Done with these guys . . .
>>ALBANY, Ore., June 13 /PRNewswire-FirstCall/ -- Synthetech, Inc. (Nasdaq: NZYM - News) today announced revenues of $10.88 million for the fiscal year ended March 31, 2002, a 48% increase from $7.36 million for fiscal 2001. Operating loss for fiscal 2002 was $2.29 million compared to an operating loss of $1.75 million for fiscal 2001. Net loss for the current fiscal year was $1.35 million or $0.09 per share compared to a net loss of $841,000 or $0.06 per share last fiscal year. For the fourth quarter ended March 31, 2002 revenues were $3.01 million, a 39% increase from $2.17 million for the same period last year. Operating loss for the fourth quarter of fiscal 2002 was $812,000 compared to an operating loss of $622,000 for the same period last year. Net loss for the fourth quarter of fiscal 2002 was $496,000 or $0.03 per share, compared to a net loss of $333,000 or $0.02 per share for the fourth quarter of fiscal 2001. International sales represented 13% of total revenues for fiscal 2002.
Three Months Ended Twelve Months Ended
March 31, March 31,
(thousands except
per share data) 2002 2001 2002 2001
Revenues $ 3,007 $ 2,166 $ 10,876 $ 7,359
Cost of revenues 3,254 2,302 10,931 7,288
Gross profit (loss) (247) (136) (55) 71
Research and development 187 148 651 458
Selling, general
and administrative 378 338 1,588 1,364
Operating loss (812) (622) (2,294) (1,751)
Other income, net 12 85 115 395
Benefit for
income taxes (304) (204) (828) (515)
Net loss $(496) $(333) $ (1,351) $ (841)
Basic loss per share $(0.03) $(0.02) $(0.09) $(0.06)
Diluted loss per share $(0.03) $(0.02) $(0.09) $(0.06)
Synthetech's cash and cash equivalents totaled approximately $4.21 million and $5.39 million at the end of fiscal 2002 and fiscal 2001, respectively. The following table presents selected financial information regarding net cash used for each fiscal year:
Selected Cash Flow Information Twelve Months Ended
March 31,
(thousands) 2002 2001
Net income (loss) $ (1,351) $ (841)
Depreciation, amortization
and other non-cash items 2,870 2,696
Working capital changes (921) (312)
Net cash from operations 598 1,543
Capital expenditures (1,769) (2,539)
Financing activities (4) (19)
Net decrease in cash and cash equivalents $ (1,175) $ (1,015)
Commenting on the results, M. 'Sreeni' Sreenivasan, President & CEO, said, "We are encouraged by the sharp rebound in revenues after two years of decline. However, this did not translate into a return to profitability, as the strategic capital and organizational investments of the past few years have resulted in a higher fixed cost structure, especially in depreciation and human resources. While painful in the short run, these investments bolster our parallel efforts in technology and business development and prepare us well for long-term success in a dynamic global industry environment. The key projects that contributed to the revenue growth are continuing to progress well, representing most of the $6.2 million order backlog as we head into Fiscal 2003." He added that the Company remains solid financially, with a comfortable cash position and a healthy balance sheet, and is well positioned to continue a growth in revenues and return to profitability in the future.
Synthetech's PBBs are used predominately by pharmaceutical companies and others to make a wide range of peptide, peptidomimetic small molecule and other drugs under development and on the market for the treatment of AIDS, cancer, cardiovascular and other diseases. The Company has established a worldwide reputation in a unique product and technology niche as a leading supplier to the pharmaceutical and life sciences industry.<<
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Tuck, who is not feeling cheery about this |
