Syncor Corp. Reports Big Jump in Net Income
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Syncor International Corp. saw its net income nearly double in its first quarter on a 1% increase in revenues.
The Woodland Hills-based operator of radiopharmaceuticals and pharmacies, posted net income of $3.35 million, up from a profit of $1.71 million a year earlier. In the quarter that ended March 31, Syncor’s sales were $93.1 million, compared with $92 million in the same period last year.
Although the company said nonrecurring items contributed to its earnings jump, Syncor said that excluding these nonrecurring items, its earnings per share would have increased by 32% in its latest quarter.
The company attributed its improved results in part to a new marketing strategy and an effort to speed up its expansion in international markets.
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