Syncor International Corp., a Chatsworth-based operator of pharmacy service centers, reported that its net income dropped 93% in the fiscal fourth quarter that ended May 31 to $107,000 from $1.6 million a year earlier. Sales increased 13% to $31 million from $27.4 million.
For the year that ended in May, Syncor said net income declined 89% to $433,000 from $4 million in fiscal 1988. Sales totaled $113.9 million, a 9% gain from $104.7 million.
The company blamed the disappointing performance on price cuts that it was forced to make because of increased competition and on rising operating costs.