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PHYSICIANS CLINICAL LABORATORY REPORTS RECORD FIRST QUARTER REVENUE AND INCOME

 -- Cost Controls, Internal Growth and Acquisitions
 Contribute to Company's Strong Performance --
 SACRAMENTO, Calif., June 22 /PRNewswire/ -- Physicians Clinical Laboratory, Inc. (NASDAQ: PCLI), one of California's largest laboratory companies, today reported record revenue and earnings for the first fiscal quarter 1994.
 For the three months ended May 31, 1993, earnings jumped 31 percent to $1.3 million, or $.21 per share, from pro forma $996,000 and pro forma $.22 per share, for the first quarter last year. Earnings and earnings per share for the quarter ending May 31, 1992 are pro forma earnings due to the fact that the company was, at that time, a California partnership. In addition, the pro forma effect of a one time deferred income tax catch-up adjustment recorded in August 1992 as a result of reorganization from partnership to corporation would reduce first quarter pro forma fiscal 1993 net income from $996,000, or $.22 per share, to $860,000, or $.20 per share.
 Per share results for the most period are based on 6.2 million shares outstanding after the company's public offering in October 1992, 44 percent greater than the pro forma 4.3 million shares outstanding in the first quarter last year when Physicians Clinical Laboratory was still a limited partnership.
 First quarter revenues doubled to $17 million from $8.5 million reported for the year-earlier period. At the same time, operating income rose 42 percent to $2.7 million, compared with $1.9 million for the like period last year.
 Physicians Clinical Laboratory President and Chief Executive N.L. "Nate" Headley attributed the strong first quarter operating results to stringent cost containment; a strong level of internal growth, with "same store" revenues running nearly 21 percent ahead of year-earlier results; and the initial contributions of acquisitions made in fiscal 1993.
 Mr. Headley noted that the company has completed the strategic acquisition of 13 independent laboratories in the past 12 months, including four transactions in the most recent period. He said these laboratory purchases have begun contributing to top-and bottom-line results, and that he expects continued performance improvement through the current fiscal year as additional economies of scale are achieved.
 He cited the first-quarter laboratory purchases, all located in the San Joaquin Valley, as indicative of Physicians Clinical Laboratory's strategy of realizing operating efficiencies and profitability from acquisitions by folding incremental processing volumes into existing regional facilities.
 "We have been successfully absorbing acquisitions into an efficient system which we believe reflects the future of our industry," said Mr. Headley. "In less than a year, we have re-shaped the company -- from a single regional laboratory into a statewide presence -- and anticipate being a continued force in the industry consolidation taking place in California."
 Based in Sacramento and employing 900 people throughout the state, Physicians Clinical Laboratory is the third-largest laboratory testing company in California. The company serves hospitals, health-maintenance organizations and physicians through a system of four laboratories -- in Sacramento, Fresno, Santa Barbara and suburban Los Angeles -- 15 STAT laboratory facilities and 102 patient service centers.
 PHYSICIANS CLINICAL LABORATORY, INC.
 (in thousands)
 Periods ended May 31 1993 1992
 Net income $ 17,013 $ 8,467
 Direct laboratory costs 5,527 2,880
 Gross profit 11,486 5,587
 Laboratory support costs 3,206 1,375
 Laboratory profit 8,280 4,212
 Overhead expense 5,612 2,305
 Operating income 2,668 1,907
 Interest expense and other 465 247
 Income taxes 901 664(b)
 Net income 1,302 996
 Net income per share 0.21 .22(a)
 Weighted average common shares 6,246 4,383(a)
 NOTES:
 (a) Amounts for 1992 represent the pro forma effects of Net Income Per Share and the Weighted Average Common Shares Outstanding since the company was a California limited partnership until August 1, 1992.
 (b) Amounts for 1992 represent the pro forma income tax expense since the company was a California limited partnership until August 1, 1992.
 -0- 6/22/93
 /CONTACT: Peter J. Raffetto of Physicians Clinical Laboratory, Inc., 916-325-2018, or Jerry Freisleben of Freisleben and Company, Inc., 818-566-6621, for Physicians Clinical Laboratory/
 (PCLI)


CO: Physicians Clinical Laboratory, Inc. ST: California IN: MCT SU: ERN

TM -- NY005 -- 4407 06/22/93 09:03 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
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