Syncor's board authorizes additional stock repurchase; shares also to be contributed to employees' stock- ownership plan.WOODLAND HILLS, Calif.--(BW HealthWire)--June 23, 1997--Syncor International Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SCOR SCOR Scientific Committee on Oceanic Research SCOR Supply Chain Operations Reference model SCOR Small Corporate Offering Registration SCOR Specialized Center of Research (White Plains, NY) SCOR Second Cousin Once Removed ) Monday announced that its board of directors, at the June 18 board meeting, approved the repurchase of an additional 500,000 shares of the company's common stock, from time to time, on the open market. This is the fourth authorization given by the board of directors since June 1994, bringing the total authorization to repurchase to 2 million shares. The board of directors also authorized 250,000 shares of the company's common stock be contributed from treasury stock to the company's Employees' Savings and Stock Ownership Plan (ESSOP). ``The authorization given by Syncor's board of directors to repurchase stock and contribute to the ESSOP is a continuation of a program implemented in 1994, and reflects the board's confidence in Syncor and the promotion of ownership among employees,'' said Robert Funari, Syncor's president and chief executive officer. Syncor International compounds and dispenses radiopharmaceutical radiopharmaceutical /ra·dio·phar·ma·ceu·ti·cal/ (-fahr?mah-soo´ti-k'l) a radioactive pharmaceutical, nuclide, or other chemical used for diagnostic or therapeutic purposes. products -- in patient-specific unit doses and multidose form -- for use in diagnostic imaging and therapy. Syncor distributes these time-critical products through an expanding network of nuclear pharmacy Nuclear Pharmacy involves the preparation of radioactive materials that will be used to diagnose and treat specific diseases. It was the first pharmacy specialty established in 1978 by the Board of Pharmaceutical Specialties. service centers -- 119 domestic and 10 international. This network services more than 7,000 customers and is the only one of its kind providing both diagnostic and information services See Information Systems. to hospitals and alternate-site, nuclear-medicine facilities nationwide. Additionally, Syncor is broadening its business base beyond its core commercial radiopharmacy operations. Through a joint venture announced in February 1997, Syncor plans on expanding its presence in the medical-imaging field. Syncor anticipates operating 10 ``open'' magnetic resonance imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. (MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. ) centers across the United States during the first year of operations. In addition, Syncor has entered the radiopharmaceutical-manufacturing field with the purchase of an iodine-123 business. CONTACT: Syncor International Corp., Woodland Hills Mary L. Meusborn, 818/737-4643 Investor Web page, www.stockprofiles.com/scor News On Demand, 800/546-8172 |
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