Systemed Reports Higher Sales and Profit for Third Quarter
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LAGUNA HILLS — Systemed Inc., a provider of prescription drugs and manager of drug benefit programs for employers and insurance companies, Tuesday reported a profit of $274,000 for the third quarter.
The earnings, equal to 1 cent a share, compared to a profit of $31,000 for the same period last year. Sales for the latest quarter were $29.6 million, up from $23.9 million.
During the quarter, the Laguna Hills company moved its mail-order business in Des Moines, Iowa, to another building. The relocation costs cut into earnings this year but will benefit the company in the long run, President J. Roberts Fosberg said in a statement.
For the first three quarters, Systemed’s profit totaled $940,000, or 4 cents a share, up from $114,000, or 1 cent a share, for the same period last year. Nine-month sales were $90.5 million, compared to $69.4 million.
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