Syncor International Reports Profit Down 52%; Sales Up

Syncor International in Chatsworth, which operates a network of centers that provide specialized pharmaceuticals, said its fiscal third-quarter profit tumbled 52% from a year earlier, despite an 8% gain in sales.

Syncor’s net income for the quarter ended Feb. 28 fell to $175,000 from $368,000 a year earlier, while its sales rose to $28.3 million from $26.1 million.

For the first nine months of its fiscal year, Syncor’s profit plunged to $326,000 from $2.48 million a year earlier. Its nine-month sales rose 7% to $82.8 million from $77.3 million.

In announcing the results, Syncor said it was making major organizational changes to improve the company’s profitability, but it did not detail those changes.