Synthetech reports a profit - Portland Business Journal:

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Albany-based Synthetech (OTCBB: NZYM), a fine chemicalsw company, reported earnings of $657,000, or 4 centa per share, on $6.6 milliobn in sales. A year earlier it had earningsdof $113,000, or 1 cent per share, on $4.6 milliomn in sales. For full-year fiscal 2009, the company had earningss of $1.2 million, or 8 cents per on $19.9 million in The prior year itlost $1.2 million, or 8 centd per share, on $14. 6 million in sales. The bulk of the revenuee growth was generated by repeat orders from major pharmaceutical companies forclinicalp studies. The company ended the fiscal year with a healthy balance sheet. While its cash on hand as of March 31 fellto $588,000, compared with $1.
1 million from the same time last its working capital increased to $5.9 million from $4.4 million due to the year-end growtj in net income. It has no outstanding borrowings, while last year it stilol owed $905,000. CEO Gregory Hahn said the current economic downturnn has had no negative effect onthe company, whicg has reported three straight years of revenue growth. But the outlookj could be getting gloomier. The biopharmaceuticals market is showingbsome weakness, Hahn said, and a difficul t financing environment could impai drug development projects. Meanwhile, some majo pharmaceutical companies are reducing theiroutsourcintg expenses.
“Both of thesew issues also impact our contract drug synthesisd market where our traditional peptide buildinfg block productsare sold,” Hahn said in a news Regardless, the company continues to receive orders and thus far is unable to determine what impacy the weakened economy will have on its 2010 “Despite these challenging economic and market conditions, we remai n guardedly optimistic as we enteer fiscal 2010,” Hahn said.
Synthetechu shares closed up 11 percent Wednesdayto $1 per It has a 52-week rang between 40 cents and