Laboratory Corporation of America® Holdings
358 South Main Street
Burlington, NC 27215
Telephone: (336) 584-5171
FOR IMMEDIATE RELEASE
Contact: Stephen Anderson - 336-436-5076
LABORATORY CORPORATION OF AMERICA® HOLDINGS
ANNOUNCES 2012 FOURTH QUARTER AND FULL YEAR RESULTS
Q4 Adjusted EPS Excluding Amortization of $1.54, Reduced by a $0.09 Impact from Inclement Weather
2012 Diluted EPS of $5.99
2012 Adjusted EPS Excluding Amortization of $6.82, an Increase of 7.1%
Board Authorizes New $1 Billion Share Repurchase Program
Burlington, NC, February 8, 2013 - Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) today announced results for the quarter ended December 31, 2012.
Fourth Quarter Results
Net earnings were $120.2 million and earnings per diluted share (EPS) were $1.26 in the fourth quarter of 2012. Non-GAAP earnings per diluted share, excluding amortization, restructuring and other special charges recorded in the fourth quarter of 2012 (Adjusted EPS Excluding Amortization) were $1.54. Inclement weather reduced Adjusted EPS Excluding Amortization by approximately $0.09.
Operating income for the quarter was $215.3 million. Non-GAAP operating income excluding restructuring and other special charges recorded in the quarter (Adjusted Operating Income) was $242.2 million, or 17.2% of revenue. Inclement weather reduced Adjusted Operating Income margin by approximately 0.8%.
Revenues for the quarter were $1,405.3 million, an increase of 2.9% over the fourth quarter of 2011. Testing volume, measured by requisitions, increased 2.8% and revenue per requisition increased 0.1%. Inclement weather reduced volume growth by approximately 1%.
Operating cash flow for the quarter was $254.2 million. The balance of cash at the end of the quarter was $466.8 million, and there were no borrowings outstanding under the Company's $1 billion revolving credit facility. During the quarter, the Company repurchased $136.0 million of stock, representing 1.6 million shares. As of December 31, 2012, $68.0 million of repurchase authorization remained under the Company's previously approved share repurchase plan.
The Company announced that its Board authorized a new $1 billion share repurchase program. This authorization reflects the Company's continued commitment to return capital to and create value for shareholders.
The following information was filed by Laboratory Corp Of America Holdings (LH) on Friday, February 8, 2013 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.