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<SEC-DOCUMENT>0000842023-09-000003.txt : 20090203
<SEC-HEADER>0000842023-09-000003.hdr.sgml : 20090203
<ACCEPTANCE-DATETIME>20090203093645
ACCESSION NUMBER:		0000842023-09-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090203
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090203
DATE AS OF CHANGE:		20090203

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:		09563208

	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): February 3, 2009

                            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 February 3,
2009, describing the results of operations for the quarter and six months
ended December 31, 2008 and its financial condition as of December 31, 2008,
is attached hereto as Exhibit 99.1.

Segment information for Techne Corporation for the quarter and six months
ended December 31, 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 February 3, 2009.

         99.2 Segment information for the quarter and six months ended
              December 31, 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: February 3, 2009               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 February 3, 2009.

       99.2     Segment information for Techne Corporation for the quarter
                and six months ended December 31, 2008.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>release209.txt
<DESCRIPTION>EARNINGS RELEASE
<TEXT>
       TECHNE CORPORATION RELEASES UNAUDITED SECOND QUARTER
                    RESULTS FOR FISCAL YEAR 2009

Minneapolis/February 3, 2009/--Techne Corporation's (NASDAQ: TECH)
consolidated net earnings for the quarter ended December 31, 2008 were $23.6
million or $.62 per diluted share compared with $23.6 million or $.60 per
diluted share for the quarter ended December 31, 2007.  For the six months
ended December 31, 2008, Techne's consolidated net earnings increased 11.8%
to $52.2 million or $1.36 per diluted share compared with $46.7 million or
$1.18 per diluted share for the six months ended December 31, 2007.  Net
earnings as a percentage of net sales improved to 39.8% for the six months
ended December 30, 2008 from 38.9% in the first six months of last year.

Foreign currency fluctuations and general economic conditions had a negative
impact on consolidated net sales and earnings in the quarter ended December
31, 2008. The change in exchange rates used to convert foreign currencies
(primarily British pound sterling and Euros) to U.S. dollars reduced net
earnings by $1.5 million ($.04 per diluted share) for the quarter and $1.8
million ($.05 per diluted share) for the six months ended December 31, 2008,
as compared to the same periods in last fiscal year.

Consolidated net sales for the quarter and six months ended December 31, 2008
were $61.9 million and $131.2 million, respectively. This was a 0.4% decrease
and 9.2% increase from the quarter and six months ended December 31, 2007,
respectively. Consolidated net sales were negatively affected by the strength
of the U.S. dollar as compared to foreign currencies. Excluding the effect of
changes in foreign currency exchange rates, consolidated net sales increased
5.0% and 11.5% for the quarter ended and six months ended December 31, 2008,
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 $40.3 million and $86.5
million for the quarter and six months ended December 31, 2008, increases of
3.0% and 10.8%, respectively, from the comparable prior-year periods. North
American biotechnology sales to industrial and academic customers grew at
less than 2% during the second quarter of fiscal 2009.  The Company
attributes the lower second quarter sales growth rate to customer caution in
a time of economic uncertainty.

R&D Europe's net sales for the quarter and six months ended December 31, 2008
were $17.3 million and $36.2 million, a decrease of 9.2% and an increase of
5.1%, respectively, from the same prior-year periods.  R&D Europe's net sales
increased 8.6% for the quarter and 13.0% for the six months ended December
31, 2008 when measured at currency rates in effect in the comparable prior-
year periods.

Hematology net sales for the quarter and six months ended December 31, 2008
were $4.3 million and $8.5 million, increases of 7.2% and 11.5%,
respectively, compared to the quarter and six months ended December 31, 2007.

Consolidated gross margins were 78.3% and 79.8% for the quarter and six
months ended December 31, 2008 respectively, compared to 79.5% and 79.3% for
the quarter and six months ended December 31, 2007. The decrease in gross
margins in the second quarter was primarily caused by lower gross margins in
Europe resulting from unfavorable exchange rates.

Selling, general and administrative expenses for the quarter and six months
ended December 31, 2008 decreased $942,000 (8.9%) and $192,000 (1.0%),
respectively from the quarter and six months ended December 31, 2007. The
decrease in selling, general and administrative expenses from the comparable
prior-year periods were the result of the following (in thousands):

                                              Quarter   Six Months
                                              -------   ----------
Change in exchange rates to convert
  foreign expenses to U.S. dollars            $  (685)   $  (887)
Reduction in profit sharing expense              (670)      (617)
Other, including annual wage, salary
  and benefits increases                          413      1,312
                                              -------    -------
                                              $  (942)   $  (192)
                                              =======    =======

Second quarter selling, general and administrative expense increased from the
first quarter of fiscal 2009 due primarily to costs associated with
production, printing and mailing of the annual catalog and additional expense
as a result of the annual grant of stock options to the Company's Board of
Directors.

Research and development expenses increased $283,000 (5.1%) and $1.0 million
(9.4%), respectively, for the quarter and six months ended December 31, 2008
from the comparable prior-year periods.

Interest income decreased $1.0 million and $1.2 million for the quarter and
six months ended December 31, 2008, respectively, from the comparable prior-
year periods, primarily as a result of lower rates of return on cash and
available-for-sale investments and to a lesser extent to lower cash and
available-for-sale investment balances.

The effective tax rate was 30.8% for the quarter and 32.3% for the six months
ended December 31, 2008 as compared to 33.6% for the quarter and six months
ended December 31, 2007.  Income tax expense in the second quarter of fiscal
2009 benefited from the renewal of the U.S. research and development credit.
The $695,000 research and development tax credit for the quarter ended
December 31, 2008, included credit for the January to June 2008 period in
addition to a credit for the current year six-month period. Without
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's common stock.  The
Company repurchased approximately 960,000 shares of its common stock during
the second quarter of fiscal 2009 for approximately $62.7 million.
Approximately $20.0 million remains available for the repurchase of shares
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 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,
general economic conditions, 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
                                     ------------------  ------------------
                                     12/31/08  12/31/07  12/31/08  12/31/07
                                     --------  --------  --------  --------
Net sales                             $61,876   $62,142  $131,200  $120,129
Cost of sales                          13,430    12,751    26,516    24,855
                                     --------  --------  --------  --------
Gross margin                           48,446    49,391   104,684    95,274
                                     --------  --------  --------  --------
 Operating expenses:
  Selling, general and administrative   9,703    10,645    18,543    18,735
  Research and development              5,846     5,562    11,756    10,743
  Amortization of intangible assets       240       282       480       570
                                     --------  --------  --------  --------
      Total operating expenses         15,789    16,489    30,779    30,048
                                     --------  --------  --------  --------
Operating income                       32,657    32,902    73,905    65,226
  Other income (expense):
  Interest income                       2,205     3,252     5,092     6,250
  Other non-operating expense, net       (712)     (573)   (1,899)   (1,142)
                                     --------  --------  --------  --------
      Total other income                1,493     2,679     3,193     5,108
                                     --------  --------  --------  --------
Earnings before income taxes           34,150    35,581    77,098    70,334
Income taxes                           10,528    11,942    24,883    23,623
                                     --------  --------  --------  --------
Net earnings                          $23,622   $23,639   $52,215   $46,711
                                 ========  ========  ========  ========
Earnings per share:
 Basic                                $  0.62   $  0.60   $  1.36   $  1.18
 Diluted                              $  0.62   $  0.60   $  1.36   $  1.18

Weighted average common
 shares outstanding:
  Basic                                37,894    39,395    38,259    39,442
  Diluted                              37,992    39,497    38,370    39,542







                           TECHNE CORPORATION
                      CONSOLIDATED BALANCE SHEETS
                           (In thousands)
                            (Unaudited)
                                                     12/31/08   6/30/08
                                                     --------  --------
ASSETS
Cash and equivalents                                 $119,595  $166,992
Short-term available-for-sale investments              24,366    39,353
Trade accounts receivable                              24,852    31,747
Other receivables                                       4,701     1,585
Inventory                                               9,877     9,515
Other current assets                                    9,732     9,241
                                                     --------  --------
  Current assets                                      193,123   258,433
                                                     --------  --------
Available-for-sale investments                         85,493    87,384
Property and equipment, net                            98,352   101,722
Goodwill and intangible assets, net                    28,552    29,032
Other non-current assets                               28,010    30,798
                                                     --------  --------
  Total assets                                       $433,530  $507,369
                                                     ========  ========
LIABILITIES
Current liabilities                                  $ 13,036  $ 20,239
Stockholders' equity                                  420,494   487,130
                                                     --------  --------
  Total liabilities and equity                       $433,530  $507,369



















































                                                     ========  ========


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>segment1208.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  Second         Percent   First  Second
                   Qtr    Qtr      YTD   Of Sales   Qtr   Qtr      YTD
                   ------ ------ ------- --------  ------ ------ -------
Sales              69,324 61,876 131,200    100%   11,337   (266) 11,071
Cost of sales      13,086 13,430  26,516     20%      982    679   1,661
                   ------ ------ ------- --------  ------ ------ -------
Gross margin       56,238 48,446 104,684     80%   10,355   (945)  9,410

Gross margin
 percentage         81.1%  78.3%   79.8%

SG&A expense        8,840  9,703  18,543     14%      750   (942)   (192)
R&D expense         5,910  5,846  11,756      9%      729    284   1,013
Amortization expense  240    240     480      -       (48)   (42)    (90)
Interest income    (2,887)(2,205) (5,092)    (3%)     111  1,047   1,158
Other non-operating
  ex., net          1,187    712   1,899      1%      618    139     757
                   ------ ------ ------- --------  ------ ------ -------
                   13,290 14,296  27,586     21%    2,160    486   2,646
                   ------ ------ ------- --------  ------ ------ -------
Earnings before
 income taxes      42,948 34,150  77,098     59%    8,195 (1,431)  6,764
Income taxes       14,355 10,528  24,883     19%    2,674 (1,414)  1,260
                   ------ ------ ------- --------  ------ ------ -------
                   28,593 23,622  52,215     40%    5,521    (17)  5,504
                   ====== ====== ======= ========  ====== ====== =======
Diluted earnings
 per share            .74    .62    1.36
Weighted average
 diluted shares
 outstanding       38,747 37,992  38,370





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

                                                   Increase (Decrease)
                          Fiscal 2009               From Fiscal 2008
                   ------------------------------  ---------------------
                   First  Second         Percent   First  Second
                   Qtr    Qtr      YTD   Of Sales   Qtr   Qtr      YTD
                   ------ ------ ------- --------  ------ ------ -------
Sales              53,899 48,643 102,542    100%    8,571  2,067  10,638
Intersegment sales (7,762)(8,311)(16,073)          (1,315)  (878) (2,193)
                   ------ ------ -------           ------ ------ -------
                   46,137 40,332  86,469            7,256  1,189   8,445

Cost of sales      10,247 11,090  21,337     21%    1,250  1,478   2,728
Intersegment sales (7,461)(8,339)(15,800)          (1,287)  (909) (2,196)
                   ------ ------ -------           ------ ------ -------
                    2,786  2,751   5,537              (37)   569     532
                   ------ ------ ------- --------  ------ ------ -------
Gross margin       43,351 37,581  80,932     79%    7,293    620   7,913

Gross margin
percentage          81.0%  77.2%   79.2%

SG&A expense        5,141  5,418  10,559     10%      517   (116)    401
R&D expense         5,717  5,643  11,360     11%      715    275     990
Amortization expense  240    240     480     --       (48)   (42)    (90)
Interest, net      (1,084)  (970) (2,054)    (1%)     173    339     512
Exchange loss/(gain)   (2)     1      (1)    --       (36)   (11)    (47)
                   ------ ------ ------- --------  ------ ------ -------
                   10,012 10,332  20,344     20%    1,321    445   1,766
                   ------ ------ ------- --------  ------ ------ -------
Pretax result      33,339 27,249  60,588     59%    5,972    175   6,147
                   ====== ====== ======= ========  ====== ====== =======
(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  Second         Percent   First  Second
                   Qtr    Qtr      YTD   Of Sales   Qtr   Qtr      YTD
                   ------ ------ ------- --------  ------ ------ -------
Sales              10,175 11,197  21,372    100%    2,570  1,896   4,466
Cost of sales       4,260  5,361   9,621     45%      805  1,308   2,113
                   ------ ------ ------- --------  ------ ------ -------
Gross margin        5,915  5,836  11,751     55%    1,765    588   2,353

Gross margin
 percentage         58.1%  52.1%   55.0%

SG&A expense        1,224  1,364   2,588     12%      110     88     198
Interest income      (790)  (583) (1,373)    (6%)    (107)   190      83
Exchange loss/(gain)  260    (35)    225      1%      356     46     402
                   ------ ------ ------- --------  ------ ------ -------
                      694    746   1,440      7%      359    324     683
                   ------ ------ ------- --------  ------ ------ -------
Pretax result       5,221  5,090  10,311     48%    1,406    264   1,670
                   ====== ====== ======= ========  ====== ====== =======


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

                                                   Increase (Decrease)
                          Fiscal 2009               From Fiscal 2008
                   ------------------------------  ---------------------
                   First  Second         Percent   First  Second
                   Qtr    Qtr      YTD   Of Sales   Qtr   Qtr      YTD
                   ------ ------ ------- --------  ------ ------ -------
Sales              18,941 17,284  36,225    100%    3,492 (1,743)  1,749
Cost of sales       7,931  8,274  16,205     45%      911    (19)    892
                   ------ ------ ------- --------  ------ ------ -------
Gross margin       11,010  9,010  20,020     55%    2,581 (1,724)    857

Gross margin
 percentage         58.1%  52.1%   55.3%

SG&A expense        2,283  2,094   4,377     12%       21   (505)   (484)
Interest income    (1,471)  (906) (2,377)    (6%)     (84)   670     586
Exchange loss         476      5     481      1%      674    170     844
                   ------ ------ ------- --------  ------ ------ -------
                    1,288  1,193   2,481      7%      611    335     946
                   ------ ------ ------- --------  ------ ------ -------
Pretax result       9,722  7,817  17,539     48%    1,970 (2,059)    (89)
                   ====== ====== ======= ========  ====== ====== =======



                             HEMATOLOGY
                        (in thousands of $'s)

                                                   Increase (Decrease)
                          Fiscal 2009               From Fiscal 2008
                   ------------------------------  ---------------------
                   First  Second         Percent   First  Second
                   Qtr    Qtr      YTD   Of Sales   Qtr   Qtr      YTD
                   ------ ------ ------- --------  ------ ------ -------
Sales               4,246  4,260   8,506    100%      589    288     877
Cost of sales       2,369  2,405   4,774     56%      108    129     237
                   ------ ------ ------- --------  ------ ------ -------
Gross margin        1,877  1,855   3,732     44%      481    159     640

Gross margin
 percentage         44.2%  43.5%   43.9%

SG&A expense          436    398     834     10%      (31)   (89)   (120)
R&D expense           193    203     396      4%       14      9      23
Interest, net        (102)   (91)   (193)    (2%)      18     34      52
                   ------ ------ ------- --------  ------ ------ -------
                      527    510   1,037     12%        1    (46)    (45)
                   ------ ------ ------- --------  ------ ------ -------
Pretax result       1,350  1,345   2,695     32%      480    205     685
                   ====== ====== ======= ========  ====== ====== =======




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

                                           Increase (Decrease)
                          Fiscal 2009       From Fiscal 2008
                   ---------------------  ---------------------
                   First  Second          First  Second
                   Qtr    Qtr      YTD    Qtr   Qtr      YTD
                   ------ ------ -------  ------ ------ -------
Interest income       230    238     468     (4)    (4)     (8)
Rental income          99    131     230     32     20      52
                   ------ ------ -------  ------ ------ -------
                      329    369     698     28     16      44

SG&A expense          980  1,793   2,773    243   (232)     11
Other-Building
  expenses            553    551   1,104      9    (49)    (40)
Other-Equity
 Investment losses    259    286     545      3     49      52
                   ------ ------ -------  ------ ------ -------
                    1,792  2,630   4,422    255   (232)     23
                   ------ ------ -------  ------ ------ -------
Pretax result      (1,463)(2,261) (3,724)  (227)   248      21
                   ====== ====== =======  ====== ====== =======


(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-----
