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SYNTHETECH ANNOUNCES FIRST QUARTER EARNINGS

 ALBANY, Ore., Aug. 12 /PRNewswire/ -- Synthetech Inc. (NASDAQ: NZYM) today announced earnings (before tax benefit from net operating loss carryforwards) of $0.026 per share ($346,000) for its fiscal first quarter ended June 30, 1993, a 117 percent increase compared to earnings (same basis) of $0.012 per share ($147,000) in the same period last year. First quarter revenues of $1,338,000 were a 65-percent increase over the $810,000 posted in the same quarter last year.
 SYNTHETECH INC.
 First Quarter
 Periods ended June 30: 1993 1992
 Revenue $1,338,000 $ 810,000
 Earnings before tax benefit $ 346,000 $ 147,000
 Net earnings $ 558,000 $ 237,000
 Per share
 Before tax benefit $ 0.026 $ 0.012
 Net $ 0.043 $ 0.019
 For the trailing 12-month period ended June 30, 1993, earnings of $894,000 ($0.068/share) were achieved on revenues of $4,038,000 compared to earnings of $415,000 ($0.033/share) on revenues of $2,580,000 for the trailing 12-month period ended June 30, 1992. Earnings are before tax benefit from net operating loss carryforwards.
 Paul C. Ahrens, president and chief executive officer, noted that "As peptide-based drug clinical trial programs are continually started, make progress and get canceled, we expect to see continued fluctuations in quarterly revenues and earnings." He continued, "Three customers accounted for 61 percent of this quarter's revenue, reflecting the influence of a few large orders on revenue."
 Synthetech's peptide building blocks are being used by drug companies to make a wide range of peptide-based drugs presently being developed for treatment of AIDS, cancer, cardiovascular disease and other diseases.
 -0- 8/12/93
 /CONTACT: Paul Ahrens, president and chief executive officer, or Charlie Williams, chief financial officer, of Synthetech, 503-967-6575/
 (NZYM)


CO: Synthetech Inc. ST: Oregon IN: MTC SU: ERN

SB-JH -- SE005 -- 1976 08/12/93 07:50 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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