LANSING, Mich., July 22 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) today announced a 19% increase in revenues for its 2008 fiscal year, which ended May 31, and a continuation of the company's outstanding record of profitability. Neogen's net income increased 33% overall for FY 2008.

Neogen's revenues surpassed $100 million for the first time in its history in FY 2008, coming in at $102,418,000, up from $86,138,000 in the company's previous fiscal year. Net income per share was $0.81 in FY 2008, compared to $0.64 in the prior year. Both revenues and earnings for the 2008 fiscal year established new all-time highs for the 26-year-old company.

Neogen's fourth quarter revenues increased 20% on a year-to-year comparison to $27,119,000. Quarterly net income per share was $0.21 for the final FY 2008 three-month period. In the prior year, the company's fourth quarter revenues were $22,675,000 and net income was $0.16 per share. Neogen's fourth quarter was the 61st consecutive profitable quarter from operations for the company, and the 65th quarter of the past 70 quarters to show increased revenues as compared with the previous year.

'The exceptional results that we are reporting today clearly indicate again that our mission of providing food and animal safety solutions is a sustainable strategy,' said James Herbert, Neogen's chief executive officer and chairman. 'Neogen is uniquely positioned to grow and prosper by helping the world's food producers and processors meet the ever-increasing challenges -- whether inside the farm gate, or anywhere throughout the processing and distribution activities.'

For the fourth quarter, operating income increased 46% to $4,693,000, and for the company's 2008 fiscal year, Neogen's operating income improved 33% to $18,019,000. Expressed as a percentage of revenues, operating income for FY 2008 improved to 17.6% compared to 15.7% in the prior year.

'Operationally, our fourth quarter was a truly extraordinary finish to another exceptional year for Neogen. In several of our divisions, year-end results exceeded what we considered to be optimistic budget projections when we began 2008,' said Lon Bohannon, Neogen's president and chief operating officer. 'More importantly, our outstanding fourth quarter performance and strong balance sheet provide a solid foundation from which to continue our growth momentum in the coming year.'

Neogen's Food Safety segment led the company's FY 2008 revenue increase with sales up 23% to $57,664,000. As none of Neogen's FY 2008 acquisitions involved food safety products, this increase was comprised entirely of organic sales growth.

The company's Scotland-based Neogen Europe operations experienced another outstanding year, recording four consecutive quarters of organic sales growth of more than 30%.