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SYNTHETECH REPORTS RECORD REVENUE, EARNINGS FOR YEAR

 ALBANY, Ore., May 25 /PRNewswire/ -- Synthetech Inc. (NASDAQ: NZYM) today announced annual earnings before extraordinary item (available tax operating loss carryforwards) for its fiscal year ended March 31, 1993, of $694,000 ($0.055/share, a 112-percent increase over fiscal 1992). Revenue of $3,510,000 showed a 57-percent increase over fiscal 1992. Stockholders' equity increased 48 percent to reach $3,555,000 ($0.28/share).
 SYNTHETECH INC.
 (In thousands except per-share data)
 Fiscal Years Ended March 31: 1993 1992
 Revenues:
 Sales of tangible products $ 3,510 $ 2,233
 Expenses:
 Cost of goods and manufacturing $ 1,705 $ 1,109
 Research and development 111 139
 Selling, general and administrative 628 448
 Operating income $ 1,066 $ 536
 Income before extraordinary item $ 694 $ 310
 Net income $ 1,110 $ 503
 Income per share:
 Before extraordinary item $ 0.055 $ 0.026
 Net $ 0.088 $ 0.042
 Weighted average shares outstanding 12,718 11,866
 Paul C. Ahrens, president and chief executive officer, noted that the company's primary product line, Peptide Building Blocks (PBB products), accounted for 89 percent of revenues. Although three companies accounted for 50 percent of revenue, the company sold 140 products to 55 customers in 10 countries. About 14 percent of PBB sales were for approved drugs.
 Synthetech's PBBs 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, septic shock, wound healing and others.
 Synthetech was recently honored by inclusion in the May issue of INC. magazine's "INC. 100" list of fastest-growing small public companies, based on five-year revenue growth.
 -0- 5/25/93
 /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

LM-GT -- SE004 -- 1967 05/25/93 07:50 EDT
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Publication:PR Newswire
Date:May 25, 1993
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