Fortune Small Business magazine has named Lansing-based Neogen Corp. to its annual list of the 40 best stocks to retire on. It is the animal and food safety company's debut as one of the top small-capitalization companies to invest in.
Neogen's profit rose 6 percent to $2.82 million for the fiscal third quarter that ended in March. During the last three years, ending with the fourth quarter of 2008, Neogen’s stockholders made 21.3 percent return on investment.
Analyst Steven Crowley of Craig-Hallum Capital Group told Fortune he expects Neogen's earnings to rise 13 percent during the next year.
The 520-employee company was also ranked No. 21 on the magazine’s “100 Fastest Growing Small Public Companies” list.
The companies included only firms headquartered in the United States with annual revenues of less than $200 million and a stock price greater than $1. They were ranked by stock performance and revenue growth over the past three years with a new requirement of no negative growth in any of the most recent four quarters.
In making its selection to the fastest growing list, Fortune says: “Food crises, involving everything from bum lettuce to tainted peanut butter, have occurred with alarming frequency of late. . . . Neogen supplies large food makers with detection kits that allow them to self-test for contaminants and allergens, helping prevent mistakes that could lead to deadly consequences.”
“We are very pleased that this respected financial publication has once again recognized our company’s financial performance as one of the best in America,” says James Herbert, Neogen’s CEO. “In the financial community, as well as in our food and animal safety industry, trust is earned.”
Source: Fortune Small Business
Gretchen Cochran, Innovation & Jobs editor, may be reached here.
All Photographs © Dave Trumpie
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