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Executive Summary

SYNCOR PLANS TO ADD THREE TO FIVE PHARMACY SERVICE CENTERS ANNUALLY to its operations, the company noted in a recent press release on the firm's fiscal 1986 performance. The Sylmar, California-based firm currently operates 74 pharmacy service centers that prepare and deliver advanced pharmaceuticals, primarily radioactive compounds to 5,000 hospitals and clinics. Syncor Chairman and CEO Monty Fu stated that nationwide Syncor holds a "strong position in the radiopharmaceuticals market, with an 80% share of the commercial nuclear pharmacy segment and nearly a 50% share of the combined commercial nuclear pharmacy and manufacturers' segments of the market." Syncor more than doubled the size of its operations when it merged with Nuclear Pharmacy Inc. in May 1985. For the fiscal year ended May 31, 1986, Syncor reported sales of $93.6 mil. and net income of $1.7 mil. The company explained that due to the merger with Nuclear Pharmacy and a change in fiscal year end from September to May, "audited results for fiscal 1985 cover only eight months." However, Syncor explained, a pro forma, unaudited 12 month comparison of both periods ending May 31 indicates that sales increased 9.1%, in fiscal 1986, while net income rose to $1.7 mil. after a deficit of $10.2 mil. in fiscal 1985. Describing its new services, Syncor said it is entering the home health care market by offering parenteral solutions for nutrition, antibiotic therapy, chemotherapy, and pain management in alternate care facilities. "We have added this service to five of our existing pharmacy service centers and plan to be operational in another eight to 10 centers by the end of the current fiscal year," Syncor stated. The firm also said it plans to play "a leading role in dispensing new products for cancer diagnostics and therapy." In particular, Syncor said its expertise in handling and distributing radioactive materials places it in "an excellent position to prepare and market" monoclonal antibodies "on a national scale within the next five years." Fu said acquisitions are an important part of Syncor's growth strategy. "We are actively pursuing opportunities which demonstrate synergies with our existing operations and capitalize on our expertise and distribution capabilities while adding to our revenue and profitability expectations," Fu stated. He also pointed out that Syncor now carries "minimal debt and a strong cash position."

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