One more quarter guys. Figure out how to market, please. Wasn't a new business development guy hired a while ago?
>>ALBANY, Ore., Nov. 12 /PRNewswire/ -- Synthetech, Inc. (Nasdaq: NZYM - news) today announced revenues of $2.41 million for the second quarter of fiscal 2002 ended September 30, 2001, a 123% increase over $1.08 million for the same period last year. Operating loss for the current quarter was $1.21 million compared to an operating loss of $862,000 for the same period last year. Net loss was $731,000 or $0.05 per share, compared to last year's net loss of $465,000 or $0.03 per share. For the first half of fiscal 2002 revenues of $4.73 million resulted in an operating loss of $1.79 million and a net loss of $1.06 million or $0.07 per share. For the comparable period last year, revenues of $3.78 million resulted in an operating loss of $388,000 and a net loss of $111,000 or $0.01 per share. International sales represented 22% of total revenues for the first six months of fiscal 2002.
Three Months Ended Six Months Ended
September 30, September 30,
(thousands except 2001 2000 2001 2000
per share data)
Revenues $2,409 $1,082 $4,731 $3,780
Cost of revenues 3,086 1,491 5,396 3,229
Gross profit (loss) (677) (409) (665) 551
Research and development 175 131 298 226
Selling, general
and administrative 358 322 826 713
Operating loss (1,210) (862) (1,789) (388)
Other income, net 32 112 83 209
Benefit for
income taxes (447) (285) (648) (68)
Net loss ($731) ($465) ($1,058) ($111)
====== ====== ====== ======
Basic and diluted
loss per share ($0.05) ($0.03) ($0.07) ($0.01)
Commenting on the results, M. ``Sreeni'' Sreenivasan, President & CEO, said, ``While revenues are showing gradual sequential growth, we continue to face some challenges to the bottom line due to the higher level of fixed manufacturing costs, increased operating expenses, a constantly shifting product mix of short-term projects, and non-recurring inventory write-offs. We expect revenues for the second half of this fiscal year to exceed revenues for the first half of the year and revenues for this fiscal year to exceed fiscal 2001 revenues. The Company continues to be a supplier of PBBs to several projects in the pharmaceutical development pipeline, including a few entering later phases of clinical trials.''
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 projects.<<
snip
Cheers, Tuck |
