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Techne Corporation Releases Unaudited Second Quarter Results for Fiscal Year 2011

MINNEAPOLIS Feb. 1, 2011 December 31, 2010 $26.5 million $0.71 $24.7 million $0.66 December 31, 2009 $898,000 $0.02 $659,000 December 31, 2010 $52.9 million $1.42 $51.5 million $1.38 December 31, 2009

December 31, 2010 $67.7 million $135.7 million December 31, 2009 December 31, 2009 December 31, 2010

$44.4 million December 31, 2010 $42.4 million December 31, 2009 China Pacific Rim December 31, 2010 $91.1 million $86.4 million December 31, 2009 December 31, 2010 Pacific Rim China

December 31, 2010 $18.6 million $35.0 million December 31, 2010 December 31, 2010 $4.6 million $9.5 million

December 31, 2010 $298,000 $631,000 December 31, 2010 $973,000 $1.8 million December 31, 2010 $564,000 $2.3 million December 31, 2010 $1.2 million $2.4 million December 31, 2010 December 31, 2010 $1.34 $1.33 $1.47 $1.45 December 31, 2010 $1.57 $1.56 $1.63 $1.63 $605,000 $62,000 December 31, 2010

December 31, 2010 December 31, 2009 December 31, 2010 December 31, 2010 December 31, 2009 $220,000

December 31, 2010 $642,000 $1.1 million December 31, 2009

December 31, 2010 $212,000 $677,000 December 31, 2009

December 31, 2010

Forward Looking Statements:

Our press releases may contain forward-looking statements within the meaning of the Private Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company’s actual results: the introduction and acceptance of new biotechnology and hematology products, the levels and particular directions of research by the Company’s customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, the retention of hematology OEM and proficiency survey business, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

For additional information concerning such factors, see the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission.  We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events.  Investors are cautioned not to place undue emphasis on these statements.

Minneapolis, Minnesota England Emeryville, California Shanghai, China

TECHNE CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)

QUARTER ENDED

SIX MONTHS ENDED

12/31/10

12/31/09

12/31/10

12/31/09

Net sales

$67,708

$65,521

$135,653

$132,055

Cost of sales

15,218

13,329

30,459

26,230

Gross margin

52,490

52,192

105,194

105,825

Operating expenses:

  Selling, general and administrative

8,365

9,007

15,917

17,045

  Research and development

6,603

6,391

13,222

12,545

  Amortization of intangible assets

171

240

341

480

     Total operating expenses

15,139

15,638

29,480

30,070

Operating income

37,351

36,554

75,714

75,755

Other income (expense):

  Interest income

1,020

1,156

1,867

2,324

  Other non-operating expense, net

(698)

(1,011)

(955)

(1,673)

      Total other (expense) income

322

145

912

651

Earnings before income taxes

37,673

36,699

76,626

76,406

Income taxes

11,139

11,978

23,719

24,913

Net earnings

$26,534

$24,721

$52,907

$51,493

Earnings per share:

 Basic

$   0.72

$   0.66

$   1.43

$   1.38

 Diluted

$   0.71

$   0.66

$   1.42

$   1.38

Weighted average common shares outstanding:

 Basic

37,093

37,252

37,066

37,248

 Diluted

37,156

37,353

37,131

37,346

TECHNE CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

ASSETS

12/31/10

6/30/10

Cash and equivalents

$135,875

$  94,139

Short-term available-for-sale investments

58,987

44,672

Trade accounts receivable

28,228

30,850

Other receivables

1,986

1,532

Inventory

13,736

13,737

Other current assets

14,748

16,110

 Current assets

253,560

201,040

Available-for-sale investments

158,666

171,171

Property and equipment, net

95,096

97,400

Goodwill and intangible assets, net

26,771

27,112

Other non-current assets

21,515

22,093

 Total assets

$555,608

$518,816

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

$  13,672

$  17,024

Stockholders’ equity

541,936

501,792

 Total liabilities and stockholders’ equity

$555,608

$518,816

SOURCE Techne Corporation

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