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PHYSICIANS CLINICAL LABORATORY INC. ANNOUNCES RECORD SECOND-QUARTER, FIRST-HALF RESULTS

 Four Strategic Acquisitions, Successful Debt Offering
 Highlight Second Quarter
 SACRAMENTO, Calif., Oct. 6 /PRNewswire/ -- Physicians Clinical Laboratory Inc. (NASDAQ-NMS: PCLI), one of California's leading providers of medical laboratory testing services, today reported record results for the second quarter and first half of fiscal 1994.
 For the three-month period ended Aug. 31, 1993, net income more than doubled to $1,369,001, or 22 cents per share, from $675,515, or pro forma 15 cents per share, a year earlier. Net revenue for the quarter rose nearly twofold to $17,219,045 from $8,745,631 in the second period last year.
 For the six months ended Aug. 31, 1993, net income climbed 59 percent to $2,661,053, or 43 cents per share, on revenue of $34,232,347. This compares with $1,671,515, or pro forma 38 cents per share, on revenue of $17,212,648 in the corresponding period last year.
 Nathan L. Headley, Physicians Clinical Laboratory's president and chief executive officer, attributed the company's continued operating performance to control of direct costs; a solid rate of internal growth; and increasing contributions from acquisitions made in fiscal 1993.
 "The company's operational growth plan is on target," said Headley.
 Headley indicated that the company's statewide expansion, which is being implemented through a planned program of strategic acquisitions, continued on pace during the recently completed period. Four laboratory purchases -- two in Sacramento and one each in the Central Valley and Southern California -- were consummated by Physicians Clinical Laboratory in the second quarter, bringing to 17 the total number of transactions completed by the company in the past 12 months.
 Headley said that the successful completion of a $40 million convertible subordinated debenture offering in September provides the company with sufficient capital to continue acquisition activities.
 "The successful debt financing ensures our ability to aggressively participate in the consolidation of the laboratory industry in California," Headley said. "As result of legislation and regulatory changes, there are increased opportunities for acquisitions. We possess the financial resources to pursue these transactions on a selective basis and the operating expertise to absorb acquired labs into an efficient service network."
 Headquartered in Sacramento, Physicians Clinical Laboratory is the third-largest provider of clinical laboratory services in California. The company operates four full-service laboratories throughout the state, which are augmented by a network of over 110 patient service centers and 13 STAT laboratory facilities.
 PHYSICIANS CLINICAL LABORATORY INC.
 Condensed Statements of Operations (Unaudited)
 For the Three and Six Months Ended Aug. 31, 1993 and 1992
 Three Months Ended Six Months Ended
 Aug. 31, Aug. 31,
 1993 1992 1993 1992
 Net revenue $17,219,045 $8,745,631 $34,232,347 $17,212,648
 Direct laboratory
 costs 5,446,265 2,942,316 10,973,204 5,822,525
 Gross profit 11,772,780 5,803,315 23,259,143 11,390,123
 Laboratory support
 costs 3,368,806 1,533,764 6,574,359 2,909,182
 Laboratory
 profit 8,403,974 4,269,551 16,684,784 8,480,941
 Overhead expense 5,669,715 2,462,485 11,282,130 4,766,271
 Operating
 income 2,734,259 1,807,066 5,402,654 3,714,670
 Interest expense
 and other 502,591 303,884 967,565 496,424
 Income tax
 provision 862,667 827,667(a) 1,774,036 1,546,731(a)
 Net income $1,369,001 $675,515(a) $2,661,053 $1,671,515(a)
 Earnings per
 common share $.22 $.15(a) $.43 $.38(a)
 Weighted average
 common shares
 outstanding 6,241,000 4,383,000(a) 6,244,000 4,383,000(a)
 (a) Amounts for 1992 represent the pro forma effects of income tax provision, net income, net income per common share, and weighted average common shares outstanding since the company was a limited partnership until Aug. 1, 1992.
 -0- 10/6/93
 /CONTACT: Peter Raffetto, Physicians Clinical Laboratory, 916-325-2018; or Gerald Freisleben, Freisleben & Co., 818-986-5700/
 (PCLI)


CO: Physicians Clinical Laboratory ST: California IN: HEA SU: ERN

JB-LS -- LA017 -- 9377 10/06/93 13:36 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
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