Syncor Reports an 84% Drop in Annual Earnings

Syncor International Corp., a Chatsworth distributor of radiopharmaceutical products, reported an 84% drop in earnings to $1.2 million for the year that ended Dec. 31, 1994, compared to a $7.8-million profit in 1993.

The lower profits came despite a 33% jump in sales to $320 million in 1994, up from $241.3 million in 1993. Company officials attributed the improved sales largely to a new strategic alliance with DuPont Merck Radiopharmaceuticals.

For the fourth quarter, the company said its loss narrowed to $537,000 compared to a loss of $1 million in the same period a year earlier. Quarterly sales rose to $81.7 million, up from $61.5 million during the corresponding quarter of 1993.

Gene R. McGrevin, Syncor’s chief executive officer, said he is optimistic that the company’s profits will improve this year because of planned price increases and changes to its product mix.