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Synthetech Reports Second Quarter Fiscal 2009 Results
Date:11/10/2008

ALBANY, Ore., Nov. 10 /PRNewswire-FirstCall/ -- Synthetech, Inc. (OTC Bulletin Board: NZYM) today announced financial results for the second quarter of fiscal 2009, which ended September 30, 2008. Revenue for the quarter was $3.3 million, a 10% increase compared to revenue of $3.0 million in the second quarter of fiscal 2008. Operating loss for the current quarter was $333,000, compared to an operating loss of $841,000 for the same period last year. Net loss for the current quarter was $367,000, or $0.03 per share, compared to last year's second quarter net loss of $861,000, or $0.06 per share.

For the first half of fiscal 2009, revenue of $8.2 million resulted in an operating loss of $19,000 and a net loss of $72,000, or $0.00 per share. For the comparable period last year, revenue of $7.2 million resulted in an operating loss of $705,000 and a net loss of $742,000, or $0.05 per share.

International sales, mainly to Europe, were $1.1 million and $4.0 million in the second quarter and first six months of fiscal 2009, respectively, compared to $1.3 million and $3.3 million in the second quarter and first six months of fiscal 2008, respectively. International sales, like all of our revenues, are subject to significant quarterly fluctuations.

Based on a typical product mix, second quarter revenue of $3.3 million is inadequate to support Synthetech's cost structure which was implemented late last year in response to market demand.

Gross margins of 24% for the first six months of fiscal 2009 were lower than Synthetech normally would expect on revenue of $8.2 million. Gross margins for the period were hindered by: lower than normal margins on certain products which encountered production difficulties in the prior fiscal year; higher than average raw material costs on certain projects; and an increase in the weighting of materials purchased for direct resell, which have lower average margins than internally produced products.

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SOURCE Synthetech, Inc.
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