ALBANY, Ore., June 3 /PRNewswire-FirstCall/ -- Synthetech, Inc. (OTC Bulletin Board: NZYM) today announced financial results for its fiscal fourth quarter and fiscal year, which ended March 31, 2009.
For the fourth quarter ended March 31, 2009, revenue was $6.6 million, a 45% increase from revenue of $4.6 million for the same period last year. Gross income for the current quarter was $2.0 million, compared to gross income of $1.1 million for the same period last year. Operating income for the current quarter was $704,000, compared to $128,000 for the same period last year. Net income for the fourth quarter ended March 31, 2009 was $657,000, or $0.04 per share, compared to $113,000, or $0.01 per share, in last year's corresponding period.
The Company reported revenue of $19.9 million for fiscal 2009, a 36% increase from revenue of $14.6 million in fiscal 2008. Gross income in fiscal 2009 was $5.5 million, compared to gross income in fiscal 2008 of $2.9 million. Operating income in fiscal 2009 was $1.3 million, compared to an operating loss in fiscal 2008 of $1.1 million. Net income for fiscal 2009 was $1.2 million, or $0.08 per share, compared to a net loss for fiscal 2008 of $1.2 million, or $0.08 per share.
International sales, principally to Western Europe, were $11.1 million and $5.7 million in fiscal 2009 and 2008, respectively. International sales, like all of Synthetech's revenues, are subject to significant quarterly fluctuations based on the timing of customer's projects as they progress through the clinical trials process.
Revenue for the fourth quarter and full year of fiscal 2009 compared to the comparable periods of the prior year benefited from growth in existing large-scale projects and an increase in the number and average size of new projects. Fiscal 2009 gross income benefited from the increased level of sales. Additionally, in fiscal 2008 production process
|SOURCE Synthetech, Inc.|
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