Enzo Biochem Inc.'s debt restructuring has enabled thetroubled company to post a profit in its second quarter endedJan. 31.
The Farmingdale, N.Y., company (AMEX:ENZ) on Mondayreported net income of $925,000, or 8 cents a share, onoperating revenues of $5 million. Net included a $1.2 milliongain from the conversion of $29 million of debt to equityduring the quarter. In the comparable 1991 period, thecompany lost $1.9 million, or 17 cents, on operating revenuesof $4.6 million.
Operating income before interest and the extraordinary gainwas $377,000, compared with a $1.2 million loss last year. Forthe six months ended Jan. 31, operating net was $658,000compared with a $1.7 million loss last year.
The stock closed down 25 cents at $5 on Monday.
"Increases in both product sales and diagnostic service incomecontributed to the 10 percent revenue growth between the twoquarters," said Shahram Rabbani, executive vice president.
Company spokeswoman Carol Dempster said the companyexpects to stay in the black. -- Steve Usdin
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