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SYNCOR ANNOUNCES RECORD SALES AND EARNINGS FOR THE FIRST QUARTER

 CHATSWORTH, Calif., Sept. 28 /PRNewswire/ -- Syncor International Corporation (NASDAQ: SCOR) today announced record sales and earnings for the first quarter ended Aug. 31, 1993.
 Net sales for the three months ended Aug. 31, 1993 increased 8.6 percent to $60.5 million, up from $55.7 million in the first quarter of fiscal 1993. Net income from continuing operations increased 17.3 percent to $2.9 million or $.27 per share, compared to $2.4 million or $.23 per share in fiscal 1993.
 "Syncor's financial performance continues to be strong due to continued growth in nuclear medicine procedures, particularly in cardiac imaging," said Gene R. McGrevin, Syncor's president and chief executive officer. "Nuclear medicine studies are increasing in volume due to the growth of new agents in the market, as well as an increase in the acquisition of nuclear medicine equipment. A recent survey which covered more than 90 percent of all diagnostic nuclear imaging facilities in the U.S. indicated that procedure volume increased nationwide at mid-sized hospitals by 6 percent and for the smaller sized hospitals by 9 percent. Syncor has been able to benefit from this increase since medium and small hospitals are our primary customers.
 "The impact of healthcare reform for the balance of the 90's presents itself as a major challenge for the healthcare industry. Our management team has given high priority to this issue to assure Syncor continues its profitable growth in this new economic environment. Our initiatives include collaboration with key suppliers to develop innovative ways to be responsive to our customers' changing needs, as well as to favorably position ourselves with strong partners. We are confident these efforts will benefit the company as details of the healthcare reform unfold.
 "Syncor is also well positioned to benefit from the healthcare proposal, which among other things, emphasizes preventive medicine and the early detection of disease. This signals further opportunity for nuclear medicine. To stay competitive in the new delivery system, most hospitals will need to limit their capital expenditures, reduce staff and outsource many services. Central radiopharmacies help address these issues, therefore Syncor will continue to increase its penetration.
 "In order to strengthen Syncor's national network," Gene R. McGrevin added, "we opened seven new pharmacies and acquired one pharmacy bringing our total network to 108 pharmacies. Syncor will be ideally positioned to service the regional and national healthcare delivery systems that will be emerging as a result of healthcare reform."
 Days sales outstanding decreased to 51 days at Aug. 31, 1993 from 55 days a year ago, further strengthening the balance sheet. Additionally, the company continues to fund expansion through internal cash flow and has not relied on the issuance of any new debt or equity.
 Syncor International Corporation operates an expanding network of 108 nuclear pharmacy service centers. The company compounds and dispenses patient specific intravenous drugs and solutions for use in diagnostic imaging and provides a complete range of high-tech pharmacy services. Syncor services over 6,000 hospitals, clinics and physicians' offices. Syncor is the only national pharmacy network of its kind that provides this combination of diagnostic and monitoring services to hospitals and alternate site markets.
 SYNCOR INTERNATIONAL CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited, In Thousands, Except Per Share Data)
 Three Months Ended Aug. 31, 1993 1992
 Net sales $ 60,468 $ 55,669
 Cost of sales 40,699 36,870
 Gross profit 19,769 18,799
 Operating, selling and administrative
 expenses 15,206 14,790
 Operating income 4,563 4,009
 Other income, net 151 22
 Income before taxes and discontinued
 operations 4,714 4,031
 Provision for income taxes 1,855 1,593
 Income before discontinued operations 2,859 2,438
 Discontinued operations, net of taxes -- (198)
 Net income $ 2,859 $ 2,240
 Net income per share:
 Income before discontinued operations $ 0.27 $ 0.23
 Discontinued operations, net -- (0.02)
 $ 0.27 $ 0.21
 Weighted average shares outstanding 10,767 10,632
 -0- 9/28/93
 /CONTACT: Michael A. Piraino, senior vice president and CFO of Syncor International Corporation, 818-717-4559, or Bonnie K. Sterling of Noonan/Russo Communications, Inc., 212-696-4455 ext. 204/
 (SCOR)


CO: Syncor International Corporation ST: California IN: MTC SU: ERN

LD -- NY005 -- 6212 09/28/93 08:01 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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