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ALLIED CLINICAL LABS REPORTS CONTINUED IMPROVED SECOND QUARTER AND SIX MONTHS 1993 RESULTS

 NASHVILLE, Tenn., July 20 /PRNewswire/ -- Allied Clinical Laboratories, Inc. (NASDAQ: ACLB) today reported improved results for the second quarter and six months ended June 30.
 Net revenues for the second quarter of 1993 totaled $39,829,000 vs. $36,185,000 reported for 1992's second quarter. Net revenues for the six months ended June 30 were $74,627,000 vs. the six month's 1992 revenues of $71,070,000.
 As previously reported, the company sold its Southern California core business during the third quarter of 1992. Therefore, the 1992 second quarter and year-to-date net revenues include approximately $3,781,000 and $7,670,000, respectively, from its former Southern California operations. On a pro forma adjusted basis, net revenues grew by 23 percent and 18 percent in the second quarter and year-to-date, respectively.
 Net income for the second quarter of 1993 increased to $2,735,000, or $.33 per share, compared to $2,498,000, or $.30 per share for the second quarter of 1992. This represents a 9 percent increase in net income and a 10 percent increase in earnings per share.
 For the six months of 1993, net income was $5,287,000, or $.63 per share compared to $4,853,000, or $.58 per share for the same period last year. These amounted to increases of 9 percent in net income and 9 percent in earnings per share, respectively.
 Commenting on the company's second quarter results, Haywood D. Cochrane Jr., Allied's president and chief executive officer stated: "We are pleased with our progress so far this year and with the continuation of several positive trends from the first quarter through the second quarter. Operating income, pre-tax income and net income again established record company levels, exceeding this year's first quarter results. Our 1993 year-to-date operating margin of 12.5 percent has expanded over the 12.2 percent margin for the same period in 1992. Pre-tax and net income margins have also improved over last year. We've achieved these improved profitability measures despite continuing competitive and pricing pressures within our industry, slightly lower testing utilization in some of our market segments in anticipation of healthcare reform, and an increase in employee benefit health care costs during the second quarter of 1993.
 "The second quarter also includes two months results from our largest acquisition to date, Sierra Nevada Laboratories, headquartered in Reno, Nev. We're pleased to report that Sierra Nevada is performing up to our expectations and did contribute positively to our second quarter revenue and earnings growth. In addition, we completed three other acquisitions late in the quarter, and in early July we completed a transaction with an anatomical pathology laboratory that will expand and complement the operations of our Reference Pathology Laboratory subsidiary."
 Allied provides testing services to physicians, hospitals, clinics and other health care providers through a national network of ten regional laboratories, one of which serves as a reference laboratory and one of which serves as an anatomical testing laboratory. The company supports its regional laboratories through over 180 other service sites. Through its Contract Management Services Division, the company has contracted with approximately 65 hospitals and 3 multi-specialty clinic networks to provide a variety of management services for their on-site laboratories, including both clinical and anatomical testing as well as pathology consultation and laboratory direction.
 The company's common shares are traded in the over the counter National Market System under the NASDAQ symbol ACLB.
 ALLIED CLINICAL LABORATORIES, INC.
 Summarized Financial Information
 (Unaudited)
 Quarterly Information Year to Date Information
 3 mos. ended June 30 6 mos. ended June 30
 1993 1992 1993 1992
 Net revenues $39,829,000 $36,185,000 $74,627,000 $71,070,000
 Income before
 income taxes 4,484,000 4,092,000 8,668,000 7,953,000
 Provision for
 income taxes 1,749,000 1,594,000 3,381,000 3,100,000
 Net income 2,735,000 2,498,000 5,287,000 4,853,000
 Earnings per
 share(a) $0.33 $0.30 $0.63 $0.58
 (a) Earnings per share are based on 8,339,253 shares outstanding for the second quarter of 1993 and 8,387,368 shares outstanding for the six months ended June 30. Earnings per share are based on 8,384,071 shares outstanding for the second quarter of 1992 and 8,410,613 shares outstanding for the six months ended June 30, 1992. The numbers include adjustments for the impact of the company's Stock Option Plan, Employee Stock Purchase Plan and shares issued in connection with an acquisition during the fourth quarter of 1992 and an acquisition during the second quarter of 1993.
 Condensed Consolidated Income Statements
 (In thousands, except per share data)
 Quarter ended 6 mos. ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net revenues $39,829 $36,185 $74,627 $71,070
 Operating costs:
 Salaries, wages and benefits 12,682 10,934 23,255 21,568
 Supplies 6,544 5,884 12,170 11,493
 Depreciation and amortization 1,659 1,353 3,068 2,604
 Other operating costs 6,078 6,170 11,647 12,269
 Total operating costs 26,963 24,341 50,140 47,934
 Selling, gen. and admin. exps. 8,031 7,365 15,143 14,452
 Operating income 4,835 4,479 9,344 8,684
 Interest expense/(income), net 351 387 676 731
 Income before provision for
 income taxes 4,484 4,092 8,668 7,953
 Provision for income taxes 1,749 1,594 3,381 3,100
 Net income $ 2,735 $ 2,498 $ 5,287 $ 4,853
 Earnings per share $0.33 $0.30 $0.63 $0.58
 Wtd. avg. shares outstndg. 8,339 8,384 8,387 8,411
 -0- 7/20/93
 /CONTACT: Haywood D. Cochrane Jr., president & chief executive officer, or Gerard M. Hayden Jr., senior vice president & chief financial officer of Allied Clinical Laboratories, 615-320-2283/
 (ACLB)


CO: Allied Clinical Laboratories, Inc. ST: Tennessee IN: MTC SU: ERN

RA-TG -- AT003 -- 6579 07/20/93 08:45 EDT
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Date:Jul 20, 1993
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