ANNOUNCES 2009 FOURTH QUARTER AND FULL YEAR RESULTS
Revenue Growth Drives Adjusted EPS of $1.16 and
Operating Cash Flow of $224.7 Million
Burlington, NC, February 11, 2010 — Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) today
announced results for the quarter and year ended December 31, 2009.
Fourth Quarter Results
Net earnings were $142.7 million, compared to $118.1 million in the fourth quarter of 2008. Earnings per diluted share (EPS) were $1.33 compared to $1.08 in 2008. Earnings per diluted share, excluding restructuring and other special charges recorded in both periods (Adjusted EPS) were $1.16, compared to $1.10 in 2008.
Operating income was $215.8 million. Operating income, excluding restructuring and other special charges (Adjusted Operating Income) was $221.9 million, or 19.0% of net sales.
Compared to the fourth quarter of 2008, and excluding a special charge in the prior year, revenues were $1,165.1 million, an increase of 3.4%. Testing volume, measured by accessions, decreased 0.9% and revenue per accession increased 4.3%. Excluding the special charge and the consolidation of the
Company’s Ontario, Canada joint venture, revenue increased 2.8%. Testing volume decreased by 1.5% and revenue per accession increased 4.3%. During the quarter, the termination of two large government contracts reduced volume by 1.5%, declines in the Company’s drugs of abuse testing business reduced volume by 0.4% and weather reduced volume by 0.3%. Excluding these items, volume increased by 0.7% in the quarter.
The following information was filed by Laboratory Corp Of America Holdings (LH) on Thursday, February 11, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-K Annual Report Accession Number: 0000920148-10-000021 Submitted to the SEC: Wed Feb 24 2010 3:21:17 PM EST Accepted by the SEC: Wed Feb 24 2010 Period: Thursday, December 31, 2009 Industry: Medical Laboratories