Synbiotics Corporation Reports Third Quarter Results
San Diego, California: November 10, 2003 — Synbiotics Corporation (OTCBB: SBIO) today announced
that its net income for the nine months ended September 30, 2003 was $1,459,000 or $0.07 per share ($0.03
per share on a fully-diluted basis), compared to a net loss of ($10,766,000) or ($0.80) per share for the prior
year period. Synbiotics also reported a net loss for the third quarter ended September 30, 2003, of
($164,000) or ($0.01) per share, compared to a net loss of ($293,000) or ($0.02) per share for the prior year
quarter.
The results for the nine months ended September 30, 2003, include a one-time litigation settlement benefit of
$515,000 or $0.03 per share ($0.01 per share on a fully-diluted basis), whereas the prior year period was
negatively impacted by one-time charges related to retention bonuses and goodwill impairment totaling
$11,331,000 or $0.82 per share.
Synbiotics’ revenues were $4,169,000 for the third quarter ended September 30, 2003, a decrease of 7%
from $4,484,000 for the prior year quarter. Revenues for the nine months ended September 30, 2003 were
$15,190,000, a decrease of 11% from $16,998,000 for the prior year period.
Paul Hays, Synbiotics` President and Chief Operating Officer, said, " We are pleased with our third quarter
and nine month results considering we have been without our key Witness® products since late April. The
restructuring implemented in 2002, together with continued cost containment, has allowed us to weather the
storm with only marginal effects. As we have been preparing for the re-launch of our Witness® product line,
we have been defining and developing our business fundamentals, such as strengthening our sales and
marketing effort and better aligning our activities to our strategic plan, so that we will be poised for sound
growth in future periods.”
Synbiotics Corporation develops, manufactures and markets veterinary diagnostics, instrumentation and
related products for the companion animal, large animal and poultry markets worldwide. Headquartered in
San Diego, California, Synbiotics manufactures and distributes its products through its operations in San
Diego, California, and Lyon, France. For information on Synbiotics and its products, visit the Company’s
website at www.synbiotics.com.
With the exception of historical matters, the issues discussed in this press release are forward-looking
statements that are subject to the risks and uncertainties that could cause actual results to differ materially
from those anticipated in the forward-looking statements, including competition from larger companies,
reliance on third-party manufacturers and distributors, possible technology improvements by others, the
ability to assimilate acquired businesses, the continued effect on the business from our 2002 lack of liquidity,
the seasonality of major portions of the Company’s business and other risks set forth in Synbiotics
Corporation’s filings with the Securities and Exchange Commission, particularly Form 10-K for the year
ended December 31, 2002. These forward-looking statements represent Synbiotics Corporation’s judgment
as of the date of the release. Synbiotics Corporation disclaims, however, any intent or obligation to update
these forward-looking statements.
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Gruß,
Carpman
