January 21, 2011 / 4:36 PM / 8 years ago

CORRECTED - Nordion Inc has quarterly profit, approves dividend

(Corrects all figures in Jan 20 story to U.S. dollars)

* Fiscal Q4 profit of $9.3 million, $0.14 EPS

* Q4 revenue of $85.5 million vs $51.4 mln yr ago

* Authorized to buy back up to 5.7 mln shares

* Plans to pay $0.10 per share dividend on March 17

TORONTO Jan 20 (Reuters) - Canadian health sciences company Nordion Inc NDN.TO said on Thursday it posted a profit from continuing operations in its fiscal fourth quarter as performance improved across business segments.

Nordion, which changed its name from MDS Inc last year and which is the world’s largest supplier of medical isotopes, said it had profit of $9.3 million, or 14 cents per share.

That compared to a loss of $18.2 million, or 14 cents a share in the fourth quarter of fiscal 2009.

The company said it had revenue from continuing operations of $85.8 million, up 67 percent from the fourth quarter of fiscal 2009, when sales were $51.4 million.

“Increased sales in the sterilization technologies business, a resumption of activity in the Mo-99 supply chain, and improved performance of key targeted therapies products contributed to stronger revenues,” said Chief Executive Officer Steve West.

Nordion’s nuclear imaging and radiotherapy segment took a severe hit after the Atomic Energy of Canada’s Chalk River nuclear reactor in Ontario was shut down in May 2009 due to safety concerns. The reactor resumed operations in August.

Chalk River, which supplies isotopes for MDS Nordion’s imaging and radiotherapy products, is one of the few reactors in the world that produce commercial quantities of molybdenum-99, the most prominent isotope used in nuclear medicine. It is the parent isotope for technetium-99m, used in most nuclear medicine procedures globally.

Nordion also said on Thursday its board of directors approved a quarterly cash dividend and the reinstatement of a Normal Course Issuer Bid (NCIB) to repurchase outstanding common shares of the Company on the open market.

The initial quarterly dividend of $0.10 per share will be paid on April 1, 2011, to shareholders of record on March 17, 2011.

The Ottawa-based company said it has has been authorized by the Toronto Stock Exchange (TSX) to buy back up to 5.7 million of its common shares, of its 67.23 common shares outstanding as of January 12.

($1=$1.00 Canadian)

Reporting by Pav Jordan

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