SPECIALTY LABS HIT BY MOVING COST.Byline: Daily News VALENCIA Valencia, region, Spain Valencia (välān`thēä), autonomous region (1990 pop. 3,902,429) and former kingdom, E Spain, on the Mediterranean. It now comprises the provinces of Alicante, Castellón, and Valencia. - Specialty Laboratories Inc. posted a loss of $7.6 million in the fourth quarter of 2004, primarily due to expenses associated with relocating from Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. to the Valencia Corporate Center, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. results announced this week. But the company, which performs highly advanced clinical tests used to diagnose diagnose /di·ag·nose/ (di´ag-nos) to identify or recognize a disease. di·ag·nose v. 1. To distinguish or identify a disease by diagnosis. 2. , monitor and treat disease, boasted a 17 percent increase in net revenue in the last three months of 2004, compared with the same months of 2003. Specialty reported net revenue of $35.7 million for the fourth quarter of 2004, which ended Dec. 31. The company spent about $4.2 million in the quarter to complete its move to Valencia but, with operations now consolidated in the new facility, expects the numbers to stabilize stabilize See peg. . ``This was a quarter of successful execution for Specialty,'' Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) R. Sayer, executive vice president and chief financial officer, said in a printed statement. ``We completed our facility relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. ahead of schedule during a quarter when Specialty's accession Coming into possession of a right or office; increase; augmentation; addition. The right to all that one's own property produces, whether that property be movable or immovable; and the right to that which is united to it by accession, either naturally or artificially. volumes reached record levels. With the challenge of the move now behind us, continued growth is anticipated in 2005 as we focus on the opportunities created by our new contractual relationships with major group-purchasing organizations.'' Total testing volume for the quarter increased by 34.4 percent over the fourth quarter of 2003. An increase in Specialty's independent laboratory business during the last half of 2004 accounted for about $1.6 million of company revenues in the fourth quarter. The company, however, believes this increase in independent laboratory business is temporary in nature. Excluding that work, volume increased 15.4 percent. The growth in revenues for the fourth quarter resulted from a year-over-year increase in volume, offset by an overall reduction in pricing. Price per job, excluding the stream of independent laboratory business, decreased by 3.2 percent from the fourth quarter of 2003, but was slightly higher than the pricing in the third quarter 2004 due primarily to variations in the mix of higher and lower priced tests. Specialty's balance sheet remained strong. Cash and investments were approximately $40.1 million as of Dec. 31, compared with $43.6 million at the end of the previous quarter. Specialty expects to receive about $3.5 million in additional cash payments in the first quarter 2005, related to the facility sale/lease-back transaction. |
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