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PRINCETON DIAGNOSTIC LABORATORIES OF AMERICA ANNOUNCES RESULTS

 SOUTH PLAINFIELD, N.J., April 16 /PRNewswire/ -- Princeton Diagnostic Laboratories of America, Inc. (AMEX: PDA), reported a 24.1 percent decrease in sales over 1991. Revenues were $5,130,000 for 1992 compared to $6,755,000 in 1991 or a $1,625,000 decrease.
 Princeton Diagnostic Laboratories of America, Inc. also reported a net loss of $1,358,000 or a loss of $.49 per share for the year ended Dec. 31, 1992, as compared to a loss of $621,000 or a loss of $.22 per share for the year ended Dec. 31, 1991. The National Consortium for a Drug-Free Workplace (NCDFW) realized a profit of $67,000 on sales of $653,000 for the year. However, both the Psychiatric and Precision laboratory subsidiaries incurred losses.
 Strong steps have been taken by management to reduce overhead and increase productivity to improve results in 1993. Headcount was reduced by 10 percent in the fourth quarter of 1992 and was further reduced by 19 percent in the first quarter of 1993. The company's laboratory facility in Oxford, Miss., which accounted for 18 percent of the '92 loss, was sold in February of 1993.
 Vigorous re-bidding for client supplies, reagents, shipping and telecommunication services achieved lower variable operating costs. Additional overhead savings are planned for the second quarter of 1993.
 In late 1992, 27 new industrial and 6 new hospital accounts were added. In early 1993, 9 additional industrial and 2 hospital accounts were acquired.
 PDLA processes toxicology samples under federal guidelines, for pre- employment and random sampling of drug-free workplace programs. These tests are used by major corporations, associations and operating companies, and includes 12 percent of the top 50 industrial companies of the Fortune 500, for diagnostic pre-employment screening. In addition, PDLA provides specialized clinical testing relating to the detection and monitoring of the treatment of psychiatric disorders, drug abuse, and other illnesses for private psychiatric hospitals, psychiatrists and other clinical laboratories.
 -0- 4/16/93
 /CONTACT: Warren N. Majek of PDLA, 800-237-7352/
 (PDA)


CO: Princeton Diagnostic Laboratories of America, Inc. ST: New Jersey IN: MTC SU: ERN

TM-KD -- NY081 -- 6982 04/16/93 17:45 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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