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<SEC-DOCUMENT>0000842023-08-000028.txt : 20081022
<SEC-HEADER>0000842023-08-000028.hdr.sgml : 20081022
<ACCEPTANCE-DATETIME>20081022090315
ACCESSION NUMBER:		0000842023-08-000028
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081022
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081022
DATE AS OF CHANGE:		20081022

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:		081134502

	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): October 22, 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 October 22,
2008, describing the results of operations for the quarter ended September
30, 2008 and its financial condition as of September 30, 2008, is attached
hereto as Exhibit 99.1.

Segment information for Techne Corporation for the quarter ended September
30, 2008 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 October 22, 2008.

         99.2 Segment information for the quarter ended
              September 30, 2008.






                            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: October 22, 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 October 22, 2008.

       99.2     Segment information for Techne Corporation for the quarter
                ended September 30, 2008.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>release102208.txt
<DESCRIPTION>EARNINGS RELEASE DATED OCTOBER 22, 2008
<TEXT>
              TECHNE CORPORATION RELEASES UNAUDITED FIRST QUARTER
                       RESULTS FOR FISCAL YEAR 2009

Minneapolis/October 22, 2008/--Techne Corporation's (NASDAQ: TECH)
consolidated net earnings for the quarter ended September 30, 2008 increased
23.9% to $28.6 million or $.74 per diluted share compared with $23.1 million
or $.58 per diluted share for the quarter ended September 30, 2007. Net
earnings as a percentage of net sales improved from 39.8% in the first
quarter of last year to 41.2% for the quarter ended September 30, 2008. The
improvement in net earnings was mainly due to increased consolidated net
sales. The unfavorable impact on consolidated net earnings of the change in
exchange rates used to convert foreign currencies (primarily British pound
sterling and Euros) to U.S. dollars was $310,000 ($.01 per diluted share) for
the quarter ended September 30, 2008.

Consolidated net sales for the quarter ended September 30, 2008 were $69.3
million, an increase of 19.6% from the same prior-year quarter. Consolidated
net sales were favorably affected by the strength of foreign currencies as
compared to the U.S. dollar. Excluding the effect of changes in foreign
currency exchange rates, consolidated net sales increased 18.4% for the
quarter ended September 30, 2008 from the quarter ended September 30, 2007.
The quarter ended September 30, 2008 included one more selling day than the
comparable prior-year quarter.

Biotechnology net sales, which include sales by R&D Systems' Biotechnology
Division, R&D Systems China and BiosPacific, for the quarter ended September
30, 2008, were $46.1 million, an increase of 18.7% from the same prior-year
quarter. R&D Europe's net sales for the quarter were $18.9 million, an
increase of 22.6% from the same prior-year quarter. R&D Europe's net sales
increased 18.4% for the quarter when measured at currency rates in effect in
the comparable prior periods.  Hematology net sales for the quarter were $4.2
million, an increase of 16.1%.  The timing of shipments to OEM customers
positively impacted Hematology sales results during the quarter ended
September 30, 2008 and will likely reduce the Hematology sales growth rate in
the quarter ending December 31, 2008 as compared to the comparable prior-year
quarter.

Consolidated gross margins were 81.1% and 79.1% in the first quarters of
fiscal 2009 and 2008, respectively. The increase in gross margins was due to
higher sales volume on relatively fixed costs and higher margins in Europe
due to favorable exchange rates.

Selling, general and administrative expenses decreased to 12.8% of
consolidated net sales for the quarter ended September 30, 2008 from 14.0%
for the quarter ended September 30, 2007.  Selling, general and
administrative expenses for the quarter ended September 30, 2008 increased
$750,000 (9.3%) from the same prior-year period due mainly to annual wage and
salary increases and increased legal costs of $276,000.  Research and
development expenses increased $729,000 (14.1%) for the quarter ended
September 30, 2008 mainly as a result of increased personnel costs.

The consolidated effective tax rate was 33.4% and 33.6% for the quarters
ended September 30, 2008 and 2007, respectively. As a result of the recent
renewal of the U.S. research and development credit, income tax expense in
the second quarter of fiscal 2008 will include a credit for the January to
June 2008 period in addition to a credit for the current-year six month
period.  Including the increased research and development credit and without
other significant business developments, the Company expects its fiscal 2009
effective income tax rate to range from approximately 32.5% to 33.5%.

In November 2007, the Company's Board of Directors authorized the repurchase
and retirement of up to $150 million of the Company' common stock.  The
Company repurchased approximately 214,000 shares of its common stock during
the first quarter of fiscal 2009 for approximately $15.6 million.  Subsequent
to September 30, 2008, the Company has repurchased an additional 335,000
shares for approximately $22.7 million.  In total, the Company has
repurchased approximately 1.3 million shares of its common stock for
approximately $90.8 million under this authorization.

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 Hematology sales and consolidated 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
                                              -----------------
                                               9/30/08  9/30/07
                                              -------- --------
Net sales                                     $ 69,324 $ 57,987
Cost of sales                                   13,086   12,104
                                              -------- --------
Gross margin                                    56,238   45,883
                                              -------- --------
Operating expenses:
   Selling, general and administrative           8,840    8,090
   Research and development                      5,910    5,181
   Amortization of intangible assets               240      288
                                              -------- --------
      Total operating expenses                  14,990   13,559
                                              -------- --------
Operating income                                41,248   32,324

Other income (expense):
   Interest income                               2,887    2,998
   Other non-operating expense, net             (1,187)    (569)
                                              -------- --------
       Total other income                        1,700    2,429
                                              -------- --------
Earnings before income taxes                    42,948   34,753
Income taxes                                    14,355   11,681
                                              -------- --------
Net earnings                                  $ 28,593 $ 23,072
                                              ======== ========
Earnings per share:
   Basic                                      $   0.74 $   0.58
   Diluted                                    $   0.74 $   0.58

Weighted average common shares outstanding:
   Basic                                        38,624   39,489
   Diluted                                      38,747   39,587


                        TECHNE CORPORATION
                 CONSOLIDATED BALANCE SHEETS
                        (In thousands)
                          (Unaudited)
                                               9/30/08  6/30/08
                                              -------- --------
ASSETS
Cash and equivalents                          $162,071 $166,992
Short-term available-for-sale investments       34,108   39,353
Trade accounts receivable                       32,296   31,747
Other receivables                                1,672    1,585
Inventory                                        9,699    9,515
Other current assets                             9,542    9,241
                                              -------- --------
  Current assets                               249,388  258,433
                                              -------- --------

Available-for-sale investments                 101,270   87,384
Property and equipment, net                    100,100  101,722
Goodwill and intangible assets, net             28,792   29,032
Other non-current assets                        28,118   30,798
                                              -------- --------
  Total assets                                $507,668 $507,369
                                              ======== ========
LIABILITIES
Current liabilities                           $ 19,258 $ 20,239
Stockholders' equity                           488,410  487,130
                                              -------- --------
  Total liabilities and equity                $507,668 $507,369
                                              ======== ========



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>seg909.txt
<DESCRIPTION>SEGMENT RESULTS
<TEXT>
                              SEGMENT INFORMATION
                       TECHNE CORPORATION AND SUBISIDARIES
                    (in thousands of $'s, except per share data)


                                                          Increase
                                                         (Decrease)
                                      Fiscal 2009      From Fiscal 2008
                                   -----------------   ----------------
                                    First   Percent         First
                                   Quarter  of Sales       Quarter
                                   -------  --------       -------
Sales                               69,324      100%        11,337
Cost of sales                       13,086       19%           982
                                   -------  --------       -------
Gross margin                        56,238       81%        10,355

Gross margin percentage              81.1%

SG&A expense                         8,840       13%           750
R&D expense                          5,910        8%           729
Amortization expense                   240        --           (48)
Interest income                     (2,887)      (4%)          111
Other non-operating ex., net         1,187        2%           618
                                   -------  --------       -------
                                    13,290       19%         2,160
                                   -------  --------       -------
Earnings before income taxes        42,948       62%         8,195
Income taxes                        14,355       21%         2,674
                                   -------  --------       -------
                                    28,593       41%         5,521
                                   =======  ========       =======

Diluted earnings per share            0.74
Weighted average diluted
 shares outstanding                 38,747




                             BIOTECHNOLOGY  (1)
                            (in thousands of $'s)
                                                          Increase
                                                         (Decrease)
                                      Fiscal 2009      From Fiscal 2008
                                   -----------------   ----------------
                                    First   Percent         First
                                   Quarter  of Sales       Quarter
                                   -------  --------       -------
Sales                               53,899      100%         8,571
Intersegment sales                  (7,762)                 (1,315)
                                   -------                 -------
                                    46,137                   7,256

Cost of sales                       10,247       19%         1,250
Intersegment sales                  (7,461)                 (1,287)
                                   -------                 -------
                                     2,786                     (37)
                                   -------  --------       -------
Gross margin                        43,351       81%         7,293

Gross margin percentage              81.0%

SG&A expense                         5,141       10%           517
R&D expense                          5,717       11%           715
Amortization expense                   240        --           (48)
Interest, net                       (1,084)      (2%)          173
Exchange loss/(gain)                    (2)       --           (36)
                                   -------  --------       -------
                                    10,012       19%         1,321
                                   -------  --------       -------
Pretax result                       33,339       62%         5,972
                                   =======  ========       =======

(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 2009      From Fiscal 2008
                                   -----------------   ----------------
                                    First   Percent         First
                                   Quarter  of Sales       Quarter
                                   -------  --------       -------
Sales                               10,175      100%         2,570
Cost of sales                        4,260       42%           805
                                   -------  --------       -------
Gross margin                         5,915       58%         1,765

Gross margin percentage              58.1%

SG&A expense                         1,224       12%           110
Interest income                       (790)      (8%)         (107)
Exchange loss/(gain)                   260        3%           356
                                   -------  --------       -------
                                       694        7%           359
                                   -------  --------       -------
Pretax result                        5,221       51%         1,406
                                   =======  ========       =======



                            R&D SYSTEMS EUROPE
                           (in thousands of $'s)
                                                          Increase
                                                         (Decrease)
                                      Fiscal 2009      From Fiscal 2008
                                   -----------------   ----------------
                                    First   Percent         First
                                   Quarter  of Sales       Quarter
                                   -------  --------       -------
Sales                               18,941      100%         3,492
Cost of sales                        7,931       42%           911
                                   -------  --------       -------
Gross margin                        11,010       58%         2,581

Gross margin percentage              58.1%

SG&A expense                         2,283       12%            21
Interest income                     (1,471)      (8%)          (84)
Exchange loss                          476        3%           674
                                   -------  --------       -------
                                     1,288        7%           611
                                   -------  --------       -------
Pretax result                        9,722       51%         1,970
                                   =======  ========       =======


                               HEMATOLOGY
                          (in thousands of $'s)
                                                          Increase
                                                         (Decrease)
                                      Fiscal 2009      From Fiscal 2008
                                   -----------------   ----------------
                                    First   Percent         First
                                   Quarter  of Sales       Quarter
                                   -------  --------       -------
Sales                                4,246      100%           589
Cost of sales                        2,369       56%           108
                                   -------  --------       -------
Gross margin                         1,877       44%           481

Gross margin percentage              44.2%

SG&A expense                           436       10%           (31)
R&D expense                            193        4%            14
Interest, net                         (102)      (2%)           18
                                   -------  --------       -------
                                       527       12%             1
                                   -------  --------       -------
Pretax result                        1,350       32%           480
                                   =======  ========       =======



                      CORPORATE AND OTHER (2)
                       (in thousands of $'s)
                                                 Increase
                                                (Decrease)
                                 Fiscal 2009  From Fiscal 2008
                                 -----------  ----------------
                                    First           First
                                   Quarter         Quarter
                                   -------         -------
Interest income                        230              (4)
Rental income                           99              32
                                   -------         -------
                                       329              28

SG&A expense                           980             243
Other-Building expenses                553               9
Other-Equity Investment losses         259               3
                                   -------         -------
                                     1,792             255
                                   -------         -------
Pretax result                       (1,463)           (227)
                                   =======         =======


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