Laboratory Corporation of America® Holdings
358 South Main Street
Burlington, NC 27215
Telephone: (336) 584-5171
FOR IMMEDIATE RELEASE
Contact: Stephen Anderson - 336-436-5274
LABORATORY CORPORATION OF AMERICA® HOLDINGS
ANNOUNCES 2011 FOURTH QUARTER AND FULL YEAR RESULTS
Revenue Growth Drives Q4 Diluted EPS of $1.34 and
Adjusted EPS Excluding Amortization of $1.56;
Board Authorizes New $500 Million Share Repurchase Program
Burlington, NC, February 10, 2012 - Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) today announced results for the quarter and year ended December 31, 2011.
Fourth Quarter Results
Net earnings were $135.4 million and earnings per diluted share (EPS) were $1.34 in the fourth quarter of 2011. Non-GAAP earnings per diluted share, excluding amortization, restructuring and other special charges recorded in the fourth quarter of 2011 and 2010 (Adjusted EPS Excluding Amortization) were $1.56 and $1.46, respectively.
Operating income for the fourth quarter was $247.4 million. Non-GAAP operating income excluding restructuring and other special charges recorded in the fourth quarter of 2011 and 2010 (Adjusted Operating Income) was $258.0 million and $252.4 million, respectively.
Revenues for the quarter were $1,366.1 million, an increase of 5.5% over the fourth quarter of 2010. Testing volume, measured by requisitions, increased 1.2%, and revenue per requisition increased 4.2%.
Operating cash flow for the quarter was $278.6 million. The balance of cash at the end of the quarter was $159.3 million, and there were $560.0 million of borrowings outstanding under the Company's $1.0 billion revolving credit facility. During the quarter, the Company repurchased approximately $172.1 million of stock, representing approximately 2.1 million shares. As of December 31, 2011, approximately $84.4 million of repurchase authorization remained under the Company's previously approved share repurchase plan.
The Company recorded restructuring and other special charges of $10.6 million during the fourth quarter of 2011. These charges include $6.3 million in net severance and other personnel costs along with $1.7 million in net facility-related costs primarily associated with the integration of Orchid Cellmark and the continuing integration of Genzyme
The following information was filed by Laboratory Corp Of America Holdings (LH) on Friday, February 10, 2012 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.