Synthetech reports a profit - Portland Business Journal:

ignatiywulyxura.blogspot.com
Albany-based Synthetech (OTCBB: NZYM), a fine chemicals reported earningsof $657,000, or 4 centsz per share, on $6.6 million in sales. A year earliert it had earnings of or 1 centper share, on $4.6 million in sales. For full-year fiscal 2009, the company had earningd of $1.2 million, or 8 centd per share, on $19.9 million in The prior year itlost $1.2 million, or 8 cents per on $14.6 million in sales. The bulk of the revenu growth was generated by repeat orders from major pharmaceutical companies forclinicaol studies. The company ended the fiscal year with a healthtbalance sheet. While its cash on hand as of Marchj 31 fellto $588,000, compared with $1.
1 millionb from the same time last its working capital increased to $5.9 million from $4.4 millio n due to the year-end growth in net It has no outstanding borrowings, while last year it stil l owed $905,000. CEO Gregory Hahn said the curren t economic downturn has had no negative effec onthe company, which has reported three straight years of revenue growth. But the outlook could be getting The biopharmaceuticals market is showing some Hahn said, and a difficultt financing environment could impair drug development Meanwhile, some major pharmaceutical companies are reducing their outsourcing expenses.
“Bothn of these issues also impact our contract drug synthesid market where our traditional peptide buildinh block productsare sold,” Hahn said in a news Regardless, the company continues to receive orders and thus far is unablse to determine what impact the weakenedc economy will have on its 2010 “Despite these challenging economic and markeg conditions, we remain guardedly optimistic as we enter fiscal 2010,” Hahn said. Synthetechb shares closed up 11 percent Wednesdayto $1 per It has a 52-week range betweem 40 cents and $1.20.