Syncor Reports 6% Drop in Quarterly Profit; Revenue Up 7%

Syncor International said its fiscal first-quarter profit slipped 6% from a year earlier despite a 7% increase in revenue.

Syncor, a pharmacy services concern based in Chatsworth, said net income in the quarter ended Aug. 31 fell to $1.04 million, or 9 cents a share, from $1.11 million, or 10 cents a share, a year ago. Revenue climbed to $25.7 million from $24 million.

The lower earnings stemmed partly from start-up costs associated with six pharmacy service centers that opened during the past year, Syncor said. The company now operates 80 such centers, which deliver specialty pharmaceuticals to hospitals.