Synthetech Announces Fiscal 2009 Results(difficulties reduced revenue and increas...),Health

Fiscal 2009 cost of revenue, research and development and selling, general and administrative expenses include $185,000, $81,000 and $384,000, respectively, of charges for employee incentives pursuant to Synthetech's Key Employee Performance Plan (KEPP), the Company's primary bonus program. There were no employee incentives accrued pursuant to the KEPP in fiscal 2008.

The Company's cash and cash equivalents were $588,000 at March 31, 2009, compared to $1.1 million at March 31, 2008. As of March 31, 2009, Synthetech's working capital was $5.9 million, compared to $4.4 million at March 31, 2008. The increase in working capital between the two periods is primarily the result of fiscal 2009 net income. As of March 31, 2009, Synthetech had no outstanding borrowings under its line of credit, compared to $905,000 on March 31, 2008.

                                      Synthetech, Inc.
                           Condensed Statements of Operations
                                       (unaudited)

    (in thousands,                      Three Months Ended  Year Ended
     except  per                            March 31,        March 31,
     share data)                          2009    2008     2009     2008

     Revenue                             $6,617  $4,557  $19,862  $14,561
     Cost of revenue                      4,621   3,437   14,314   11,707
     Gross income                         1,996   1,120    5,548    2,854

     Research and development               352     380    1,302    1,362
     Selling, general and administrative    940     612    2,938    2,603

     Operating income (loss)                704     128    1,308   (
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SOURCE  Synthetech, Inc.
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