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Syncor International Corp

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BUSINESS
January 28, 1997
Syncor International Corp., a Chatsworth operator of nuclear pharmacies, said it has signed a supply contract with VHA Inc. with a potential value of $270 million over four years. VHA is an Irving, Texas-based hospital group. Syncor International operates an expanding network of 121 domestic and nine international nuclear-pharmacy service centers.
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BUSINESS
December 31, 2002 | E. Scott Reckard
Shareholders of Woodland Hills-based Syncor International Corp. overwhelmingly approved a $1-billion buyout by Ohio drug distributor Cardinal Health Inc., the companies said. The takeover of Syncor, which prepares and delivers radioactive prescriptions, was stalled in November by the disclosure that Syncor founder Monty Fu and his brother made improper payments to foreign officials. Cardinal ultimately agreed to complete the deal, though it cut its all-stock offer by 9.6%, to about $800 million.
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BUSINESS
February 11, 1997
Syncor International Corp., a Chatsworth operator of nuclear pharmacies, said that it has signed a letter of intent with Golden Pharmaceuticals Inc. to buy the company's Iodine 123 business. Iodine 123 is used to diagnose thyroid problems. Previously, Golden was supplying Iodine 123 to Syncor's network of 130 nuclear pharmacy service centers.
BUSINESS
December 5, 2002 | E. Scott Reckard, Times Staff Writer
Syncor International Corp. said Wednesday that its founder would foot the bill for $2.5 million in federal fines and resign from the board of the Woodland Hills nuclear pharmacy company, settling an overseas bribery scandal and allowing Syncor's takeover by Cardinal Health Inc. to proceed. The companies said Cardinal Health, an Ohio-based drug distributor, cut its all-stock offer by 9.6%, knocking the price tag on the deal to less than $800 million, not including assumed debt.
BUSINESS
July 23, 1996
Syncor International Corp. has authorized the buyback of an additional 500,000 shares of its stock on the open market. The Chatsworth-based pharmaceutical company had previously announced a buyback of about 200,000 shares. Companies typically have buyback programs because they believe their stock is undervalued and hope that shrinking the number of shares outstanding will drive up the price. Syncor's stock has traded recently in the $14 range.
BUSINESS
January 30, 1996
Syncor International Corp. said it will make a $14-million investment in the development and distribution of a new type of diagnostic tool for detecting lung and breast cancer over the next three years. The product, called positron emission tomography, is an extension of the kind of radio-pharmaceutical product the company already sells. Syncor expects to set up 24 distribution centers for it nationwide.
CALIFORNIA | LOCAL
October 31, 2000
Syncor International Corp., Woodland Hills, reported net income of $6.3 million for the third quarter that ended Sept. 30, compared with $3.2 million for the third quarter last year. Net sales for the quarter rose 18.2% to $155.5 million from $131.5 million. Syncor provides high-technology health-care services including nuclear pharmaceuticals, medical imaging and radiotherapy products.
BUSINESS
October 28, 1997
Syncor International Corp. said it signed a five-year sole-source contract with AmeriNet Inc. to supply unit dose and bulk radiopharmaceuticals on a national basis. The Chatsworth-based pharmaceuticals firm said that the agreement has a potential value of $210 million. St. Louis-based AmeriNet is one of the largest group purchasing organizations in the nation with more than 7,100 members in all 50 states making more than $3.5 billion in purchases annually.
BUSINESS
March 19, 1996
Syncor International Corp. posted a profit turnaround in the fourth quarter, while its net income for all of 1995 nearly quadrupled compared to 1994. The Chatsworth-based company posted net income of $1.13 million in the fourth quarter, compared to a $537,000 loss a year earlier. Syncor's sales in the fourth quarter rose 4% to $85.1 million, compared to $81.7 million a year earlier. For all of 1995, Syncor saw its net income jump to $4.7 million, compared to $1.
BUSINESS
November 22, 2002 | From Times Staff and Wire Reports
Drug wholesaler Cardinal Health Inc. has started talks about possibly revising its $1.1-billion deal for Syncor International Corp., the Woodland Hills-based nuclear pharmacy services company that is investigating whether its subsidiaries made improper payments to overseas customers. Based on its review so far, Syncor believes it can satisfy conditions of the acquisition, the firms said in a joint statement. Cardinal said it had not concluded whether the merger could be completed.
BUSINESS
November 20, 2002 | E. Scott Reckard, Times Staff Writer
Syncor International Corp., which is investigating suspected bribes by its overseas units, said Tuesday that its Taiwan operation made $500,000 in apparently illegal payments to customers in the last five years. Woodland Hills-based Syncor also said a committee of its outside directors turned up "questionable payments and other transactions" in at least six other countries, which it said may have violated the Foreign Corrupt Practices Act and other U.S. laws.
BUSINESS
November 14, 2002 | Scott Reckard
Seeking more time to investigate possible bribes to foreign officials, nuclear medicine provider Syncor International Corp. said it will request a five-day extension for filing its Sept. 30 quarterly financial results with the Securities and Exchange Commission. In a disclosure that cut its stock price in half last week, Syncor said it hired outside lawyers to investigate payments by its foreign subsidiaries.
BUSINESS
November 9, 2002 | E. Scott Reckard, Times Staff Writer
The stock of nuclear-medicine provider Syncor International Corp. melted down for a third day Friday as lawsuits seeking class-action status accused the company of misleading shareholders by concealing the payment of bribes overseas. Woodland Hills-based Syncor said Wednesday that its founder, Monty Fu, and his brother Moses Fu, who ran the company's foreign operations, have been put on leave while a board committee investigates payments to customers in China, Taiwan and other countries.
BUSINESS
November 7, 2002 | E. Scott Reckard and Ronald D. White, Times Staff Writers
Nuclear medicine provider Syncor International Corp. said Wednesday that it may have broken U.S. bribery laws by making payments to health-care facilities in Taiwan and China -- a disclosure that hammered the stock price of the Woodland Hills company and put on hold its pending acquisition by Cardinal Health Inc.
BUSINESS
June 15, 2002 | Reuters
Drug wholesaler Cardinal Health Inc. said it will pay about $870 million in stock to buy Syncor International Corp., the leading provider of pharmacy services that uses radioactive compounds to diagnose and treat ailments. Dublin, Ohio-based Cardinal is buying the business to supplement its 2001 acquisition of Bindley Western, which has a strong franchise in nuclear medicine. The deal's value is based on the 14 million Cardinal shares offered to Syncor holders at $62.
CALIFORNIA | LOCAL
February 27, 2001
Syncor International Corp. in Woodland Hills reported net income of $6.7 million for the fourth quarter that ended Dec. 31, up 46% from $4.6 million for the same quarter the previous year. Revenue rose 27% to $170.6 million from $134.6 million. For the year, net income rose to $29.5 million from $19.2 million. Revenue increased by 21% to $629.4 million from $520 million. Syncor provides high-technology health-care services, including nuclear pharmacy services, medical imaging and radiotherapy.
CALIFORNIA | LOCAL
November 7, 2000
Syncor International Corp. of Woodland Hills announced that its subsidiary, Syncor Overseas Ltd., has acquired Acute Care International Limited for about $760,000 in cash and assumed debt. Syncor also has acquired Carolina Nuclear Laboratory for $436,000 in assumed debt and $320,000 for the real property where the center is located. Acute Care International Limited is a catheterization laboratory in Port of Spain, Trinidad and Tobago.
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