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To all, from BW:
BW0100 OCT 24,1996 7:45 PACIFIC 10:45 EASTERN
( BW)(SYNCOR-INTERNATIONAL-CORP)(SCOR) Syncor reports earnings for
quarter ended Sept. 30, 1996
Business Editors
CHATSWORTH, Calif.--(BUSINESS WIRE)--Oct. 24, 1996--Syncor
International Corp. (NASDAQ:SCOR) Thursday announced earnings for
the third quarter ended Sept. 30, 1996.
Net sales for the third quarter ended Sept. 30, 1996, increased
12.2 percent to $90.9 million, up from $81 million for the
corresponding period of the prior year. Net income for the third
quarter was $500,000, or 5 cents per share (includes 7 cents
nonrecurring), compared with $1.2 million, or 12 cents per share,
for the corresponding period of the prior year.
Net sales for the nine months ended Sept. 30, 1996, increased
11.9 percent to $276.9 million as compared with $247.3 million for
the corresponding period of the prior year. Net income for the nine
months ended Sept. 30, 1996, increased to $4.5 million, or 42 cents
per share (includes 9 cents nonrecurring), compared with $3.5
million, or 34 cents per share, for the same period in 1995.
``As previously anticipated, the company's core business
remained strong in the third quarter despite a significant decline
in procedures associated with the summer months,'' said Robert
Funari, Syncor's president and chief executive officer.
``However, Syncor remains committed to investing in new
strategic business opportunities, including international and
domestic expansion, core business improvements and positron emission
tomography (PET). These had a dampening effect on overall operating
results for the third quarter, as it will for the fourth quarter of
1996 and 1997.''
Included in operating results are pre-tax losses associated with
the company's core business improvements and the investment in
P.E.T.Net Pharmaceutical Services, which amounted to approximately
$2 million and $3.5 million, respectively, for the three months and
nine months ended Sept. 30, 1996.
The strong performance from Syncor's core business will continue
to provide the capital requirements necessary to fund new business
opportunities throughout 1997.
Syncor International operates an expanding network of 121
domestic and nine international nuclear pharmacy service centers.
The company compounds and dispenses patient-specific unit dose
radiopharmaceutical prescriptions, as well as distributing bulk
radiopharmaceutical products, for use in diagnostic imaging and
provides a complete range of advanced pharmacy services.
Syncor services more than 7,000 customers and is the only
national pharmacy network of its kind that provides a combination of
diagnostic and information services to hospitals and alternate site
markets.
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*T
Syncor International Corp. and Subsidiaries
Consolidated Statements of Income
(in thousands, except per-share data)
Three Months Ended Sept. 30,
1996 1995
Net sales $ 90,876 $ 81,014
Cost of sales 72,189 62,927
Gross profit 18,687 18,087
Operating, selling and
administrative expenses 19,175 16,199
Operating income (488) 1,888
Other income, net 1,184/a 184
Income before income taxes 696 2,072
Provision for income taxes 204 829
Net income $ 492 $ 1,243
Net income per share - primary 5 cents 12 cents
Weighted average shares
outstanding - primary 10,943 10,607
Net income per share - fully diluted 5 cents 12 cents
Weighted average shares
outstanding - fully diluted 10,945 10,607
/a -- includes $1,000 nonrecurring items
-0-
Nine Months Ended Sept. 30,
1996 1995
Net sales $276,860 $247,314
Cost of sales 216,207 192,779
Gross profit 60,653 54,535
Operating, selling and
administrative expenses 55,478 49,036
Operating income 5,175 5,499
Other income, net 2,204/b 401
Income before income taxes 7,379 5,900
Provision for income taxes 2,877 2,360
Net income $ 4,502 $ 3,540
Net income per share - primary 42 cents 34 cents
Weighted average shares
outstanding - primary 10,662 10,496
Net income per share -
fully diluted 42 cents 34 cents
Weighted average shares
outstanding - fully diluted 10,784 10,548
/b -- includes $1,542 nonrecurring items
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--30--tjm/la* les/la
CONTACT: Syncor International Corp., Chatsworth
Mike E. Mikity, 818/717-4610
Mary L. Meusborn, 818/717-4643 |
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