| To: Shane M who wrote (23) | 4/1/1999 5:36:00 PM | | From: dr.john | | | |
Shane,
Tech is expected to earn about 0,78-o,8 USD/share in FY 99 and about 1,o in FY2000. However, if we exclude the extraordinary one-time items related to goodwill amortization this year, Techne's operating results were extremely strong, actually stronger than in the past: For the 6 months ended Dec 98 they reported net income of 7,1 mill ('97: 6,3 mill) including the extraordinary item of 4,7 mill in 98; Let's add 3 millions of these 4,7 to the bottom line and the "real" net earnings might have been somewhere at 10 million, i.e a surge of over 60% ; there are 5% more shares outstanding, but it still comes down to a EPS of 60% higher than in 97. Let's make it 50%. This is a higher growth rate than in the past, and for the reasons outlined in our older postings I think it will apply for the remainder of this year and, likely, for the next year as well. Which translates into a "corrected" EPS of about 1,15 for FY,99 and of 1,5 in FY2000 (if you assume a growth rate of 30% only), or of 1,7 (if you assume a growth rate of 50%). Lets take the lower number (i.e 30% growth for 2000, apply a P/E of 30 and you have a share price of 45. Of course, the target price would be much higher, if you take the higher numbers, or award a higher P/E (which Techne deserves: industry leader, superb past history, excellent fundamentals, excellent balance sheet…). Well these are just my thoughts.
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| To: Shane M who wrote (25) | 7/6/1999 7:20:00 PM | | From: dr.john | | | |
Shane,
It is the same music, indeed. But then, the story about Techne is very simple and straightforward; you need no insider knowledge to arrive at the same conclusions. Techne is very undervalued at the moment and I think of loading up some more. Besides, it was C.Ziegler (Artisana fund) who first referred to Technes business as "selling picks to miners"; I used the term because it really hits the point.
cheers
DrJohn |
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| To: dr.john who wrote (26) | 7/30/1999 10:58:00 PM | | From: dr.john | | | |
Such a beautiful investment-case and such a silent board........
Go back to mssg 24, it's all still very true....
Strange, how sometimes the best investment ideas go -if not completely unnoticed- almost unnoticed
apart from its five star past track-record the beauty of tech lies in:
-RECURRING revenue base of income: Tech is the leading and the high quality provider of products which are used and re-ordered and used and re-ordered.....; unlike p.ex manufacturers of bioanalytical measurement systems.
-growing market: there is no threat to the growing importance of cytokines in basic/clinical research and diagnosis. The insight into the myriad-role of cytokines is growing, growing; cytokines are natural occurring messengers, no competing product can render them obsolete; their key role in a multitude of diseases is more and more appreciated.
-Last but not least: Techne is cautiously eyeing the possibility of transforming itself -at least a small part of itself- into a therapeutic- company: The investment in Chemocentrix (researching into chemokines, and therapeutics targenting chemokines) is the first step.
-finally: if you want to own a company where you are COMPLETELY sure about the integrity, modesty, intelligence and foresight of the management team---> invest in Techne, sleep well, and enjoy the ride. My only concern: I still do not own enough.
Dr John |
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| To: dr.john who started this subject | 6/30/2000 4:18:19 PM | | From: David GarrisonD | | | | | I'm surprised that this board doesn't have more activity, considering the recent meteoric rise in Techne's share price. There's a great write-up in today's Investor's Business Daily on the New America page (A11). The caption for the graph says, "Techne is raising its margins while lowering its cost of doing business." |
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| From: mopgcw | 8/8/2006 1:24:45 PM | | | | | | Techne Corporation Releases Unaudited Fourth Quarter Results for Fiscal Year 2006
Tuesday August 8, 7:00 am ET
MINNEAPOLIS, Aug. 8 /PRNewswire-FirstCall/ -- Techne Corporation's (Nasdaq: TECH - News) consolidated net earnings increased 10.9% to $73.4 million and its earnings per diluted share increased 14.2% to $1.85 compared with $66.1 million and $1.62 per diluted share for the fiscal year ended June 30, 2005. For the quarter ended June 30, 2006, Techne's consolidated net earnings increased 5.0% to $19.5 million and its earnings per diluted share increased 4.3% to $.49 for the quarter ended June 30, 2006 compared with $18.6 million and $.47 per diluted share for the quarter ended June 30, 2005.
Consolidated net earnings and diluted earnings per share for the periods ended June 30, 2006 were impacted by stock option related compensation expense from the adoption of Financial Accounting Standards Board (FASB) Statement of Accounting Standards No. 123 (Revised 2004), Share-Based Payments (SFAS No. 123R). Consolidated net earnings and diluted earnings per share for the fiscal year ended June 30, 2006 were also impacted by the decline in exchange rates used to convert R&D Europe results from British pound sterling to U.S. dollars. The acquisitions of Fortron Bio Science, Inc. and BiosPacific, Inc. on July 1, 2005 and an accelerated stock buyback transaction ("ASB") on March 1, 2005 had positive impacts on current year reported amounts. The impact of these items on comparable net earnings and diluted earnings per share is summarized as follows:
Consolidated net sales for the three months and fiscal year ended June 30, 2006 were $52.1 million and $202.6 million, respectively. This was an increase of 9.5% and 13.4% from the three months and fiscal year ended June 30, 2005, respectively. R&D Systems' Biotechnology Division net sales for the three months and fiscal year ended June 30, 2006 were $32.3 million and $125.0 million, increases of 9.1% and 12.5%, respectively, as compared to prior-year periods. Approximately $670,000 and $1.3 million of the increase in Biotechnology Division net sales for the quarter and fiscal year ended June 30, 2006 was the result of price increases. R&D Europe's net sales for the three months ended June 30, 2006 were $13.5 million, a decrease of 3.0% from the prior year, while net sales for the fiscal year ended June 30, 2006 were $53.0 million, an increase of 3.2% as compared to the prior year. In British pound sterling, R&D Europe's net sales decreased 3.9% in the fourth quarter from the fourth quarter of the prior year, but increased 7.8% for the fiscal year ended June 30, 2006. Compared to the prior year, R&D Systems Europe had two fewer shipping days in the quarter ended June 30, 2006 due to the timing of the European Easter holiday. In addition, sales in Germany declined 12.6% in the quarter ended June 30, 2006 as compared to the same quarter last year, primarily due to a work stoppage by researchers which has since been settled. R&D Systems' Hematology Division net sales for the three months ended June 30, 2006 were $4.2 million, an increase of 5.5% as compared to the quarter ended June 30, 2005. Hematology sales for the fiscal year were $15.2 million, a decrease of 5.8% from the prior fiscal year, mainly as a result of a large OEM customer changing to a new primary vendor in January 2005. Included in consolidated net sales for the three months and fiscal year ended June 30, 2006 was $2.0 million and $9.4 million, respectively, of net sales from Fortron Bio Science, Inc. and BiosPacific, Inc., which were acquired effective July 1, 2005.
Consolidated gross margins were 77.3% and 77.4% for the quarter and fiscal year ended June 30, 2006, respectively. Excluding Fortron and BiosPacific, gross margins for the quarter ended June 30, 2006 were 78.9% compared to 79.3% in the fourth quarter of fiscal 2005, and 79.5% for the fiscal year ended June 30, 2006 compared to 79.4% for the fiscal year ended June 30, 2005. Combined gross margins for Fortron and BiosPacific operations of 38.7% and 34.4% for the quarter and fiscal year ended June 30, 2006, respectively, were affected by inventory on hand at the acquisition date that was recorded at fair value as determined by purchase accounting.
Selling, general and administrative expenses increased $3.1 million for the fiscal year ended June 30, 2006 primarily due to $1.6 million of stock option expense from the adoption of SFAS No. 123R in fiscal 2006. Excluding the impact of adopting SFAS No. 123R, selling, general and administrative expense as a percent of net sales decreased to 12.8% from 13.7% for the fiscal years ended June 30, 2006 and 2005, respectively.
The dollar increases in selling, general and administrative expenses were also impacted by the acquisitions of Fortron and BiosPacific.
The Company allocated approximately $12.8 million to goodwill and $7.1 million to other intangible assets arising from the acquisition of Fortron and BiosPacific. The intangible assets, mainly technologies, trade names and customer and supplier relationships, are being amortized over lives of one to eight years and amortization expense of $271,000 and $1,086,000 was recorded for the quarter and fiscal year ended June 30, 2006, respectively, related to these assets.
In April 2006, the Company made an additional $9 million investment in ChemoCentryx, Inc. (CCX) in the form of a convertible note subject to the limitation that the Company's holdings in CCX will not exceed 19.9% of CCX voting shares. In June 2006, approximately $4.3 million of the note was converted into shares of CCX preferred stock. The Company currently holds a 19.9% interest in CCX |
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| From: mopgcw | 8/26/2006 4:19:36 AM | | | | | | Techne helps finance biopharmaceutical company
Friday August 25, 4:12 pm ET
Techne Corp. has invested in a California biopharmaceutical company that recently signed a $63.5 million deal with GlaxoSmithKline.
Techne was one of six companies to invest in Mountain View-based ChemoCentryx, which netted $17.1 million in its third round of financing.
ChemoCentryx is a clinical-stage biopharmaceutical company focused on orally-administered therapeutics for autoimmune diseases, inflammatory disorders and cancer.
Minneapolis-based Techne (Nasdaq: TECH - News) is a biotech firm that makes kits of proteins and antibodies that are sold to biomedical researchers. |
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