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SYNTHETECH POSTS RECORD PROFIT FOR QUARTER, NINE MONTHS

 ALBANY, Ore., Feb. 4 /PRNewswire/ -- Synthetech Inc. (NASDAQ: NZYM) today announced a profit of $355,000 ($0.028/share) for its fiscal third quarter ended Dec. 31, 1992, compared to a profit of $92,000 ($0.007/share) in the same period last year. Third-quarter revenues of $908,000 were a 95-percent increase over the $465,000 posted in the same quarter last year. For the nine-month period, a profit of $532,000 ($0.042/share) was achieved on revenues of $2,083,000, compared to a profit of $121,000 ($0.010/share) on revenues of $1,215,000 for the same period a year ago.
 SYNTHETECH INC.
 Third Quarter Nine Months
 Ended Dec. 31: 1992 1991 1992 1991
 Revenue $908,000 $465,000 $2,083,000 $1,215,000
 Earnings 355,000 92,000 532,000 121,000
 Per share $ 0.028 $ 0.007 $ 0.042 $ 0.010
 For the trailing 12-month period, a profit of $911,000 ($0.072/share) was achieved on revenues of $3,101,000, compared to a profit of $454,000 ($0.037/share) on revenues of $2,092,000 for the trailing 12-month period a year ago. 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 "Profit for the nine-month period of fiscal 1993 ($532,000) exceeded the profit for all of fiscal 1992 ($504,000) on less revenue ($2,083,000 vs. $2,233,000)." He continued, "Synthetech now sells over 170 products in 13 countries. Although two customers accounted for 43 percent of the nine month'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 or produced for treatment of AIDS, cancer, cardiovascular and other diseases. While a few of these drugs are commercially available, most are still in various stages of development. Until this new and emerging market matures, Synthetech's revenues could fluctuate substantially on a period-to-period basis.
 -0- 2/4/93
 /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

SW-SG -- SE002 -- 2729 02/04/93 07:50 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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