,000,000
|
Common stock, shares issued |
37,443,771
|
37,128,269
|
Common stock, shares outstanding |
37,443,771
|
37,128,269
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v3.3.1.900
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
REVENUES |
|
|
|
|
Product revenues |
$ 68,717
|
$ 59,824
|
$ 133,754
|
$ 118,048
|
Service revenues |
10,893
|
8,631
|
20,717
|
18,006
|
Total Revenues |
79,610
|
68,455
|
154,471
|
136,054
|
COST OF REVENUES |
|
|
|
|
Cost of product revenues |
34,006
|
29,258
|
64,637
|
57,234
|
Cost of service revenues |
7,380
|
4,989
|
13,818
|
10,536
|
Total Cost of Revenues |
41,386
|
34,247
|
78,455
|
67,770
|
GROSS MARGIN |
38,224
|
34,208
|
76,016
|
68,284
|
OPERATING EXPENSES |
|
|
|
|
Sales and marketing |
14,203
|
12,743
|
27,774
|
24,963
|
General and administrative |
6,791
|
6,094
|
13,543
|
12,107
|
Research and development |
2,618
|
2,474
|
5,192
|
4,878
|
Operating Expenses, Total |
23,612
|
21,311
|
46,509
|
41,948
|
OPERATING INCOME |
14,612
|
12,897
|
29,507
|
26,336
|
OTHER INCOME (EXPENSE) |
|
|
|
|
Interest income |
51
|
47
|
119
|
92
|
Change in purchase consideration |
0
|
(454)
|
0
|
(213)
|
Other expense |
(471)
|
(64)
|
(995)
|
(80)
|
Nonoperating Income (Expense), Total |
(420)
|
(471)
|
(876)
|
(201)
|
INCOME BEFORE INCOME TAXES |
14,192
|
12,426
|
28,631
|
26,135
|
INCOME TAXES |
5,050
|
4,600
|
10,200
|
9,400
|
NET INCOME |
9,142
|
7,826
|
18,431
|
16,735
|
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST |
(69)
|
(20)
|
(35)
|
(46)
|
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION |
$ 9,073
|
$ 7,806
|
$ 18,396
|
$ 16,689
|
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION PER SHARE |
|
|
|
|
Basic |
$ 0.24
|
$ 0.21
|
$ 0.49
|
$ 0.45
|
Diluted |
$ 0.24
|
$ 0.21
|
$ 0.49
|
$ 0.45
|
X |
- DefinitionAmount of increase (decrease) in the value of right to a contingent consideration asset.
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v3.3.1.900
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Net Income |
$ 9,142
|
$ 7,826
|
$ 18,431
|
$ 16,735
|
Other Comprehensive Loss, Net of Tax: Currency Translation Adjustments |
(294)
|
(1,638)
|
(1,007)
|
(1,857)
|
Comprehensive Income |
8,848
|
6,188
|
17,424
|
14,878
|
Comprehensive Income attributable to non-controlling interest |
(69)
|
(20)
|
(35)
|
(46)
|
Comprehensive Income attributable to Neogen Corporation |
$ 8,779
|
$ 6,168
|
$ 17,389
|
$ 14,832
|
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Consolidated Statement of Equity - 6 months ended Nov. 30, 2015 - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Non-controlling Interest |
Beginning Balance (in shares) at May. 31, 2015 |
37,128,269
|
37,128,000
|
|
|
|
|
Beginning Balance at May. 31, 2015 |
$ 350,963
|
$ 5,941
|
$ 131,906
|
$ (2,442)
|
$ 215,569
|
$ (11)
|
Issuance of shares of common stock under equity compensation plans, and share based compensation (in shares) |
|
307,000
|
|
|
|
|
Issuance of shares of common stock under equity compensation plans, and share based compensation |
9,155
|
$ 49
|
9,106
|
|
|
|
Issuance of shares under employee stock purchase plan (in shares) |
|
9,000
|
|
|
|
|
Issuance of shares under employee stock purchase plan |
360
|
$ 1
|
359
|
|
|
|
Comprehensive income: |
|
|
|
|
|
|
Net income for the six months ended November 30, 2015 |
18,431
|
|
|
|
18,396
|
35
|
Other comprehensive loss |
$ (1,007)
|
|
|
(1,007)
|
|
|
Ending Balance (in shares) at Nov. 30, 2015 |
37,443,771
|
37,444,000
|
|
|
|
|
Ending Balance at Nov. 30, 2015 |
$ 377,902
|
$ 5,991
|
$ 141,371
|
$ (3,449)
|
$ 233,965
|
$ 24
|
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v3.3.1.900
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6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net Income |
$ 18,431
|
$ 16,735
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
5,680
|
5,170
|
Share based compensation |
2,545
|
1,959
|
Excess income tax benefit from the exercise of stock options |
(2,443)
|
(1,132)
|
Changes in operating assets and liabilities, net of business acquisitions: |
|
|
Accounts receivable |
2,514
|
(91)
|
Inventories |
(8,784)
|
(2,066)
|
Prepaid expenses and other current assets |
(1,858)
|
3,368
|
Accounts payable, accruals and other |
4,776
|
(576)
|
NET CASH FROM OPERATING ACTIVITIES |
20,861
|
23,367
|
CASH FLOWS FOR INVESTING ACTIVITIES: |
|
|
Purchases of property and equipment and other noncurrent assets |
(7,815)
|
(4,705)
|
Proceeds from the sale of marketable securities |
80,379
|
42,342
|
Purchases of marketable securities |
(83,916)
|
(51,768)
|
Business acquisitions, net of cash required |
(13,554)
|
(4,514)
|
NET CASH FOR INVESTING ACTIVITIES |
(24,906)
|
(18,645)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Exercise of stock options |
6,611
|
3,248
|
Excess income tax benefit from the exercise of stock options |
2,443
|
1,132
|
Increase in other long-term liabilities |
0
|
0
|
NET CASH FROM FINANCING ACTIVITIES |
9,054
|
4,380
|
EFFECT OF EXCHANGE RATE ON CASH |
308
|
(719)
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
5,317
|
8,383
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
66,061
|
40,675
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ 71,378
|
$ 49,058
|
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v3.3.1.900
Basis of Presentation
|
6 Months Ended |
Nov. 30, 2015 |
Basis of Presentation |
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have
been prepared in accordance with accounting principles generally
accepted in the United States of America (generally accepted
accounting principles) for interim financial information and with
the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all
adjustments (consisting only of normal recurring adjustments)
considered necessary for a fair presentation have been included.
The results of operations for the three and six month periods ended
November 30, 2015 are not necessarily indicative of the
results to be expected for the fiscal year ending May 31,
2016. For more complete financial information, these consolidated
financial statements should be read in conjunction with the
May 31, 2015 audited consolidated financial statements and the
notes thereto included in the Company’s annual report on Form
10-K for the year ended May 31, 2015.
|
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v3.3.1.900
Inventories
|
6 Months Ended |
Nov. 30, 2015 |
Inventories |
2. INVENTORIES
Inventories are stated at the lower of cost, determined on the
first-in, first-out method, or market. The components of
inventories follow:
|
|
|
|
|
|
|
|
|
|
|
November 30,
2015 |
|
|
May 31,
2015 |
|
|
|
(In
thousands) |
|
Raw Materials
|
|
$ |
26,574 |
|
|
$ |
21,605 |
|
Work-in-process
|
|
|
4,219 |
|
|
|
3,972 |
|
Finished and purchased goods
|
|
|
30,692 |
|
|
|
26,024 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
61,485 |
|
|
$ |
51,601 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
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v3.3.1.900
Net Income per Share
|
6 Months Ended |
Nov. 30, 2015 |
Net Income per Share |
3. NET INCOME PER SHARE
The calculation of net income per share attributable to Neogen
Corporation follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
November 30, |
|
|
Six Months
Ended
November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
(In thousands,
except per share amounts) |
|
Numerator for basic and diluted net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Neogen shareholders
|
|
$ |
9,073 |
|
|
$ |
7,806 |
|
|
$ |
18,396 |
|
|
$ |
16,689 |
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
|
|
|
37,390 |
|
|
|
36,941 |
|
|
|
37,301 |
|
|
|
36,858 |
|
Effect of dilutive stock options and warrants
|
|
|
478 |
|
|
|
438 |
|
|
|
509 |
|
|
|
473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted net income per share
|
|
|
37,868 |
|
|
|
37,379 |
|
|
|
37,810 |
|
|
|
37,331 |
|
Net income attributable to Neogen Corporation per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for earnings per share.
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v3.3.1.900
Segment Information
|
6 Months Ended |
Nov. 30, 2015 |
Segment Information |
4. SEGMENT INFORMATION
The Company has two reportable segments: Food Safety and Animal
Safety. The Food Safety segment produces and markets diagnostic
test kits and related products used by food producers and
processors to detect harmful natural toxins, foodborne bacteria,
allergens and levels of general sanitation. The Animal Safety
segment is primarily engaged in the production and marketing of
products dedicated to animal health, including a complete line of
consumable products marketed to veterinarians and animal health
product distributors; the segment also provides genetic
identification services. Additionally, Animal Safety produces and
markets rodenticides, disinfectants and insecticides to assist in
the control of rodents and disease in and around agricultural, food
production and other facilities.
Segment information as of and for the three months ended
November 30, 2015 and 2014 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food
Safety |
|
|
Animal
Safety |
|
|
Corporate and
Eliminations
(1) |
|
|
Total |
|
|
|
(In
thousands) |
|
Three months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers
|
|
$ |
34,682 |
|
|
$ |
34,035 |
|
|
$ |
0 |
|
|
$ |
68,717 |
|
Service revenues to external customers
|
|
|
2,572 |
|
|
|
8,321 |
|
|
|
0 |
|
|
|
10,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers
|
|
|
37,254 |
|
|
|
42,356 |
|
|
|
0 |
|
|
|
79,610 |
|
Operating income (loss)
|
|
|
7,687 |
|
|
|
7,833 |
|
|
|
(908 |
) |
|
|
14,612 |
|
Total assets
|
|
|
132,472 |
|
|
|
182,478 |
|
|
|
110,833 |
|
|
|
425,783 |
|
|
|
|
|
Three months ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers
|
|
$ |
30,351 |
|
|
$ |
29,473 |
|
|
$ |
0 |
|
|
$ |
59,824 |
|
Service revenues to external customers
|
|
|
2,604 |
|
|
|
6,027 |
|
|
|
0 |
|
|
|
8,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers
|
|
|
32,955 |
|
|
|
35,500 |
|
|
|
0 |
|
|
|
68,455 |
|
Operating income (loss)
|
|
|
8,196 |
|
|
|
5,436 |
|
|
|
(735 |
) |
|
|
12,897 |
|
Total assets
|
|
|
107,777 |
|
|
|
175,038 |
|
|
|
83,102 |
|
|
|
365,917 |
|
Segment information for the six months ended November 30, 2015
and 2014 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food
Safety |
|
|
Animal
Safety |
|
|
Corporate and
Eliminations
(1) |
|
|
Total |
|
|
|
(In
thousands) |
|
Six months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers
|
|
$ |
66,733 |
|
|
$ |
67,021 |
|
|
$ |
0 |
|
|
$ |
133,754 |
|
Service revenues to external customers
|
|
|
4,981 |
|
|
|
15,736 |
|
|
|
0 |
|
|
|
20,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers
|
|
|
71,714 |
|
|
|
82,757 |
|
|
|
0 |
|
|
|
154,471 |
|
Operating income (loss)
|
|
|
16,108 |
|
|
|
15,173 |
|
|
|
(1,774 |
) |
|
|
29,507 |
|
|
|
|
|
|
Six months ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers
|
|
$ |
58,414 |
|
|
$ |
59,634 |
|
|
$ |
0 |
|
|
$ |
118,048 |
|
Service revenues to external customers
|
|
|
5,504 |
|
|
|
12,502 |
|
|
|
0 |
|
|
|
18,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers
|
|
|
63,918 |
|
|
|
72,136 |
|
|
|
0 |
|
|
|
136,054 |
|
Operating income (loss)
|
|
|
15,712 |
|
|
|
12,141 |
|
|
|
(1,517 |
) |
|
|
26,336 |
|
(1) |
Includes corporate assets, consisting
principally of cash and cash equivalents, marketable securities,
deferred assets and overhead expenses not allocated to specific
business segments. Also includes the elimination of intersegment
transactions. |
|
X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599
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v3.3.1.900
Equity Compensation Plans
|
6 Months Ended |
Nov. 30, 2015 |
Equity Compensation Plans |
5. EQUITY COMPENSATION PLANS
Options are generally granted under the employee and director stock
option plan for five-year periods and become exercisable in equal
annual installments during that period. Certain non-qualified
options are granted for ten-year periods. A summary of stock option
activity during the six months ended November 30, 2015
follows:
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Weighted-
Average
Exercise Price |
|
Options outstanding at June 1, 2015
|
|
|
1,988,000 |
|
|
$ |
31.04 |
|
Granted
|
|
|
549,000 |
|
|
|
46.98 |
|
Exercised
|
|
|
(315,000 |
) |
|
|
22.09 |
|
Forfeited
|
|
|
(15,000 |
) |
|
|
35.58 |
|
|
|
|
|
|
|
|
|
|
Options outstanding at November 30, 2015
|
|
|
2,207,000 |
|
|
|
36.26 |
|
During the three and six month periods ended November 30, 2015
and 2014, the Company recorded $1,248,000 and $1,053,000 and
$2,545,000 and $1,959,000 of compensation expense related to its
share-based awards.
The weighted-average fair value of stock options granted during
fiscal 2016 and fiscal 2015, estimated on the date of grant using
the Black-Scholes option pricing model was $13.11 and $11.88
respectively, per option. The fair value of stock options granted
was estimated using the following weighted-average assumptions.
|
|
|
|
|
|
|
|
|
|
|
FY2016 |
|
|
FY2015 |
|
Risk-free interest rate
|
|
|
1.2 |
% |
|
|
1.2 |
% |
Expected dividend yield
|
|
|
0 |
% |
|
|
0 |
% |
Expected stock price volatility
|
|
|
33.3 |
% |
|
|
36.2 |
% |
Expected option life
|
|
|
4.0 years |
|
|
|
4.0 years |
|
The Company has an Employee Stock Purchase plan that provides for
employee stock purchases at a 5% discount to market price. The
discount is recorded in administrative expense as of the date of
purchase.
|
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929
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v3.3.1.900
New Accounting Pronouncements
|
6 Months Ended |
Nov. 30, 2015 |
New Accounting Pronouncements |
6. NEW ACCOUNTING PRONOUNCEMENTS
In May 2014, the FASB issued a new standard on revenue recognition.
The new standard outlines a single comprehensive model for entities
to use in accounting for revenue arising from contracts with
customers and supersedes most current revenue recognition guidance,
including industry-specific guidance. The core principle of the
revenue model is that an entity should recognize revenue to depict
the transfer of promised goods or services to customers in an
amount that reflects the consideration to which the entity expects
to be entitled in exchange for those goods or services. The
standard is designed to create greater comparability for financial
statement users across industries and jurisdictions and also
requires enhanced disclosures. The guidance is effective for fiscal
years, and interim periods within those years, beginning after
December 15, 2017. Early adoption is not permitted. The
Company is currently evaluating the impact of the adoption of this
standard on its consolidated financial statements.
|
X |
- DefinitionThe entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=6507316
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v3.3.1.900
Business and Product Line Acquisitions
|
6 Months Ended |
Nov. 30, 2015 |
Business and Product Line Acquisitions |
7. BUSINESS AND PRODUCT LINE ACQUISITIONS
The Consolidated Statements of Income reflect the results of
operations for business acquisitions since the respective dates of
purchase. All are accounted for using the acquisition method.
Goodwill recognized in the acquisitions discussed below relates
primarily to enhancing the Company’s strategic platform for
the expansion of available product offerings.
On July 1, 2013, the Company acquired the assets of SyrVet
Inc., a veterinary business based in Waukee, Iowa. SyrVet offered a
product line similar to Neogen’s Ideal Instruments line of
veterinary instruments with a strong presence in Mexico and Latin
America. Consideration for the purchase was $10,012,000 in cash and
up to $1,500,000 of a contingent consideration liability, due at
the end of the first year, based on an excess net sales formula.
The Company estimated the contingent consideration liability to be
$930,000, based on forecasted sales. The final purchase price
allocation, based upon the fair value of these assets determined
using the income approach, included accounts receivable of
$747,000, net inventory of $2,195,000, property and equipment of
$556,000, current liabilities of $226,000, contingent consideration
liabilities of $930,000, non-amortizable trademarks of $790,000,
intangible assets of $4,810,000 (with an estimated life of 15
years) and the remainder to goodwill (deductible for tax purposes).
These values are Level 3 fair value measurements. This business has
been relocated to Lexington, Kentucky and integrated with the
Company’s current operations there, reporting within the
Animal Safety segment. In August 2014, the Company paid $689,000 to
the former owner for contingent consideration based upon the level
of achievement of sales targets; the remaining $241,000 of the
accrual was reversed to other income.
On November 1, 2013, the Company acquired the assets of Prima
Tech Incorporated, a veterinary instrument company based in
Kenansville, North Carolina. Prima Tech manufactures devices used
by farmers, ranchers, and veterinarians to inject animals, provide
topical applications, and to use for oral administration. Prima
Tech is also a supplier of products used in artificial insemination
in the swine industry. Consideration for the purchase was
$12,068,000 in cash and up to $600,000 of contingent consideration,
due at the end of the first year, based on an excess net sales
formula. The Company estimated the contingent consideration
liability to be $146,000 based on forecasted sales. The final
purchase price allocation, based upon the fair value of these
assets determined using the income approach, included accounts
receivable of $963,000, net inventory of $2,796,000, property and
equipment of $1,653,000, prepaid assets of $8,000, current
liabilities of $1,840,000, contingent consideration liabilities of
$146,000, non-amortizable trademarks of $1,500,000, intangible
assets of $4,400,000 (with an estimated life of 5-15 years) and the
remainder to goodwill (deductible for tax purposes). These values
are Level 3 fair value measurements. This business continues to
operate in its current location and reports within the Animal
Safety segment. In October 2014, the Company paid the former owners
$600,000 for contingent consideration based on achievement of
defined sales targets, recording an additional $454,000 charge to
other expense.
On January 2, 2014, the Company acquired all of the stock of
Chem-Tech Ltd., a pest control manufacturing and distribution
business located in Pleasantville, Iowa. Consideration for the
purchase was $17,185,000 in cash and up to $1,000,000 of a
contingent consideration liability, due at the end of the first
year, based on an excess net sales formula. The Company estimated
the contingent consideration liability to be $390,000, based on
forecasted sales. The final purchase price allocation included
accounts receivable of $380,000, net inventory of $4,184,000,
prepaid assets of $100,000, property and equipment of $807,000,
current liabilities of $184,000, contingent consideration
liabilities of $390,000, intangible assets of $8,327,000 (with an
estimated life of 5-25 years) and the remainder to goodwill
(deductible for tax purposes). These values are Level 3 fair value
measurements. This business continues to operate in its current
location and reports within the Animal Safety segment. In February
2015, the Company paid the former owners $474,000 for contingent
consideration based upon achievement of sales targets, recording an
additional $84,000 charge to other expense.
On October 1, 2014, the Company acquired all of the stock of
BioLumix, Inc., a manufacturer and marketer of automated systems
for the detection of microbial contaminants located in Ann Arbor,
Michigan. Consideration for the purchase was $4,514,000 in cash.
The final purchase price allocation included accounts receivable of
$499,000, other receivable of $178,000, net inventory of $421,000
prepaid assets of $48,000, property and equipment of $159,000,
current liabilities of $155,000, long-term liabilities of $780,000,
intangible assets of $2,090,000 (with an estimated life of 5-15
years) and the remainder to goodwill (non-deductible for tax
purposes). These values are Level 3 fair value measurements. This
business has been relocated to Lansing, Michigan and integrated
with the Company’s operations there, reporting within the
Food Safety segment.
On December 8, 2014, the Company acquired the food safety and
veterinary genomic assets of its Chinese distributor Beijing
Anapure BioScientific Co., Ltd. Consideration for the purchase was
$2,040,000 in cash. The preliminary purchase allocation included
inventory of $525,000, property and equipment of $64,000,
intangible assets of $20,000 (with an estimated life of five years)
and the remainder to goodwill. These are Level 3 fair value
measurements. This business has been integrated into the
Company’s subsidiary in China and reports within the Food
Safety segment.
On June 1, 2015, Neogen acquired the assets of Sterling Test
House, a commercial food testing laboratory based in India.
Consideration for the purchase was $1,118,000 in cash. The purchase
price allocation included accounts receivable of $43,000, net
inventory of $14,000, property and equipment of $141,000 and the
remainder to goodwill and other intangible assets. These are Level
3 fair value measurements. This business will continue to operate
in its current location and reports within the Animal Safety
segment.
On August 26, 2015, the Company acquired all of the stock of
Lab M Holdings, a developer, manufacturer and supplier of
microbiological culture media and diagnostic systems located in the
United Kingdom. Consideration for the purchase was $12,436,000 in
cash. The preliminary purchase allocation included cash of
$285,000, accounts receivable of $975,000, net inventory of
$1,169,000, property and equipment of $3,337,000, other current
assets of $596,000, current liabilities of $1,350,000, long-term
deferred tax liability of $784,000, intangible assets of $3,918,000
(with an estimated life of 3-15 years) and the remainder to
goodwill. These are Level 3 fair value measurements. This business
will continue to operate in its current location and reports within
the Food Safety segment.
On December 22, 2015, the Company acquired the rodenticide
assets of Virbaq Corporation, the North American affiliate of the
France-based Virbac group, a global animal health company. The
acquired assets include a rodenticide active ingredient that
complements Neogen’s existing active ingredients, and more
than 40 regulatory approvals for a variety of formulations in the
United States, Canada and Mexico. The acquired assets also include
a large retail and OEM customer base. Consideration for the
purchase was $3,525,000 in cash and up to $300,000 of contingent
consideration. The products will be manufactured at the
Company’s current production facility in Randolph, Wisconsin
and will report through Animal Safety. Due to the timing of the
transaction, the preliminary purchase price allocation was not
complete at the time of filing.
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.3.1.900
Long-Term Debt
|
6 Months Ended |
Nov. 30, 2015 |
Long-Term Debt |
8. LONG TERM DEBT
The Company has a financing agreement with a bank providing for an
unsecured revolving line of credit of $12,000,000, which matures on
September 1, 2017. There were no advances against this line of
credit during fiscal 2016 and fiscal 2015 and no balance
outstanding at November 30, 2015. Interest is at LIBOR plus
100 basis points (rate under the terms of the agreement was 1.23%
at November 30, 2015). Financial covenants include maintaining
specified levels of tangible net worth, debt service coverage, and
funded debt to EBITDA, each of which the Company was in compliance
with at November 30, 2015.
|
X |
- DefinitionThe entire disclosure for long-term debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
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v3.3.1.900
Commitments and Contingencies
|
6 Months Ended |
Nov. 30, 2015 |
Commitments and Contingencies |
9. COMMITMENTS AND CONTINGENCIES
The Company is involved in environmental remediation and monitoring
activities at its Randolph, Wisconsin manufacturing facility and
accrues for related costs when such costs are determined to be
probable and estimable. The Company is currently expensing annual
costs of remediation, which have ranged from $47,000 to $56,000 per
year over the past five years. The Company’s estimated
liability for these costs of $916,000 at November 30, 2015 and
May 31, 2015, measured on an undiscounted basis over an
estimated period of 15 years; $50,000 of the liability is recorded
within current liabilities and the remainder is recorded within
other long-term liabilities in the consolidated balance sheet.
The Company is subject to certain legal and other proceedings in
the normal course of business that, in the opinion of management,
should not have a material effect on its future results of
operations or financial position.
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Stock Purchase
|
6 Months Ended |
Nov. 30, 2015 |
Stock Purchase |
10. STOCK PURCHASE
In December 2008, the Company’s Board of Directors authorized
a program to purchase, subject to market conditions, up to
1,125,000 shares of the Company’s common stock. As of
November 30, 2015, 112,026 cumulative shares had been
purchased in negotiated and open market transactions for a total
price, including commissions, of approximately $923,000. Shares
purchased under the program were retired. There have been no
purchases in fiscal 2016 and there were none in fiscal 2015.
|
X |
- DefinitionThe entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.
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v3.3.1.900
Inventories (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Inventories |
The components of inventories follow:
|
|
|
|
|
|
|
|
|
|
|
November 30,
2015 |
|
|
May 31,
2015 |
|
|
|
(In
thousands) |
|
Raw Materials
|
|
$ |
26,574 |
|
|
$ |
21,605 |
|
Work-in-process
|
|
|
4,219 |
|
|
|
3,972 |
|
Finished and purchased goods
|
|
|
30,692 |
|
|
|
26,024 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
61,485 |
|
|
$ |
51,601 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 2 -Paragraph 6 -Subparagraph a,b,c -Article 5
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v3.3.1.900
Net Income per Share (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Calculation of Net Income Per Share |
The calculation of net income per share attributable to Neogen
Corporation follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
November 30, |
|
|
Six Months
Ended
November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
(In thousands,
except per share amounts) |
|
Numerator for basic and diluted net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Neogen shareholders
|
|
$ |
9,073 |
|
|
$ |
7,806 |
|
|
$ |
18,396 |
|
|
$ |
16,689 |
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
|
|
|
37,390 |
|
|
|
36,941 |
|
|
|
37,301 |
|
|
|
36,858 |
|
Effect of dilutive stock options and warrants
|
|
|
478 |
|
|
|
438 |
|
|
|
509 |
|
|
|
473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted net income per share
|
|
|
37,868 |
|
|
|
37,379 |
|
|
|
37,810 |
|
|
|
37,331 |
|
Net income attributable to Neogen Corporation per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
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v3.3.1.900
Segment Information (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Segment Information |
Segment information as of and for the three months ended
November 30, 2015 and 2014 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food
Safety |
|
|
Animal
Safety |
|
|
Corporate and
Eliminations
(1) |
|
|
Total |
|
|
|
(In
thousands) |
|
Three months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers
|
|
$ |
34,682 |
|
|
$ |
34,035 |
|
|
$ |
0 |
|
|
$ |
68,717 |
|
Service revenues to external customers
|
|
|
2,572 |
|
|
|
8,321 |
|
|
|
0 |
|
|
|
10,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers
|
|
|
37,254 |
|
|
|
42,356 |
|
|
|
0 |
|
|
|
79,610 |
|
Operating income (loss)
|
|
|
7,687 |
|
|
|
7,833 |
|
|
|
(908 |
) |
|
|
14,612 |
|
Total assets
|
|
|
132,472 |
|
|
|
182,478 |
|
|
|
110,833 |
|
|
|
425,783 |
|
|
|
|
|
Three months ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers
|
|
$ |
30,351 |
|
|
$ |
29,473 |
|
|
$ |
0 |
|
|
$ |
59,824 |
|
Service revenues to external customers
|
|
|
2,604 |
|
|
|
6,027 |
|
|
|
0 |
|
|
|
8,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers
|
|
|
32,955 |
|
|
|
35,500 |
|
|
|
0 |
|
|
|
68,455 |
|
Operating income (loss)
|
|
|
8,196 |
|
|
|
5,436 |
|
|
|
(735 |
) |
|
|
12,897 |
|
Total assets
|
|
|
107,777 |
|
|
|
175,038 |
|
|
|
83,102 |
|
|
|
365,917 |
|
Segment information for the six months ended November 30, 2015
and 2014 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food
Safety |
|
|
Animal
Safety |
|
|
Corporate and
Eliminations
(1) |
|
|
Total |
|
|
|
(In
thousands) |
|
Six months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers
|
|
$ |
66,733 |
|
|
$ |
67,021 |
|
|
$ |
0 |
|
|
$ |
133,754 |
|
Service revenues to external customers
|
|
|
4,981 |
|
|
|
15,736 |
|
|
|
0 |
|
|
|
20,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers
|
|
|
71,714 |
|
|
|
82,757 |
|
|
|
0 |
|
|
|
154,471 |
|
Operating income (loss)
|
|
|
16,108 |
|
|
|
15,173 |
|
|
|
(1,774 |
) |
|
|
29,507 |
|
|
|
|
|
|
Six months ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues to external customers
|
|
$ |
58,414 |
|
|
$ |
59,634 |
|
|
$ |
0 |
|
|
$ |
118,048 |
|
Service revenues to external customers
|
|
|
5,504 |
|
|
|
12,502 |
|
|
|
0 |
|
|
|
18,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues to external customers
|
|
|
63,918 |
|
|
|
72,136 |
|
|
|
0 |
|
|
|
136,054 |
|
Operating income (loss)
|
|
|
15,712 |
|
|
|
12,141 |
|
|
|
(1,517 |
) |
|
|
26,336 |
|
(1) |
Includes corporate assets, consisting
principally of cash and cash equivalents, marketable securities,
deferred assets and overhead expenses not allocated to specific
business segments. Also includes the elimination of intersegment
transactions. |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.3.1.900
Equity Compensation Plans (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Stock Option Activity |
A summary of stock option activity during the six months ended
November 30, 2015 follows:
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Weighted-
Average
Exercise Price |
|
Options outstanding at June 1, 2015
|
|
|
1,988,000 |
|
|
$ |
31.04 |
|
Granted
|
|
|
549,000 |
|
|
|
46.98 |
|
Exercised
|
|
|
(315,000 |
) |
|
|
22.09 |
|
Forfeited
|
|
|
(15,000 |
) |
|
|
35.58 |
|
|
|
|
|
|
|
|
|
|
Options outstanding at November 30, 2015
|
|
|
2,207,000 |
|
|
|
36.26 |
|
|
Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions |
The fair value of stock options granted was estimated using the
following weighted-average assumptions.
|
|
|
|
|
|
|
|
|
|
|
FY2016 |
|
|
FY2015 |
|
Risk-free interest rate
|
|
|
1.2 |
% |
|
|
1.2 |
% |
Expected dividend yield
|
|
|
0 |
% |
|
|
0 |
% |
Expected stock price volatility
|
|
|
33.3 |
% |
|
|
36.2 |
% |
Expected option life
|
|
|
4.0 years |
|
|
|
4.0 years |
|
|
X |
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v3.3.1.900
Inventories (Detail) - USD ($) $ in Thousands |
Nov. 30, 2015 |
May. 31, 2015 |
Inventory [Line Items] |
|
|
Raw Materials |
$ 26,574
|
$ 21,605
|
Work-in-process |
4,219
|
3,972
|
Finished and purchased goods |
30,692
|
26,024
|
Inventories |
$ 61,485
|
$ 51,601
|
X |
- DefinitionCarrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.
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v3.3.1.900
Calculation of Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Earnings Per Share [Line Items] |
|
|
|
|
Net Income attributable to Neogen shareholders |
$ 9,073
|
$ 7,806
|
$ 18,396
|
$ 16,689
|
Weighted average shares |
37,390
|
36,941
|
37,301
|
36,858
|
Effect of dilutive stock options and warrants |
478
|
438
|
509
|
473
|
Denominator for diluted net income per share |
37,868
|
37,379
|
37,810
|
37,331
|
Net income attributable to Neogen Corporation per share: |
|
|
|
|
Basic |
$ 0.24
|
$ 0.21
|
$ 0.49
|
$ 0.45
|
Diluted |
$ 0.24
|
$ 0.21
|
$ 0.49
|
$ 0.45
|
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v3.3.1.900
Segment Information (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
May. 31, 2015 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Product revenues to external customers |
|
$ 68,717
|
$ 59,824
|
$ 133,754
|
$ 118,048
|
|
Service revenues to external customers |
|
10,893
|
8,631
|
20,717
|
18,006
|
|
Total revenues to external customers |
|
79,610
|
68,455
|
154,471
|
136,054
|
|
Operating income (loss) |
|
14,612
|
12,897
|
29,507
|
26,336
|
|
Total assets |
|
425,783
|
365,917
|
425,783
|
365,917
|
$ 392,181
|
Operating Segments | Food Safety |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Product revenues to external customers |
|
34,682
|
30,351
|
66,733
|
58,414
|
|
Service revenues to external customers |
|
2,572
|
2,604
|
4,981
|
5,504
|
|
Total revenues to external customers |
|
37,254
|
32,955
|
71,714
|
63,918
|
|
Operating income (loss) |
|
7,687
|
8,196
|
16,108
|
15,712
|
|
Total assets |
|
132,472
|
107,777
|
132,472
|
107,777
|
|
Operating Segments | Animal Safety |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Product revenues to external customers |
|
34,035
|
29,473
|
67,021
|
59,634
|
|
Service revenues to external customers |
|
8,321
|
6,027
|
15,736
|
12,502
|
|
Total revenues to external customers |
|
42,356
|
35,500
|
82,757
|
72,136
|
|
Operating income (loss) |
|
7,833
|
5,436
|
15,173
|
12,141
|
|
Total assets |
|
182,478
|
175,038
|
182,478
|
175,038
|
|
Corporate and Eliminations |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Product revenues to external customers |
[1] |
0
|
0
|
0
|
0
|
|
Service revenues to external customers |
[1] |
0
|
0
|
0
|
0
|
|
Total revenues to external customers |
[1] |
0
|
0
|
0
|
0
|
|
Operating income (loss) |
[1] |
(908)
|
(735)
|
(1,774)
|
(1,517)
|
|
Total assets |
[1] |
$ 110,833
|
$ 83,102
|
$ 110,833
|
$ 83,102
|
|
|
|
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v3.3.1.900
Equity Compensation Plans - Additional Information (Detail) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
May. 31, 2016 |
May. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share based compensation |
$ 1,248,000
|
$ 1,053,000
|
$ 2,545,000
|
$ 1,959,000
|
|
|
Weighted-Average Grant-Date Fair Value of Options Granted |
|
|
|
|
|
$ 11.88
|
During fiscal 2016 |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Weighted-Average Grant-Date Fair Value of Options Granted |
|
|
|
|
$ 13.11
|
|
Employee Stock Purchase Plan | 2011 Employee Stock Purchase Plan |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Annual maximum limit percentage of compensation to purchase shares |
|
|
5.00%
|
|
|
|
Employee and Director Stock Option Plan |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stock option vesting period |
|
|
5 years
|
|
|
|
Non-Qualified Options |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stock option vesting period |
|
|
10 years
|
|
|
|
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- DefinitionRepresents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
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v3.3.1.900
Stock Option Activity (Detail)
|
6 Months Ended |
Nov. 30, 2015
$ / shares
shares
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
Shares Outstanding, Beginning Balance | shares |
1,988,000
|
Shares, Granted | shares |
549,000
|
Shares, Exercised | shares |
(315,000)
|
Shares, Forfeited | shares |
(15,000)
|
Shares Outstanding, Ending Balance | shares |
2,207,000
|
Weighted-Average Exercise Price, Beginning Balance | $ / shares |
$ 31.04
|
Weighted-Average Exercise Price, Granted | $ / shares |
46.98
|
Weighted-Average Exercise Price, Exercised | $ / shares |
22.09
|
Weighted-Average Exercise Price, Forfeited | $ / shares |
35.58
|
Weighted-Average Exercise Price, Ending Balance | $ / shares |
$ 36.26
|
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Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2)(i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section D -Subsection 2
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v3.3.1.900
Business and Product Line Acquisitions - Additional Information (Detail) - USD ($)
|
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|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Dec. 22, 2015 |
Aug. 26, 2015 |
Jun. 01, 2015 |
Dec. 08, 2014 |
Oct. 01, 2014 |
Jan. 02, 2014 |
Nov. 01, 2013 |
Jul. 01, 2013 |
Feb. 28, 2015 |
Oct. 31, 2014 |
Aug. 31, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversed the remaining contingent consideration accrual to other income |
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
$ (454,000)
|
$ 0
|
$ (213,000)
|
Beijing Anapure BioScientific Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration for purchase of business |
|
|
|
$ 2,040,000
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for inventory |
|
|
|
525,000
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for property and equipment |
|
|
|
64,000
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for intangible assets |
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
Sterling Test House |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration for purchase of business |
|
|
$ 1,118,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for accounts receivable |
|
|
43,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for inventory |
|
|
14,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for property and equipment |
|
|
$ 141,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Lab M Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration for purchase of business |
|
$ 12,436,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for accounts receivable |
|
975,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for inventory |
|
1,169,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for property and equipment |
|
3,337,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for current liabilities |
|
1,350,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for intangible assets |
|
3,918,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for cash |
|
285,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for other current assets |
|
596,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for deferred tax liability |
|
$ 784,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lab M Holdings | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lab M Holdings | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
15 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SyrVet, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration for purchase of business |
|
|
|
|
|
|
|
$ 10,012,000
|
|
|
|
|
|
|
|
Contingent consideration potential payment |
|
|
|
|
|
|
|
1,500,000
|
|
|
|
|
|
|
|
Purchase price allocation for accounts receivable |
|
|
|
|
|
|
|
747,000
|
|
|
|
|
|
|
|
Purchase price allocation for inventory |
|
|
|
|
|
|
|
2,195,000
|
|
|
|
|
|
|
|
Purchase price allocation for property and equipment |
|
|
|
|
|
|
|
556,000
|
|
|
|
|
|
|
|
Purchase price allocation for current liabilities |
|
|
|
|
|
|
|
226,000
|
|
|
|
|
|
|
|
Allocation of purchase price for contingent consideration potential payment |
|
|
|
|
|
|
|
930,000
|
|
|
|
|
|
|
|
Purchase price allocation for intangible assets |
|
|
|
|
|
|
|
$ 4,810,000
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
|
|
|
|
|
|
15 years
|
|
|
|
|
|
|
|
Cash paid for contingent consideration |
|
|
|
|
|
|
|
|
|
|
$ 689,000
|
|
|
|
|
Reversed the remaining contingent consideration accrual to other income |
|
|
|
|
|
|
|
|
|
|
$ 241,000
|
|
|
|
|
SyrVet, Inc. | Trademarks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for non-amortizable trademarks |
|
|
|
|
|
|
|
$ 790,000
|
|
|
|
|
|
|
|
Prima Tech Incorporated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration for purchase of business |
|
|
|
|
|
|
$ 12,068,000
|
|
|
|
|
|
|
|
|
Contingent consideration potential payment |
|
|
|
|
|
|
600,000
|
|
|
|
|
|
|
|
|
Purchase price allocation for accounts receivable |
|
|
|
|
|
|
963,000
|
|
|
|
|
|
|
|
|
Purchase price allocation for inventory |
|
|
|
|
|
|
2,796,000
|
|
|
|
|
|
|
|
|
Purchase price allocation for property and equipment |
|
|
|
|
|
|
1,653,000
|
|
|
|
|
|
|
|
|
Purchase price allocation for current liabilities |
|
|
|
|
|
|
1,840,000
|
|
|
|
|
|
|
|
|
Allocation of purchase price for contingent consideration potential payment |
|
|
|
|
|
|
146,000
|
|
|
|
|
|
|
|
|
Purchase price allocation for intangible assets |
|
|
|
|
|
|
4,400,000
|
|
|
|
|
|
|
|
|
Cash paid for contingent consideration |
|
|
|
|
|
|
|
|
|
$ 600,000
|
|
|
|
|
|
Purchase price allocation for prepaid assets |
|
|
|
|
|
|
$ 8,000
|
|
|
|
|
|
|
|
|
Cash accrued for contingent consideration |
|
|
|
|
|
|
|
|
|
$ 454,000
|
|
|
|
|
|
Prima Tech Incorporated | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
Prima Tech Incorporated | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
|
|
|
|
|
15 years
|
|
|
|
|
|
|
|
|
Prima Tech Incorporated | Trademarks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for non-amortizable trademarks |
|
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
Chem Tech Ltd |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration for purchase of business |
|
|
|
|
|
$ 17,185,000
|
|
|
|
|
|
|
|
|
|
Contingent consideration potential payment |
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for accounts receivable |
|
|
|
|
|
380,000
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for inventory |
|
|
|
|
|
4,184,000
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for property and equipment |
|
|
|
|
|
807,000
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for current liabilities |
|
|
|
|
|
184,000
|
|
|
|
|
|
|
|
|
|
Allocation of purchase price for contingent consideration potential payment |
|
|
|
|
|
390,000
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for intangible assets |
|
|
|
|
|
8,327,000
|
|
|
|
|
|
|
|
|
|
Cash paid for contingent consideration |
|
|
|
|
|
|
|
|
$ 474,000
|
|
|
|
|
|
|
Purchase price allocation for prepaid assets |
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
Cash accrued for contingent consideration |
|
|
|
|
|
|
|
|
$ 84,000
|
|
|
|
|
|
|
Chem Tech Ltd | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
Chem Tech Ltd | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
|
|
|
|
25 years
|
|
|
|
|
|
|
|
|
|
BioLumix, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration for purchase of business |
|
|
|
|
$ 4,514,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for accounts receivable |
|
|
|
|
499,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for inventory |
|
|
|
|
421,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for property and equipment |
|
|
|
|
159,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for current liabilities |
|
|
|
|
155,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for intangible assets |
|
|
|
|
2,090,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for prepaid assets |
|
|
|
|
48,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for other receivable |
|
|
|
|
178,000
|
|
|
|
|
|
|
|
|
|
|
Purchase price allocation for long-term liabilities |
|
|
|
|
$ 780,000
|
|
|
|
|
|
|
|
|
|
|
BioLumix, Inc. | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
BioLumix, Inc. | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finite lived intangible assets, useful life |
|
|
|
|
15 years
|
|
|
|
|
|
|
|
|
|
|
Virbaq Corporation | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash consideration for purchase of business |
$ 3,525,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration potential payment |
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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- DefinitionBusiness combination recognized identifiable assets acquired and liabilities assumed other receivables.
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472
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v3.3.1.900
Long Term Debt - Additional Information (Detail) - USD ($)
|
6 Months Ended |
|
Nov. 30, 2015 |
May. 31, 2015 |
Debt Instrument [Line Items] |
|
|
Unsecured revolving line of credit, total amount available |
$ 12,000,000
|
|
Unsecured revolving line of credit, maturity date |
Sep. 01, 2017
|
|
Unsecured revolving line of credit, interest terms |
LIBOR plus 100 basis points
|
|
Unsecured revolving line of credit, interest rate |
1.23%
|
|
Unsecured revolving line of credit, balance outstanding |
$ 0
|
|
Unsecured revolving line of credit, advances |
$ 0
|
$ 0
|
Libor Plus | Unsecured Revolving Line of Credit |
|
|
Debt Instrument [Line Items] |
|
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Unsecured revolving line of credit, spread |
1.00%
|
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v3.3.1.900
Commitments and Contingencies - Additional Information (Detail) - USD ($)
|
6 Months Ended |
|
Nov. 30, 2015 |
May. 31, 2015 |
Commitments and Contingencies Disclosure [Line Items] |
|
|
Environmental remediation expense, period of remediation, years |
5 years
|
|
Estimated liability costs of remediation |
$ 916,000
|
$ 916,000
|
Estimated liability, measurement period, years |
15 years
|
|
Estimated liability costs of remediation, current |
$ 50,000
|
$ 50,000
|
Minimum |
|
|
Commitments and Contingencies Disclosure [Line Items] |
|
|
Environmental remediation expense |
47,000
|
|
Maximum |
|
|
Commitments and Contingencies Disclosure [Line Items] |
|
|
Environmental remediation expense |
$ 56,000
|
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
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