LANSING, Mich., March 9 /PRNewswire-FirstCall/ -- Neogen Corporation announced today that on March 6 it initiated its current common stock repurchase program. In December, Neogen's Board of Directors authorized the repurchase of up to 500,000 shares.
Shares have been, and additional shares are expected to be, acquired on the open market or in negotiated transactions, depending on market conditions and other factors. Accordingly, there is no guarantee of the exact number of shares to be repurchased. Shares repurchased under the program will be retired. The company had 14,600,000 shares outstanding on Nov. 30, 2008.
"The price of Neogen shares is at the lowest level in nearly two years," said James Herbert, Neogen's CEO. "We believe the price is an extraordinary value given the company's fundamentals and performance that have withstood the worst overall economy in decades."
Neogen's second quarter was the 63rd consecutive profitable quarter from operations for the company, and the 67th quarter of the past 72 quarters to show increased revenues as compared with the previous year--a span of 18 years. Neogen will announce results for the third quarter of its 2009 fiscal year, which ended Feb. 28, on Thursday, March 19.
Neogen Corporation develops and markets products dedicated to food and animal safety. The company's Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen's Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements, disinfectants, and rodenticides.
Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's most recently filed Form 10-K.
