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<SEC-DOCUMENT>0000842023-10-000003.txt : 20100202
<SEC-HEADER>0000842023-10-000003.hdr.sgml : 20100202
<ACCEPTANCE-DATETIME>20100202092354
ACCESSION NUMBER:		0000842023-10-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100202
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100202
DATE AS OF CHANGE:		20100202

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:		10565242

	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 2, 2010

                            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 2,
2010, describing the results of operations for the quarter and six months
ended December 31, 2009 and its financial condition as of December 31,
2009, is attached hereto as Exhibit 99.1.

Segment information for Techne Corporation for the quarter and six months
ended December 31, 2009 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 2, 2010.

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






                            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 2, 2010               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 2, 2010.

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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>release1209.txt
<DESCRIPTION>PRESS RELEASE DATED 2/2/10
<TEXT>

       TECHNE CORPORATION RELEASES UNAUDITED SECOND QUARTER
                      RESULTS FOR FISCAL YEAR 2010

Minneapolis/February 2, 2010/-- Techne Corporation's (NASDAQ: TECH)
consolidated net earnings for the quarter ended December 31, 2009 increased
4.6% to $24.7 million or $.66 per diluted share compared with $23.6 million
or $.62 per diluted share for the quarter ended December 31, 2008.  The
increase in net earnings for the quarter was due to increased Biotechnology
sales, improved gross margins and lower selling, general and administrative
expenses partially offset by decreased interest income. Also affecting net
earnings for the quarter were foreign currency fluctuations. The change in
exchange rates used to convert foreign currencies (primarily British pound
sterling and euros) to U.S. dollars increased net earnings by $572,000 ($.01
per diluted share) for the quarter ended December 31, 2009 as compared to the
same prior-year period.  For the six months ended December 31, 2009, Techne's
consolidated net earnings decreased 1.4% to $51.5 million or $1.38 per
diluted share compared with $52.2 million or $1.36 per diluted shares for the
six months ended December 31, 2008.  The decrease in consolidated net
earnings for the six months was the result of lower interest income offset by
slightly improved gross margins and lower selling, general and administrative
expenses.

Consolidated net sales for the quarter and six months ended December 31, 2009
were $65.5 million and $132.1 million, increases of 5.9% and 0.7%,
respectively, from the quarter and six months ended December 31, 2008.
Consolidated net sales were positively 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 1.6% and
decreased 0.4% for the quarter and six months ended December 31, 2009,
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 $42.4 million for the
quarter ended December 31, 2009, an increase of 5.2% from $40.3 million for
the quarter ended December 31, 2008.  North American biotechnology sales to
industrial pharmaceutical and biotechnology customers increased 5.7% during
the second quarter of fiscal 2010 as compared to the second quarter of fiscal
2009.  Biotechnology sales to academic, Pacific Rim distributors and China
grew 4.5%, 13.0% and 21.8%, respectively, in the second quarter of fiscal
2010.  Biotechnology net sales for the six months ended December 31, 2009 of
$86.4 million were comparable to $86.5 million for the six months ended
December 31, 2008. North American biotechnology sales to industrial
pharmaceutical and biotechnology customers decreased 4.7% during the six
months ended December 31, 2009 as compared to the first six months of fiscal
2009.  Biotechnology sales to academic, Pacific Rim distributors and China
grew 4.3%, 9.5% and 25.8%, respectively, in the first six months of fiscal
2010.

R&D Europe's net sales for the quarter and six months ended December 31, 2009
were $18.8 million and $36.6 million, increases of 8.6% and 1.1%,
respectively, from the same prior-year periods.  R&D Europe's net sales
decreased 6.6% and 2.8% for the quarter and six months ended December 31,
2009 when measured at currency rates in effect in the comparable prior-year
periods.  The decreased net sales for the periods was mainly the result of
lower sales to pharmaceutical customers.

Hematology net sales for the quarter and six months ended December 31, 2009
were $4.3 million and $9.0 million, increases of 1.5% and 5.7%, respectively,
compared to the quarter and six months ended December 31, 2008.

Consolidated gross margins were 79.7% and 80.1% for the quarter and six
months ended December 31, 2009, respectively, compared to 78.3% and 79.8% for
the quarter and six months ended December 31, 2008.  The increased gross
margins in fiscal 2010 are mainly the result of improved margins in the
Biotechnology and Hematology Divisions due to incremental profit on increased
sales volumes.

Selling, general and administrative expenses for the quarter and six months
ended December 31, 2009 decreased $696,000 (7.2%) and $1.5 million (8.1%),
respectively, from the quarter and six months ended December 31, 2008. The
decrease in selling, general and administrative expense for the quarter ended
December 31, 2009 from the comparable prior-year period resulted mainly from
lower stock compensation expense of $361,000.  The decrease in selling,
general and administrative expenses for the six months ended December 31,
2009 from the comparable prior-year period was due to lower stock
compensation expense of $361,000 and lower profit sharing expense of
$725,000.

Research and development expenses for the quarter and six months ended
December 31, 2009 increased $545,000 (9.3%) and $789,000 (6.7%),
respectively, from the quarter and six months ended December 31, 2008.  The
increase in research and development expenses is the result of continuous
development and release of new high-quality biotechnology products upon which
the Company's future sales revenue growth is dependent.

Interest income decreased $1.0 million and $2.8 million for the quarter and
six months ended December 31, 2009 from the comparable prior-years period
primarily as a result of lower rates of return on cash and available-for-sale
investments.

The effective tax rates for both the quarter and six months ended December
31, 2009 were 32.6% compared to 30.8% and 32.3% for the quarter and six
months ended December 31, 2008.  The U.S. credit for research and development
expired at the end of calendar 2007 and was not renewed until the quarter
ended December 31, 2008, resulting in a lower effective tax rate for the
quarter ended December 31, 2008.

Forward Looking Statements:

Our press releases may contain forward-looking statements within the meaning
of the Private Litigation Reform Act. Such statements 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 our  press releases 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
                                     ------------------  ------------------
                                     12/31/09  12/31/08  12/31/09  12/31/08
                                     --------  --------  --------  --------
Net sales                             $65,521   $61,876  $132,055  $131,200
Cost of sales                          13,329    13,430    26,230    26,516
                                     --------  --------  --------  --------
Gross margin                           52,192    48,446   105,825   104,684
                                     --------  --------  --------  --------
Operating expenses:
  Selling, general and
   administrative                       9,007     9,703    17,045    18,543
  Research and development              6,391     5,846    12,545    11,756
  Amortization of intangible assets       240       240       480       480
                                     --------  --------  --------  --------
  Total operating expenses             15,638    15,789    30,070    30,779
                                     --------  --------  --------  --------
Operating income                       36,554    32,657    75,755    73,905
Other income (expense):
  Interest income                       1,156     2,205     2,324     5,092
  Other non-operating expense, net     (1,011)     (712)   (1,673)   (1,899)
                                     --------  --------  --------  --------
  Total other income                      145     1,493       651     3,193
                                     --------  --------  --------  --------
Earnings before income taxes           36,699    34,150    76,406    77,098
Income taxes                           11,978    10,528    24,913    24,883
                                     --------  --------  --------  --------
Net earnings                          $24,721   $23,622   $51,493   $52,215
                                     ========  ========  ========  ========
Earnings per share:
 Basic                               $   0.66  $   0.62  $   1.38  $   1.36
 Diluted                             $   0.66  $   0.62  $   1.38  $   1.36
Weighted average common
 shares outstanding:
  Basic                                37,252    37,894    37,248    38,259
  Diluted                              37,353    37,992    37,346    38,370

                          TECHNE CORPORATION
                      CONSOLIDATED BALANCE SHEETS
                            (In thousands)
                            (Unaudited)
                                               12/31/09   6/30/09
                                               --------  --------
ASSETS
Cash and equivalents                           $195,551  $160,940
Short-term available-for-sale investments        53,928    41,947
Trade accounts receivable                        26,159    29,516
Other receivables                                 1,642     1,637
Inventory                                        12,988    11,269
Other current assets                             10,691    10,158
                                               --------  --------
  Current assets                                300,959   255,467
                                               --------  --------

Available-for-sale investments                   49,183    61,863
Property and equipment, net                      98,910   100,133
Goodwill and intangible assets, net              27,592    28,072
Other non-current assets                         25,589    26,470
                                               --------  --------
  Total assets                                 $502,233  $472,005
                                               ========  ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities                            $ 13,687  $ 15,523
Stockholders' equity                            488,546   456,482
                                               --------  --------
  Total liabilities and stockholders' equity   $502,233  $472,005
                                               ========  ========

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>seg1209.txt
<DESCRIPTION>SEGMENT RESULTS
<TEXT>
                            SEGMENT INFORMATION
                  TECHNE CORPORATION AND SUBISIDARIES
             (in thousands of $'s, except per share data)

                                                       Increase (Decrease)
                             Fiscal 2010                From Fiscal 2009
                    --------------------------------- ----------------------
                     First  Second           Percent   First  Second
                    Quarter Quarter    YTD   of Sales Quarter Quarter   YTD
                    ------- -------  ------- -------- ------- ------- ------
Sales                66,534  65,521  132,055   100%    (2,790)  3,645    855
Cost of sales        12,901  13,329   26,230    20%      (185)   (101)  (286)
                    ------- -------  ------- -------- ------- ------- ------
Gross margin         53,633  52,192  105,825    80%    (2,605)  3,746  1,141

Gross margin
 percentage           80.6%   79.7%    80.1%

SG&A expense          8,038   9,007   17,045    13%      (802)   (696)(1,498)
R&D expense           6,154   6,391   12,545    10%       244     545    789
Amortization expense    240     240      480     --        --      --     --
Interest income      (1,168) (1,156)  (2,324)   (2%)    1,719   1,049  2,768
Other non-operating
  ex., net              662   1,011    1,673     1%      (525)    299   (226)
                    ------- -------  ------- -------- ------- ------- ------
                     13,926  15,493   29,419    22%       636   1,197  1,833
                    ------- -------  ------- -------- ------- ------- ------
Earnings before
 income taxes        39,707  36,699   76,406    58%    (3,241)  2,549   (692)
Income taxes         12,935  11,978   24,913    19%    (1,420)  1,467     47
                    ------- -------  ------- -------- ------- ------- ------
                     26,772  24,721   51,493    39%    (1,821)  1,082   (739)
                    ======= =======  ======= ======== ======= ======= ======

Diluted earnings
 per share              .72     .66     1.38

Weighted average
 diluted shares
 outstanding         37,339  37,353   37,346




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

                                                       Increase (Decrease)
                             Fiscal 2010                From Fiscal 2009
                    --------------------------------- ----------------------
                     First  Second           Percent   First  Second
                    Quarter Quarter    YTD   of Sales Quarter Quarter   YTD
                    ------- -------  ------- -------- ------- ------- ------
Sales                51,696  50,703  102,399    100%   (2,203)  2,060   (143)
Intersegment sales   (7,668) (8,282) (15,950)              94      29    123
                    ------- -------  -------          ------- ------- ------
                     44,028  42,421   86,449           (2,109)  2,089    (20)

Cost of sales         9,885  10,126   20,011     20%     (362)   (964)(1,326)
Intersegment sales   (7,598) (7,753) (15,351)            (137)    586    449
                    ------- -------  ------- -------- ------- ------- ------
                      2,287   2,373    4,660             (499)   (378)  (877)

Gross margin         41,741  40,048   81,789     80%   (1,610)  2,467    857

Gross margin
 percentage           80.9%   80.0%    80.5%

SG&A expense          4,734   5,056    9,790     10%     (407)   (362)  (769)
R&D expense           5,956   6,190   12,146     12%      239     547    786
Amortization expense    240     240      480      --       --      --     --
Interest income        (771)   (772)  (1,543)    (1%)     313     198    511
Other expense             2       1        3      --        4      --      4
                    ------- -------  ------- -------- ------- ------- ------
                     10,161  10,715   20,876     21%      149     383    532
                    ------- -------  ------- -------- ------- ------- ------
Pretax result        31,580  29,333   60,913     59%   (1,759)  2,084    325
                    ======= =======  ======= ======== ======= ======= ======

(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 2010                From Fiscal 2009
                    --------------------------------- ----------------------
                     First  Second           Percent   First  Second
                    Quarter Quarter    YTD   of Sales Quarter Quarter   YTD
                    ------- -------  ------- -------- ------- ------- ------
Sales                10,881  11,462   22,343    100%      706     265    971
Cost of sales         5,061   5,288   10,349     46%      801     (73)   728
                    ------- -------  ------- -------- ------- ------- ------
Gross margin          5,820   6,174   11,994     54%      (95)    338    243

Gross margin
 percentage           53.5%   53.9%    53.7%

SG&A expense          1,191   1,318    2,509     11%      (33)    (46)   (79)
Interest income         (87)    (79)    (166)     --      703     504  1,207
Exchange loss/(gain)    (89)     61      (28)     --     (349)     96   (253)
                    ------- -------  ------- -------- ------- ------- ------
                      1,015   1,300    2,315     11%      321     554    875
                    ------- -------  ------- -------- ------- ------- ------
Pretax result         4,805   4,874    9,679     43%     (416)   (216)  (632)
                    ======= =======  ======= ======== ======= ======= ======


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

                                                       Increase (Decrease)
                             Fiscal 2010                From Fiscal 2009
                    --------------------------------- ----------------------
                     First  Second           Percent   First  Second
                    Quarter Quarter    YTD   of Sales Quarter Quarter   YTD
                    ------- -------  ------- -------- ------- ------- ------
Sales                17,838  18,775   36,613    100%   (1,103)  1,491    388
Cost of sales         8,295   8,664   16,959     46%      364     390    754
                    ------- -------  ------- -------- ------- ------- ------
Gross margin          9,543  10,111   19,654     54%   (1,467)  1,101   (366)

Gross margin
 percentage           53.5%   53.9%    53.7%

SG&A expense          1,952   2,159    4,111     11%     (331)     65   (266)
Interest income        (143)   (128)    (271)     --    1,328     778  2,106
Exchange loss/(gain)   (145)     99      (46)     --     (621)     94   (527)
                    ------- -------  ------- -------- ------- ------- ------
                      1,664   2,130    3,794     11%      376     937  1,313
                    ------- -------  ------- -------- ------- ------- ------
Pretax result         7,879   7,981   15,860     43%   (1,843)    164 (1,679)
                    ======= =======  ======= ======== ======= ======= ======


                                 HEMATOLOGY
                             (in thousands of $'s)

                                                       Increase (Decrease)
                             Fiscal 2010                From Fiscal 2009
                    --------------------------------- ----------------------
                     First  Second           Percent   First  Second
                    Quarter Quarter    YTD   of Sales Quarter Quarter   YTD
                    ------- -------  ------- -------- ------- ------- ------
Sales                 4,668   4,325    8,993    100%      422      65    487
Cost of sales         2,319   2,292    4,611     51%      (50)   (113)  (163)
                    ------- -------  ------- -------- ------- ------- ------
Gross margin          2,349   2,033    4,382     49%      472     178    650

Gross margin
 percentage           50.3%   47.0%    48.7%

SG&A expense            370     366      736      8%      (66)    (32)   (98)
R&D expense             198     201      399      4%        5      (2)     3
Interest income         (72)    (72)    (144)    (1%)      30      19     49
                    ------- -------  ------- -------- ------- ------- ------
                        496     495      991     11%      (31)    (15)   (46)
                    ------- -------  ------- -------- ------- ------- ------
Pretax result         1,853   1,538    3,391     38%      503     193    696
                    ======= =======  ======= ======== ======= ======= ======


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

                                                        Increase (Decrease)
                                      Fiscal 2010        From Fiscal 2009
                             ------------------------ ----------------------
                              First  Second            First  Second
                             Quarter Quarter    YTD   Quarter Quarter   YTD
                             ------- -------  ------- ------- ------- ------
Interest income                  182     184      366     (48)    (54)  (102)
Rental income                     81     115      196     (18)    (16)   (34)
                             ------- -------  ------- ------- ------- ------
                                 263     299      562     (66)    (70)  (136)

SG&A expense                     982   1,426    2,408       2    (367)  (365)
Other-Building expenses          548     530    1,078      (5)    (21)   (26)
Other-Equity Investment losses   338     496      834      79     210    289
                             ------- -------  ------- ------- ------- ------
                               1,868   2,452    4,320      76    (178)  (102)
                             ------- -------  ------- ------- ------- ------
Pretax result                 (1,605) (2,153)  (3,758)   (142)    108    (34)
                             ======= =======  ======= ======= ======= ======

(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-----
