Syncor Has Net Income of $1 Million in Quarter
Syncor International reported net income for its third quarter ended Feb. 28 of $1 million, or 9 cents per share, on sales of $23.4 million. For the nine months ended Feb. 28, the company earned $641,601, or 6 cents, on sales of $68.3 million.
Sylmar-based Syncor became the nation’s largest chain of radioactive drug pharmacies after merging with Albuquerque-based Nuclear Pharmacy last May. The merger led to a reorganization of the combined company’s fiscal year.
For the quarter ended March 31, 1985, Syncor and Nuclear Pharmacy together lost $476,400, or 5 cents per share, on sales of $21 million. For the nine months ended March 31, 1985, the consolidated loss was $278,100, or 3 cents, on sales of $61.4 million.
Dee Carrington, a Syncor vice president, attributed the company’s improved results to reduced overhead costs after the merger. An unanticipated $1.4 million write-down in the second quarter held down nine-month profits, she said.