Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

(dollars in thousands, except per share data)


Income and Share Data:	2011 (1)			2010			2009			2008			2007
Net sales	$	289,962		$	269,047		$	263,956		$	257,420		$	223,482
Gross margin(2)(3)		77.6	%		79.6	%		78.8	%		79.3	%		78.9	%
Selling, general and administrative expenses(2)(3)		12.4	%		12.2	%		12.8	%		14.5	%		14.4	%
Research and development expenses(2)(3)		9.0	%		9.3	%		8.9	%		8.7	%		9.0	%
Operating income(2)		56.2	%		58.1	%		57.1	%		56.1	%		55.6	%
Earnings before income taxes(2)		56.9	%		58.1	%		58.9	%		59.8	%		57.7	%
Net earnings(2)		38.7	%		40.8	%		39.9	%		40.2	%		38.1	%
Net earnings	$	112,302		$	109,776		$	105,242		$	103,558		$	85,111
Diluted earnings per share	$	3.02		$	2.94		$	2.78		$	2.64		$	2.15
Average common and common equivalent shares — diluted (in thousands)		37,172			37,347			37,900			39,247			39,513
Closing price per share:
High	$	83.37		$	69.65		$	81.90		$	79.73		$	61.87
Low	$	56.14		$	57.10		$	45.64		$	56.20		$	45.63

Balance Sheet Data as of June 30:	2011			2010			2009			2008			2007
Cash, cash equivalents and short-term available-for-sale investments	$	140,813		$	138,811		$	202,887		$	206,345		$	164,774
Receivables		37,860			34,137			31,153			33,332			30,966
Inventories		44,906			13,737			11,269			9,515			8,757
Working capital		212,229			184,016			239,944			238,194			195,645
Total assets		617,670			518,816			472,005			507,369			454,844

Cash Flow Data:	2011			2010			2009			2008			2007
Net cash provided by operating activities	$	127,194		$	111,260		$	111,321		$	115,317		$	90,503
Capital expenditures		3,630			4,644			6,556			16,365			8,076
Cash dividends paid per common share(4)		1.07			1.03			0.75			0.00			0.00

Financial Ratios:	2011			2010			2009			2008			2007
Return on average equity		20.6	%		22.9	%		22.3	%		22.4	%		21.9	%
Return on average assets		19.8	%		22.2	%		21.5	%		21.5	%		20.6	%
Current ratio		12.7			11.8			16.5			12.8			12.4
Price to earnings ratio(5)		28			20			23			29			27

Employee Data as of June 30:	2011			2010			2009			2008			2007
Full-time employees		763			684			687			666			628

(1)	The Company acquired Boston Biochem, Inc. on April 1, 2011 and Tocris Holdings Limited and subsidiaries on April 28, 2011.

(2)	As a percent of net sales.

(3)	Fiscal 2007 through 2010 include reclassification of amortization expense as discussed in Note A of the Consolidated Financial Statements.

(4)	The Company’s Board of Directors periodically considers the payment of cash dividends.

(5)	Common share price at end of fiscal year (June 30) divided by the diluted earnings per share for the respective fiscal year.

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Item 6. SELECTED FINANCIAL DATA

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