UNILAB TO PAY $36 MILLION FOR PHYSICIANS CLINICAL LAB.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
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In a deal that expands its footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. as the state's largest regional independent laboratory, Unilab Corp. said Tuesday Tuesday: see week. it has agreed to buy competitor Physicians Clinical Laboratory for about $36 million in stock and cash. Sacramento-based Physicians Clinical Laboratory, which does business as Bio-Cypher Laboratories, is the state's second largest independent laboratory company in terms of annual revenue. In 1998, the company had revenues of about $60 million. Company officials could not be reached for comment. The deal is expected to close in 30 to 60 days, pending approval by federal regulators, said Melissa Mahoney, Unilab's spokeswoman. Bio-Cypher has facilities in Sacramento, Fresno and Burbank. The purchase includes Bio-Cypher's customer lists and about $12 million in assets, primarily accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . ``We are certainly excited about the prospects this transaction presents to Unilab. This acquisition of the BCL BCL - The successor to Atlas Commercial Language. ["The Provisional BCL Manual", D. Hendry, U London 1966]. business is consistent with our previously announced top-line growth strategy,'' David Weavil, Unilab's chairman and chief executive, said in a statement. During the 1998 fourth quarter, Unilab earned $2.3 million, or 6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on sales of $55.3 million. This compares with net income of $900,000, or 2 cents per share, on sales of $52.7 million in the 1997 fourth quarter. The 1998 results reflect costs associated with an acquisition during the year's fourth quarter. Unilab operates more than 250 facilities throughout the state. Shares of Unilab jumped 18.75 cents to $3.25. |
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