Syncor Posts 21% Rise in 3rd-Quarter Profit

Syncor International Corp., a Chatsworth-based operator of specialty pharmacy centers, said its fiscal third-quarter profit rose 21% from a year earlier on a 19% increase in sales.

In the quarter ended Feb. 28, Syncor’s net income rose to $817,000 from $677,000 a year earlier, when the company’s profit included a $170,000 tax benefit. Excluding that onetime credit, Syncor’s latest profit is up 61% from a year ago.

Syncor attributed the gains to investments in its sales and marketing staffs, and increased efficiency throughout the company.

For the first nine months of its fiscal year, Syncor earned $2.91 million, up 3% from $2.83 million a year earlier, when the tax benefit contributed $718,000 to its earnings. Syncor’s nine-month sales rose 19%, to $111.7 million from $94 million.