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:	2013			2012			2011 (1)			2010			2009
Net sales	$	310,575		$	314,560		$	289,962		$	269,047		$	263,956
Gross margin(2)		74.4	%		75.0	%		77.6	%		79.6	%		78.8	%
Selling, general and administrative expenses(2)		14.0	%		13.3	%		12.4	%		12.2	%		12.8	%
Research and development expenses(2)		9.4	%		8.9	%		9.0	%		9.3	%		8.9	%
Operating income(2)		51.0	%		52.8	%		56.2	%		58.1	%		57.1	%
Earnings before income taxes(2)		51.7	%		51.6	%		56.9	%		58.1	%		58.9	%
Net earnings(2)		36.2	%		35.7	%		38.7	%		40.8	%		39.9	%
Net earnings	$	112,561		$	112,331		$	112,302		$	109,776		$	105,242
Diluted earnings per share	$	3.05		$	3.04		$	3.02		$	2.94		$	2.78
Average common and common equivalent shares—diluted (in thousands)		36,900			37,006			37,172			37,347			37,900
Closing price per share:
High	$	76.02		$	85.13		$	83.37		$	69.65		$	81.90
Low	$	63.42		$	62.37		$	56.14		$	57.10		$	45.64

Balance Sheet Data as of June 30:	2013			2012			2011			2010			2009
Cash, cash equivalents and short-term available-for-sale investments	$	332,937		$	268,986		$	140,813		$	138,811		$	202,887
Receivables		40,175			37,741			37,860			34,137			31,153
Inventories		34,877			38,277			44,906			13,737			11,269
Working capital		377,432			310,757			212,229			184,016			239,944
Total assets		778,098			719,324			617,670			518,816			472,005

Cash Flow Data:	2013			2012			2011			2010			2009
Net cash provided by operating activities	$	123,562		$	126,746		$	127,194		$	111,260		$	111,321
Capital expenditures		22,454			6,017			3,630			4,644			6,556
Cash dividends paid per common share(3)		1.18			1.11			1.07			1.03			0.75

Financial Ratios:	2013			2012			2011			2010			2009
Return on average equity		15.9	%		17.8	%		20.6	%		22.9	%		22.3	%
Return on average assets		15.0	%		16.8	%		19.8	%		22.2	%		21.5	%
Current ratio		12.8			9.7			12.7			11.8			16.5
Price to earnings ratio(4)		23			24			28			20			23

Employee Data as of June 30:	2013			2012			2011			2010			2009
Full-time employees		789			783			763			684			687

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

(4)	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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