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SYNTRO REPORTS FIRST QUARTER EARNINGS

 KANSAS CITY, Kan., Jan. 28 /PRNewswire/ -- Syntro Corp. (NASDAQ: SYNT) today reported financial results for its quarter ended Dec. 31, 1992. Total revenues for the first quarter increased 10 percent to $1,580,094, compared with $1,436,113 for the first quarter of 1992. First quarter 1992 revenues included $300,315 of other income derived from a one-time transaction with Protein Polymer Technologies Inc. Excluding this income, first quarter 1993 revenues increased approximately 39 percent over first quarter 1992 revenues.
 Earnings for the first quarter 1993 were $19,612. First quarter 1992 earnings were $162,610. First quarter 1992 earnings also reflect the one-time transaction with Protein Polymer Technologies.
 "Our first quarter was in line with expectations," stated Dr. J. Donald Todd, president and chief executive officer. "Many of our research projects are reaching the latter stages of the product development process which is reflected in a 50-percent increase in research expenditures for the quarter. For most of this year, we anticipate that growth in R&D expenditures will closely parallel growth in revenues as we continue to expand our new product development activities. We were granted three new patents during the quarter, and filed new applications for several more. We received USDA approval for our first cattle vaccine, and made capital investments in our manufacturing equipment to prepare for new product introductions."
 Syntro is a Kansas City and San Diego, Calif.-based biotechnology company engaged in the development and commercialization of genetically engineered vaccines for the animal health sector. SyntroVet Inc., a wholly owned subsidiary, manufactures and markets products resulting from Syntro's research and collaborative efforts.
 SYNTRO CORP. AND SUBSIDIARY
 Condensed Consolidated Statement of Income
 Three Months Ended
 Dec. 31,
 1992 1991
 (Unaudited)
 Revenues:
 Net product sales $678,856 $559,630
 Collaborative research
 contracts 778,929 490,486
 Interest & other income 122,309 385,997
 Total revenues 1,580,094 1,436,113
 Costs and expenses:
 Cost of goods sold 390,008 286,673
 Research and development costs 685,393 458,575
 Selling, general and
 administrative expenses 480,256 512,475
 Interest expense 4,825 15,780
 Total costs and expenses 1,560,482 1,273,503
 Income before taxes 19,612 162,610
 Provision for income taxes 7,600 63,000
 Income before extraordinary item 12,012 99,610
 Extraordinary item:
 Reduction of income taxes
 arising from carryforward of
 prior year operating losses 7,600 63,000
 Net income $19,612 $162,610
 Earnings per share:
 Income before extraordinary item $0.00 $0.01
 Net income $0.00 $0.02
 Shares used in computing
 earnings per share, including
 common stock equivalents 12,036,750 10,444,456
 SYNTRO CORP. AND SUBSIDIARY
 Condensed Consolidated Balance Sheet
 Dec. 31, Sept. 30,
 1992 1992
 (unaudited)
 Assets
 Current assets:
 Cash and short-term investments $10,006,947 $10,235,986
 Receivables 416,642 414,003
 Inventories 610,879 633,131
 Prepaid expenses and deposits 152,263 82,031
 Total current assets 11,186,731 11,365,151
 Property and equipment, net 1,721,585 1,669,662
 Patents and licenses, net 768,647 757,976
 Investment and other assets 441,576 477,901
 $14,118,539 $14,270,690
 Liabilities and Stockholders' Equity
 Current liabilities:
 Notes payable - bank --- $965,000
 Accounts payable $101,385 123,721
 Other accrued expenses 437,906 391,149
 Research contract advances 1,154,890 425,701
 Current portion of capital
 lease obligations 977 1,170
 Total current liabilities 1,695,158 1,906,741
 Stockholders' equity: 12,423,381 12,363,949
 $14,118,539 $14,270,690
 Shares Outstanding at Dec. 31, 1992: 11,325,396
 -0- 1/28/93
 /CONTACT: J. Donald Todd or William J. Davies of Syntro, 913-888-8876/
 (SYNT)


CO: Syntro Corp. ST: Missouri IN: MTC SU: ERN

MC -- DV007 -- 0380 01/28/93 15:05 EST
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Date:Jan 28, 1993
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