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<SEC-DOCUMENT>0000842023-08-000003.txt : 20080129
<SEC-HEADER>0000842023-08-000003.hdr.sgml : 20080129
<ACCEPTANCE-DATETIME>20080129090954
ACCESSION NUMBER:		0000842023-08-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080129
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080129
DATE AS OF CHANGE:		20080129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TECHNE CORP /MN/
		CENTRAL INDEX KEY:			0000842023
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				411427402
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17272
		FILM NUMBER:		08556083

	BUSINESS ADDRESS:	
		STREET 1:		614 MCKINLEY PL N E
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55413
		BUSINESS PHONE:		6123798854

	MAIL ADDRESS:	
		STREET 1:		614 MCKINLEY PLACE NE
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55413
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8q.txt
<DESCRIPTION>8-K
<TEXT>
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                FORM 8-K

                              CURRENT REPORT

                  PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

    Date of report (Date of earliest event reported): January 29, 2008

                            TECHNE CORPORATION
             (Exact Name of Registrant as Specified in Charter)


       Minnesota                     0-17272             41-1427402
(State or Other Jurisdiction       (Commission         I.R.S. Employer
of Incorporation)                  File Number)      Identification No.)

                614 Mckinley Place NE
                   Minneapolis, MN                       55413
       (Address of Principal Executive Offices)       (Zip Code)

     Registrant's telephone number, including area code:  (612) 379-8854

                              Not Applicable
      (Former Name or Former Address, if changed since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any
of the following provisions:

/ /   Written communications pursuant to Rule 425 under the Securities Act
      17 CFR 230.425)

/ /   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

/ /   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

/ /   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



Item 2.02  Results of Operations and Financial Condition

A copy of the press release issued by Techne Corporation on January 29,
2008, describing the results of operations for the quarter and six months
ended December 31, 2007 and its financial condition as of December 31, 2007,
is attached hereto as Exhibit 99.1.

Segment information for Techne Corporation for the quarter and six months
ended December 31, 2007 which has been included on Techne Corporation's
website (www.techne-corp.com), is attached hereto as Exhibit 99.2.

The information in this Form 8-K and the Exhibits attached hereto shall not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference
in any filing under the Securities Act of 1933 or the Exchange Act, except as
expressly set forth by specific reference in such filing.


Item 9.01 Financial Statements and Exhibits

     (d) Exhibits

         99.1 Press Release dated January 29, 2008.

         99.2 Segment information for the quarter and six months ended
              December 31, 2007.






                            SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Dated: January 29, 2008               TECHNE CORPORATION
                                      By: /s/ Thomas E. Oland
                                      ---------------------------
                                      Name: Thomas E. Oland
                                      Title: President and Chief
                                        Executive Officer



                          EXHIBIT INDEX

    Exhibit No. Description
    ----------- -----------
       99.1     Press release of Techne Corporation dated January 29, 2008.

       99.2     Segment information for Techne Corporation for the quarter
                and six months ended December 31, 2007.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>release108.txt
<DESCRIPTION>EARNINGS RELEASE DATED JANUARY 29, 2008
<TEXT>



                               TECHNE CORPORATION
                   RELEASES UNAUDITED SECOND QUARTER RESULTS
                               FOR FISCAL YEAR 2008

Minneapolis/January 29, 2008/--Techne Corporation's (NASDAQ: TECH)
consolidated net earnings for the quarter ended December 31, 2007 increased
26.7% to $23.6 million or $.60 per diluted share compared with $18.7 million
or $.47 per diluted share for the quarter ended December 31, 2006.  For the
six months ended December 31, 2007, Techne's consolidated net earnings
increased 22.0% to $46.7 million or $1.18 per diluted share compared with
$38.3 million or $0.97 per diluted share for the six months ended December
31, 2006.

Net earnings as a percentage of net sales improved to 38.9% for the six
months ended December 30, 2007 from 36.5% in the first six months of last
year. The improvement in net earnings was mainly due to increased
consolidated net sales. The favorable impact on consolidated net earnings of
the change in exchange rates used to convert R&D Europe results from British
pounds to U.S. dollars was $339,000 ($.01 per diluted share) for the quarter
and $742,000 ($.02 per diluted share) for the six months ended December 31,
2007.

Consolidated net sales for the quarter and six months ended December 31, 2007
were $62.1 million and $120.1 million, respectively. This was an increase of
18.4% and 14.6% from the quarter and six months ended December 31, 2006,
respectively. Consolidated net sales were favorably affected by the strength
of the British pound as compared to the U.S. dollar. Excluding the effect of
changes in foreign currency exchange rates, consolidated net sales increased
16.5% and 12.6% for the quarter ended and six months ended December 31, 2007,
respectively, from the comparable prior year periods.

Biotechnology net sales, which include sales by R&D Systems' Biotechnology
Division, R&D Systems China and BiosPacific, were $39.1 million and $78.0
million, for the quarter and six months ended December 31, 2007, increases of
17.1% and 12.5%, respectively.  This improvement was primarily the result of
increased volume and the timing of shipments to diagnostic customers.  The
timing of diagnostic customer sales is not predictable and these sales
increases are not necessarily indicative of future sales.  Excluding the
increased sales to diagnostic customers, Biotechnology net sales increased
12.9% and 12.3% for the quarter ended and six months ended December 31, 2007,
respectively, from the comparable prior year periods.

R&D Europe's net sales for the quarter and six months ended December 31, 2007
were $19.0 million and $34.5 million, increases of 24.7% and 22.3%,
respectively, from the same prior-year periods.  In British pounds, R&D
Europe's net sales increased 18.5% and 14.8% for the quarter and six months
ended December 31, 2007. Hematology net sales for the quarter and six months
ended December 31, 2007 were $4.0 million and $7.6 million, increases of 3.8%
and 4.1%, respectively, compared to the quarter and six months ended December
31, 2006.

Tom Oland, President and Chief Executive Officer of Techne Corporation, said
"Second quarter sales exceeded our expectations in all segments of our
business and in nearly all product lines and geographical territories.
However, given the exceptionally strong sales growth rate in this quarter and
due to the Easter holiday falling in March 2008, we caution our shareholders
not to expect a similar sales growth rate in our third fiscal quarter."

Mr. Oland added, "Our business is doing well.  We continue to release new
products and build for our future.  For fiscal 2008, given current trends for
our specific products, we continue to target revenue growth in the range of
8% to 11%."

Consolidated gross margins were 79.5% and 79.3% for the quarter and six
months ended December 31, 2007 respectively, compared to 79.6% and 79.1% for
the quarter and six months ended December 31, 2006. Biotechnology gross
margins decreased to 79.4% and 79.8% for the quarter and six months ended
December 31, 2007 from 80.8% and 80.2% for the same prior-year periods mainly
as a result of higher volume sales to diagnostic customers. The decrease in
Biotechnology gross margins was partially offset by higher margins in Europe
due to favorable exchange rates and changes in sales mix as a result of
higher sales growth in the Biotechnology Division as compared to the sales
growth in the lower margin Hematology Division.

Selling, general and administrative expenses for the quarter and six months
ended December 31, 2007 increased $1.8 million (20.6%) and $2.8 million
(17.9%), respectively. These increases primarily resulted because of wage and
salary increases and the hiring of additional marketing and administrative
personnel to support the Company's sales growth. The second quarter increase
also resulted from increased professional fees of $340,000, increased stock
option expense of $352,000, additional profit sharing of $331,000, R&D China
selling, general and administrative expenses of $144,000, and the change in
foreign currency exchange rates used to convert British pounds to U.S.
dollars of $116,000.  Second quarter selling, general and administrative
expenses increased approximately $2.5 million from the first quarter of
fiscal 2008 due primarily because of costs associated with production and
printing of the annual catalogs and the annual granting of stock options to
the Company's Board of Directors (approximately $1.2 million).

Selling, general and administrative expenses for the six months ended
December 31, 2007 also increased because of increased professional fees of
$386,000, increased stock option expense of $357,000, additional profit
sharing of $536,000, R&D China selling, general and administrative expenses
of $244,000 and the change in foreign currency exchange rates used to convert
British pounds to U.S. dollars of $283,000.

In October 2006, the Company repaid its mortgage debt. The total payment of
$13.8 million included the mortgage principal balance, accrued interest and a
5% prepayment penalty of $651,000. The prepayment penalty and $78,000 of
unamortized loan origination fees were included in interest expense for the
quarter ended December 31, 2006.

The effective tax rate was 33.6% for the quarter and six months ended
December 31, 2007 as compared to 33.9% for the quarter and six months ended
December 31, 2006.  Without significant business developments, the Company
expects its fiscal 2008 effective income tax rate to range from approximately
33.5% to 34.5%.

The Company repurchased approximately 321,000 shares of its common stock
during the second quarter of fiscal 2008 for approximately $20.6 million.


Forward Looking Statements:

This earnings release contains forward-looking statements within the meaning
of the Private Litigation Reform Act.  These statements, including the
Company's expectations as to growth rates and income tax rates, 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, 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 this release due to new
information or future events.  Investors are cautioned not to place undue
emphasis on these statements.

                *  *  *  *  *  *  *  *  *  *  *  *  *

Techne Corporation has two operating subsidiaries:  Research and Diagnostic
Systems, Inc. (R&D Systems) of Minneapolis, Minnesota and R&D Systems Europe,
Ltd. (R&D Europe) of Abingdon, England.  R&D Systems is a specialty
manufacturer of biological products.  R&D Systems has two subsidiaries,
BiosPacific, Inc. (BiosPacific), located in Emeryville, California and R&D
Systems China Co. Ltd., (R&D China), located in Shanghai, China.  BiosPacific
is a worldwide supplier of biologics to manufacturers of in vitro diagnostic
systems and immunodiagnostic kits. R&D China and R&D Europe distribute
biotechnology products.

Contact:  Greg Melsen, Chief Financial Officer
          Kathy Backes, Controller
          (612) 379-8854


                            TECHNE CORPORATION
                    CONSOLIDATED STATEMENTS OF EARNINGS
                   (In thousands, except per share data)
                                (Unaudited)

                                         QUARTER ENDED    SIX MONTHS ENDED
                                     ------------------  ------------------
                                     12/31/07  12/31/06  12/31/07  12/31/06
                                     --------  --------  --------  --------
Net sales                            $ 62,142  $ 52,509  $120,129  $104,860
Cost of sales                          12,751    10,714    24,855    21,951
                                     --------  --------  --------  --------
Gross margin                           49,391    41,795    95,274    82,909
                                     --------  --------  --------  --------
Operating expenses:
  Selling, general and
    administrative                     10,645     8,830    18,735    15,897
  Research and development              5,562     5,044    10,743     9,899
  Amortization of intangible assets       282       404       570       807
                                     --------  --------  --------  --------
    Total operating expenses           16,489    14,278    30,048    26,603
                                     --------  --------  --------  --------
Operating income                       32,902    27,517    65,226    56,306
Other expense (income):
  Interest expense                         --       815        --     1,083
  Interest income                      (3,252)   (1,956)   (6,250)   (3,632)
  Other non-operating expense, net        573       428     1,142       913
                                     --------  --------  --------  --------
    Total other income                 (2,679)     (713)   (5,108)   (1,636)
                                     --------  --------  --------  --------
Earnings before income taxes           35,581    28,230    70,334    57,942
Income taxes                           11,942     9,567    23,623    19,648
                                     --------  --------  --------  --------
Net earnings                         $ 23,639  $ 18,663  $ 46,711  $ 38,294
                                     ========  ========  ========  ========
Earnings per share:
  Basic                              $   0.60  $   0.47  $   1.18  $   0.97
  Diluted                            $   0.60  $   0.47  $   1.18  $   0.97
Weighted average common
 shares outstanding:
  Basic                                39,395    39,387    39,442    39,383
  Diluted                              39,497    39,511    39,542    39,483

                             TECHNE CORPORATION
                        CONSOLIDATED BALANCE SHEETS
                               (In thousands)
                                 (Unaudited)

                                                    12/31/07      6/30/07
                                                    --------     --------
ASSETS
Cash and equivalents                                $148,657     $135,485
Short-term available-for-sale investments             40,139       29,289
Trade accounts receivable                             29,273       29,559
Other receivables                                      1,465        1,407
Inventory                                              9,409        8,757
Other current assets                                   8,974        8,341
                                                    --------     --------
  Current assets                                     237,917      212,838
                                                    --------     --------

Available-for-sale investments                        95,663       91,433
Property and equipment, net                           94,478       91,535
Goodwill and intangible assets, net                   29,597       30,167
Other non-current assets                              30,558       28,871
                                                    --------     --------
  Total assets                                      $488,213     $454,844
                                                    ========     ========
LIABILITIES
Current liabilities                                 $ 19,858     $ 17,193
Stockholders' equity                                 468,355      437,651
                                                    --------     --------
  Total liabilities and equity                      $488,213     $454,844
                                                    ========     ========



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>seg1208.txt
<DESCRIPTION>SEGMENT RESULTS
<TEXT>
                                 SEGMENT INFORMATION

                             TECHNE CORPORATION AND SUBISIDARIES
                        (in thousands of $'s, except per share data)

                                                        Increase (Decrease)
                           Fiscal 2008                  From Fiscal 2007
                    -------------------------------- -----------------------
                     First  Second          Percent   First  Second
                    Quarter Quarter   YTD   Of Sales Quarter Quarter   YTD
                    ------- ------- ------- -------- ------- ------- -------
Sales                57,987  62,142 120,129    100%    5,636   9,633  15,269
Cost of sales        12,104  12,751  24,855     21%      867   2,037   2,904
                    ------- ------- ------- -------- ------- ------- -------
Gross margin         45,883  49,391  95,274     79%    4,769   7,596  12,365

Gross margin
  percentage          79.1%   79.5%   79.3%

SG&A expense          8,090  10,645  18,735     15%    1,023   1,815   2,838
R&D expense           5,181   5,562  10,743      9%      326     518     844
Amortization expense    288     282     570      --     (115)   (122)   (237)
Interest expense          0       0       0      --     (268)   (815) (1,083)
Interest income      (2,998) (3,252) (6,250)    (5%)  (1,322) (1,296) (2,618)
Other non-operating
  expense, net          569     573   1,142      1%       84     145     229
                    ------- ------- ------- -------- ------- ------- -------
                     11,130  13,810  24,940     20%     (272)    245     (27)
                    ------- ------- ------- -------- ------- ------- -------
Earnings before
  income taxes       34,753  35,581  70,334     59%    5,041   7,351  12,392
Income taxes         11,681  11,942  23,623     20%    1,600   2,375   3,975
                    ------- ------- ------- -------- ------- ------- -------
                     23,072  23,639  46,711     39%    3,441   4,976   8,417
                    ======= ======= ======= ======== ======= ======= =======

Diluted earnings
  per share             .58     .60    1.18
Weighted average
  diluted shares
  outstanding        39,587  39,497  39,542




                                    BIOTECHNOLOGY  (1)
                                   (in thousands of $'s)

                                                        Increase (Decrease)
                           Fiscal 2008                  From Fiscal 2007
                    -------------------------------- -----------------------
                     First  Second          Percent   First  Second
                    Quarter Quarter   YTD   Of Sales Quarter Quarter   YTD
                    ------- ------- ------- -------- ------- ------- -------
Sales                45,328  46,576  91,904    100%    3,707   6,503  10,210
Intersegment sales   (6,447) (7,433)(13,880             (748)   (786) (1,534)
                    ------- ------- -------          ------- ------- -------
                     38,881  39,143  78,024            2,959   5,717   8,676

Cost of sales         8,997   9,612  18,609     20%      515   1,929   2,444
Intersegment sales   (6,174) (7,430)(13,604)            (650)   (995) (1,645)
                    ------- ------- -------          ------- ------- -------
                      2,823   2,182   5,005             (135)    934     799
                    ------- ------- ------- -------- ------- ------- -------
Gross margin         36,058  36,961  73,019     80%    3,094   4,783   7,877

Gross margin
  percentage          80.2%   79.4%   79.8%

SG&A expense          4,624   5,534  10,158     11%      611     870   1,481
R&D expense           5,002   5,368  10,370     11%      327     514     841
Amortization expense    288     282     570      1%     (115)   (122)   (237)
Interest, net        (1,257) (1,309) (2,566)    (3%)    (662)   (587) (1,249)
Exchange loss/(gain)     34      12      46      --       34      12      46
                    ------- ------- ------- -------- ------- ------- -------
                      8,691   9,887  18,578     20%      195     687     882
                    ------- ------- ------- -------- ------- ------- -------
Pretax result        27,367  27,074  54,441     60%    2,899   4,096   6,995
                    ======= ======= ======= ======== ======= ======= =======

(1)	Includes R&D Systems' Biotechnology Division, BiosPacific, Inc.
and R&D China


                                R&D SYSTEMS EUROPE
                          (in thousands of British pounds)

                                                        Increase (Decrease)
                           Fiscal 2008                  From Fiscal 2007
                    -------------------------------- -----------------------
                     First  Second          Percent   First  Second
                    Quarter Quarter   YTD   Of Sales Quarter Quarter   YTD
                    ------- ------- ------- -------- ------- ------- -------
Sales                 7,605   9,301  16,906   100%       735   1,450   2,185
Cost of sales         3,455   4,053   7,508    44%       170     287     457
                    ------- ------- ------- -------- ------- ------- -------
Gross margin          4,150   5,248   9,398    56%       565   1,163   1,728

Gross margin
  percentage          54.6%   56.4%   55.6%

SG&A expense          1,114   1,276   2,390    14%        40      40      80
Interest income        (683)   (773) (1,456)   (8%)     (273)   (293)   (566)
Exchange loss/(gain)    (96)    (81)   (177)   (1%)     (174)    (17)   (191)
                    ------- ------- ------- -------- ------- ------- -------
                        335     422     757     5%      (407)   (270)   (677)
                    ------- ------- ------- -------- ------- ------- -------
Pretax result         3,815   4,826   8,641    51%       972   1,433   2,405
                    ======= ======= ======= ======== ======= ======= =======



                             R&D SYSTEMS EUROPE
                           (in thousands of $'s)

                                                        Increase (Decrease)
                           Fiscal 2008                  From Fiscal 2007
                    -------------------------------- -----------------------
                     First  Second          Percent   First  Second
                    Quarter Quarter   YTD   Of Sales Quarter Quarter   YTD
                    ------- ------- ------- -------- ------- ------- -------
Sales                15,449  19,027  34,476   100%     2,522   3,770   6,292
Cost of sales         7,020   8,293  15,313    44%       839     974   1,813
                    ------- ------- ------- -------- ------- ------- -------
Gross margin          8,429  10,734  19,163    56%     1,683   2,796   4,479

Gross margin
  percentage          54.6%   56.4%   55.6%

SG&A expense          2,262   2,599   4,861    14%       242     194     436
Interest income      (1,387) (1,576) (2,963)   (9%)     (616)   (643) (1,259)
Exchange loss          (198)   (165)   (363)   (1%)     (345)    (39)   (384)
                    ------- ------- ------- -------- ------- ------- -------
                        677     858   1,535     5%      (719)   (488) (1,207)
                    ------- ------- ------- -------- ------- ------- -------
Pretax result         7,752   9,876  17,628    51%     2,402   3,284   5,686
                    ======= ======= ======= ======== ======= ======= =======


                                    HEMATOLOGY
                              (in thousands of $'s)

                                                        Increase (Decrease)
                           Fiscal 2008                  From Fiscal 2007
                    -------------------------------- -----------------------
                     First  Second          Percent   First  Second
                    Quarter Quarter   YTD   Of Sales Quarter Quarter   YTD
                    ------- ------- ------- -------- ------- ------- -------
Sales                 3,657   3,972   7,629   100%       155     146     301
Cost of sales         2,261   2,276   4,537    59%       163     129     292
                    ------- ------- ------- -------- ------- ------- -------
Gross margin          1,396   1,696   3,092    41%        (8)     17       9

Gross margin
  percentage          38.2%   42.7%   40.5%

SG&A expense            467     487     954    13%        69      48     117
R&D expense             179     194     373     5%        (1)      4       3
Interest, net          (120)   (125)   (245)   (3%)      (39)    (30)    (69)
                    ------- ------- ------- -------- ------- ------- -------
                        526     556   1,082    15%        29      22      51
                    ------- ------- ------- -------- ------- ------- -------
Pretax result           870   1,140   2,010    26%       (37)     (5)    (42)
                    ======= ======= ======= ======== ======= ======= =======


                            CORPORATE AND OTHER (2)
                              (in thousands of $'s)

                                                     Increase (Decrease)
                                 Fiscal 2008         From Fiscal 2007
                          ----------------------- -----------------------
                           First  Second           First  Second
                          Quarter Quarter   YTD   Quarter Quarter   YTD
                          ------- ------- ------- ------- ------- -------
Interest income               234     242     476       5      36      41
Rental income                  67     111     178    (232)   (130)   (362)
                          ------- ------- ------- ------- ------- -------
                              301     353     654    (227)    (94)   (321)

SG&A expense                  737   2,025   2,762     101     703     804
Interest expense               --      --      --    (268)   (815) (1,083)
Other-Building expenses       544     600   1,144      34      51      85
Other-Hemerus losses          131     113     244       4     (10)     (6)
Other-Nephromics losses       125     124     249     125       1     126
                          ------- ------- ------- ------- ------- -------
                            1,537   2,862   4,399      (4)    (70)    (74)
                          ------- ------- ------- ------- ------- -------
Pretax result              (1,236) (2,509) (3,745)   (223)    (24)   (247)
                          ======= ======= ======= ======= ======= =======

(2)	Unallocated corporate expenses and Techne's share of losses
by Hemerus Medical, LLC and Nephromics, LLC.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
