Riding the increased popularity of its two veterinary diagnostic kits, Synbiotics Corp. reported that its profits and sales more than doubled over the fourth quarter ended March 31. The monoclonal antibody products company also completed the most successful fiscal year in its history.
Net income for the quarter was $177,057, up from $37,638 over the same three months a year ago. Sales for the quarter jumped to $1,749,011 from $743,959 during for same period in 1986. Full year net income was $13,459 on sales of $5,169,509, compared with a net loss of $1,024,043 on sales of $1,439,453 in fiscal 1986.
About half the fourth quarter revenues, or $887,000, were generated by contract research and development services that Synbiotics provided to a Prudential Bache Securities investment partnership that is financing the development of several of Synbiotics' new products. The Pru Bache contract accounted for $3 million or about 60 percent of the fiscal 1987 revenue total.
The recently completed fiscal year was Synbiotics' first full year of having its two leading products on the market. The products, a diagnostic kit for feline leukemia and one that detects canine heartworm, are marketed in the U.S. thorugh Norden Laboratories, a unit of SmithKline Beckman Corp.
Product sales for the quarter were $746,000 compared with $198,000 over fourth quarter 1986. For the full year, products sales were $1.7 million, compared with $516,000 in 1986.