To all, earnings from BW:
BW0089 APR 30,1997 7:30 PACIFIC 10:30 EASTERN
( BW)(SYNCOR-INTERNATIONAL)(SCOR) Syncor reports first quarter EPS
of 32 cents vs. 16 cents
Business Editors & Health/Medical Writers
WOODLAND HILLS, Calif.--(BW HealthWire)--April 30, 1997--Syncor
International Corp. (NASDAQ:SCOR) Wednesday announced it achieved
strong earnings results for its first quarter.
Net income for the first quarter ended March 31, 1997, increased
by 96 percent to $3.3 million or 32 cents per share (includes 14
cents non-recurring), compared with $1.7 million or 16 cents per
share for the corresponding period of the prior year (includes
3 cents non-recurring).
Net sales for the first quarter of 1997 increased to $93.1 million,
up from $92 million for the corresponding period of the prior year.
A non-recurring item is included in both the current and prior
year quarter. Excluding the non-recurring item of $2.5 million or
14 cents per share in the first quarter of 1997 and a $.5 million or
3 cents non-recurring in the corresponding period of the prior year,
earnings per share would have increased by 32 percent to $1.8 million
or 18 cents per share compared with $1.5 million or 14 cents per
share.
"Our financial performance in the first quarter of 1997 reflects
a significant improvement over our performance in the fourth quarter
of 1996," said Robert Funari, Syncor's president and chief executive
officer. "Our financial success is a direct result of our ability
to successfully manage our operating expenses despite investment
opportunities and the relocation of our corporate office."
For 1997, Syncor has identified four key objectives necessary in
order to sustain increased sales and earnings. These factors
include: expanding business relationships with all manufacturers of
radiopharmaceuticals; the successful implementation of a cardiology
marketing strategy; to diversify Syncor's base business and to
accelerate the pace of international market expansion.
Syncor has already made significant progress in pursuing
these key objectives. In February 1997, the company announced it
formed a joint venture to pursue the opening of 10 "open" MRI
centers in the United States.
Additionally, in March 1997, it completed the acquisition of a
manufacturer of Iodine-123 and signed a distribution agreement with a
radiopharmaceutical manufacturer. These noted transactions reflect
the company's commitment to pursue both horizontal and backward
integration business opportunities which will provide long-term
increased stockholder's value.
Syncor International compounds and dispenses radiopharmaceutical
products -- in patient specific unit doses and multi-dose form --
for use in diagnostic imaging and therapy. Syncor distributes these
time-critical products through an expanding network of nuclear
pharmacy service centers -- 120 domestic and 10 international.
This network services 7,000 customers, is the only one of its kind
providing both diagnostic and information services to hospitals and
alternate site nuclear medicine facilities nationwide.
Additionally, Syncor is broadening its business base beyond its
core commercial radiopharmacy operations. Through a joint venture
announced in February 1997, Syncor plans on expanding its presence
in the medical imaging field.
Syncor anticipates operating 10 "open" MRI (magnetic resonance
imaging) centers across the United States during the first year of
operations. In addition, Syncor has entered the radiopharmaceutical
manufacturing field with the purchase of an Iodine-123 business.
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SYNCOR INTERNATIONAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(In Thousands, except per share data)
Three Months Ended March 31,
1997 1996
Net sales $93,084 $92,021
Cost of sales 72,968 71,801
Gross profit 20,116 20,220
Operating, selling and
administrative expenses 17,270 17,908
Operating income 2,846 2,312
Other income, net 2,731 (a) 731
Income before income taxes 5,577 3,043
Provision for income taxes 2,231 1,217
Net income from continuing
operations $3,346 $1,826
Discontinued operations:
Loss from discontinued
operations, net of tax 0 (120)
Net income $3,346 $1,706
Net income per share - Primary
Continuing Operations $0.32 $0.17
Discontinued Operations $0.00 ($0.01)
Net Income Per Share $0.32 $0.16
Weighted average shares
outstanding - Primary 10,359 10,468
Net income per share - Fully Diluted
Continuing Operations $0.32 $0.17
Discontinued Operations $0.00 ($0.01)
Net Income Per Share $0.32 $0.16
Weighted average shares
outstanding - Fully Diluted 10,359 10,468
(a) Includes $2,542 non-recurring item in 1997 and $543 in 1996.
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CONTACT: Syncor International Corp., Woodland Hills
Mike Mikity, 818/737-4610
Mary L. Meusborn, 818/737-4643 |
