Neogen Corp. (NASDAQ:NEOG) Q1 2021 Earnings Conference Call - Final Transcript
Sep 22, 2020 • 11:00 am ET
least temporarily, with an associated estimate that the domestic restaurant industry will lose $240 billion in sales by the end of 2020.
Just think about those 100,000 closed restaurants and the $240 billion on lost sales and their effects on our pre-pandemic food chain. Then add the countless food service, catering and similar businesses that have been devastated by the pandemic and the restaurant shift to customers eating a far greater percentage of their meals at home. Economic recovery to pre-pandemic levels is going to take many months, if not years. The immediate future is further clouded as the Northern hemisphere begins to enter its flu season. As we face these challenges, we will continue to develop contingency plans across our businesses to prepare for what may come.
And while the future is unclear due to COVID-19 what is clear is the future of NEOGEN. We will find opportunities for growth and development in all of our markets. Later on, we'll address some of those opportunities that have arisen for NEOGEN due to the pandemic, as well as some of the very encouraging developments from our global R&D groups.
But before I do, I'm going to pass it over to Steve to run down the numbers for you.
Well, thanks, John, and welcome to everyone listening this morning. Before I talk about the numbers, I'd like to echo John's comments about how proud we are of our global team, for how seriously they're taking their responsibilities to keep their fellow employees safe during this pandemic and for the results they have been able to produce in this very difficult operating environment.
Earlier today, we issued a press release announcing the results for our first quarter which ended on August 31st. Revenues for the quarter were $109.3 million compared to $101.4 million in the same quarter a year ago. Net income for the quarter was $15.9 million or $0.30 a share, compared to $14.7 million or $0.28 a share a year ago. In the next few minutes, I'll give you some color around the numbers and I'll start by talking about the currency impacts to the business in the first quarter, which were mixed.
The pound and the euro were each up 3% against the dollar compared to the first quarter of fiscal 2020, which provided a bit of tailwind for our European results. The Brazilian real and the Mexican peso on the other hand were 27% and 14% lower on average than in last year's first quarter. Revenues would have been $2.1 million higher for the first quarter in a neutral currency environment. Almost all of that impact was felt in the food safety segment as the majority of our international businesses report in through this segment. Revenues for the Food Safety segment were $54.2 million in the first quarter of fiscal 2021, an increase of 6% compared to $51 million even in last year's first quarter.
The revenue gains in the segment were driven by a $2.4 million increase