Syncor International Reports $1.1-Million Profit

Syncor International Corp., a Chatsworth pharmaceutical company, said its net income for the first quarter ended Aug. 31 slid less than 1% to $1.1 million from $1.2 million a year ago, when the company recorded a tax benefit. Syncor’s first-quarter sales increased 18% to $36 million from $30.5 million.

The Chatsworth company’s operating income soared 77% in the first quarter to $1.8 million from $1 million a year earlier. Syncor’s net income a year ago was boosted by a $332,000 tax-loss carry-forward that the company did not enjoy this year.

Syncor’s sales gains were due to better market penetration, said the company’s chief executive, Gene McGrevin, in a statement. McGrevin said he expected Syncor’s sales to continue to grow for the rest of the year, but added that the company’s operating expenses also would grow because it hired more pharmacists, expanded its sales and marketing staffs and invested money in computer systems.