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SYNTHETECH POSTS LOSS FOR QUARTER; PROFIT FOR SIX MONTHS

 SYNTHETECH POSTS LOSS FOR QUARTER; PROFIT FOR SIX MONTHS
 ALBANY, Ore., Nov. 12 /PRNewswire/ -- Synthetech Inc. (NASDAQ: NZYM) today announced a loss of $59,000 (-$0.00/share) for its fiscal second quarter ended Sept. 30, 1992, slightly higher than the loss of $36,000 (-$0.00/share) in the same period last year. Second-quarter revenues of $352,000 were a 23-percent increase over the $287,000 posted in the same quarter last year. For the six months ended Sept. 30, 1992, net income of $177,000 was achieved on revenues of $1,162,000, compared to net income of $30,000 on revenues of $750,000 for the year-ago period.
 SYNTHETECH INC.
 Second Quarter Six Months
 Ended Sept. 30: 1992 1991 1992 1991
 Revenue $352,000 $287,000 $1,162,000 $750,000
 Earnings $(59,000) $(36,000) $ 177,000 $ 30,000
 Per share $ (0.00) $ (0.00) $ 0.014 $ 0.003
 For the trailing 12-month period ended Sept. 30, 1992, net income of $647,000 ($0.051/share) was achieved on revenues of $2,650,000, compared to net income of $252,000 ($0.022/share) on revenues of $1,870,000 for the trailing 12-month period ended Sept. 30, 1991. As in the past, net income figures reflect the fact that no income taxes have been paid due to available tax operating loss carryforwards.
 Paul C. Ahrens, president and chief executive officer, noted that "A six or 12-month perspective tends to smooth out some of the quarterly fluctuations due to product demand variability inherent to the business of supplying material to drug development programs." He continued, "Twenty-two percent of peptide building blocks sales were to overseas customers, equally split between Europe and Japan. Although five customers accounted for 60 percent of this quarter's revenue, we have added new customers and products in every quarter for the past four years."
 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- 11/12/92
 /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


SW -- SE003 -- 9988 11/12/92 07:50 EST
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Publication:PR Newswire
Date:Nov 12, 1992
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