Synbiotics Corp. reports results for fiscal 1995; ICT GOLD HW diagnostic test drives revenue growth

Business Wire, March 29, 1996

SAN DIEGO--(BUSINESS WIRE)--March 29, 1996--Synbiotics Corp. (NASDAQ:SBIO) Friday reported revenues of $14.1 million for the year ended Dec. 31, 1995 versus $12.1 million for the prior 12 month period, an increase of 17%.

The company also reported net income of $501,000 or 9 cents per share for 1995, compared to a net loss of $638,000 or 11 cents per share for the prior 12 month period; an increase of 178%. The reported net income included a gain on disposition of investment assets of $931,000. The operating loss for the period was $430,000 or 7 cents per share for 1995 compared to $2,674,000 or 46 cents per share for the previous 12 month period.

"We were very pleased with our financial performance in 1995, in particular our continued sales growth and reduction in operating costs," stated Robert L. Widerkehr, president and chief executive officer. "Our new heartworm diagnostic, ICT GOLD(TM) HW, was the primary reason for our increased sales. We expect 1996 to be an even better year, as we continue to introduce new animal health diagnostic products and continue to expand our overall product lines and distribution channels."

Synbiotics develops, manufactures and markets advanced animal health products under its own name in the United States and internationally through licensees. -0-

                      Synbiotics Corp.
                  Statement of Operations