I guess I won't sell just yet, but a tough call, as insiders have been selling pretty cheap of late . . .
>>ALBANY, Ore., Feb. 11 /PRNewswire-FirstCall/ -- Synthetech, Inc. (Nasdaq: NZYM - news) today announced revenues of $3.14 million for the third quarter of fiscal 2002 ended December 31, 2001, an increase of 122% from $1.41 million for the same period last year. Operating income for the current quarter was $307,000 compared to an operating loss of $741,000 for the same period last year. Net income for the current quarter was $203,000 or $0.01 per share, compared to last year's third quarter net loss of $397,000 or $0.03 per share. For the nine months of fiscal 2002, revenues of $7.87 million resulted in an operating loss of $1.48 million and a net loss of $855,000 or $0.06 per share. For the comparable period last year, revenues of $5.19 million resulted in an operating loss of $1.13 million and net loss of $508,000 or $0.04 per share. International sales represented 15% of total revenues for the nine months of fiscal 2002.
Three Months Ended Nine Months Ended
December 31, December 31,
(thousands except
per share data) 2001 2000 2001 2000
Revenues $ 3,138 $ 1,413 $ 7,869 $ 5,193
Cost of revenues 2,281 1,757 7,677 4,986
Gross profit (loss) 857 (344) 192 207
Research and
development 166 84 464 310
Selling, general
and administrative 384 313 1,210 1026
Operating income (loss) 307 (741) (1,482) (1,129)
Other income, net 20 101 103 310
Provision (benefit)
for income taxes 124 (243) (524) (311)
Net income (loss) $203 $(397) $ (855) $ (508)
====== ====== ====== ======
Basic earnings
(loss) per share $0.01 $(0.03) $(0.06) $(0.04)
Diluted earnings
(loss) per share $0.01 $(0.03) $(0.06) $(0.04)
Commenting on the results, M. ``Sreeni'' Sreenivasan, President & CEO said, ``On the strength of a very favorable product mix, we are pleased with the return to profitability this quarter along with sequential revenue growth during each quarter over the past year. With one more quarter to go in the current fiscal year, total revenues have already exceeded all of fiscal 2001. With the recent completion of major capital projects and refund of income taxes, the Company's cash position is expected to increase from current levels by the end of the current fiscal year. Although we still expect a net loss for the fiscal year, our third quarter results suggest that overall results in the second half will likely be better than the first half. We are also encouraged by the receipt of repeat orders of Peptide Building Blocks for ongoing projects.''
The Company continues to believe that it is well positioned in terms of facilities and organization to take advantage of business opportunities as a supplier of PBBs for pharmaceutical and other projects. Because the uncertainties inherent in development projects remain outside the Company's control, it is difficult to predict the progress, timing and revenue potential of these and other projects. The Company continues to be a supplier of PBBs to several projects in the pharmaceutical development pipeline.<<
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Cheers, Tuck |
