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UNILAB ANNOUNCES POSITIVE EARNINGS IN FIRST QUARTER RESULTS

 UNILAB ANNOUNCES POSITIVE EARNINGS IN FIRST QUARTER RESULTS
 NEW YORK, May 11 /PRNewswire/ -- Reflecting continued growth and improvement in operations, Unilab Corporation's (NASDAQ: ULAB) revenues for the three months ending March 31, 1992, increased 16.7 percent to $55.1 million from $47.2 million for the three months ending March 31, 1991. Pre-amortization operating income for the first quarter in 1992 increased 25 percent to $6.7 million from $5.3 million for the first quarter in 1991.
 Net income for the first quarter in 1992 also improved, compared to net income for the first quarter of 1991. Net income was $0.6 million or $0.02 per share for the three months ending March 31, 1992, compared to a net loss of $1.1 million or ($0.04) per share for the three months ending March 31, 1991. Operating margin before amortization increased to 12.2 percent in the first quarter of 1992, up from 11.3 percent in the first quarter of 1991. Andrew Baker, chairman of Unilab, stated that he was "pleased with Unilab's progress in the first quarter, particularly in the company's profitable growth through cost reductions in southern California, and the progress towards the achievement of planned improvements in the operations in northern California."
 Unilab Corporation is a clinical laboratory testing company that supplies clinical testing services in the western United States through its wholly owned subsidiary MetWest Inc.
 UNILAB CORPORATION
 Financial Highlights (Unaudited)
 (Amounts in thousands, except per share data)
 Three months ended March 31 1992 1991
 Net revenues $55,139 $47,259
 Pre-amortization operating income 6,703 5,351
 Net income (loss) $ 648 $(1,147)
 Net income per common share $0.02 $(0.04)
 UNILAB CORPORATION AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Amounts in thousands, except per share data)
 3/31/92 12/31/91
 (Unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $ 118 $ 149
 Accounts receivable, net of allowance
 for doubtful accounts of $7,745 at
 March 31 and $8,276 at Dec. 31 57,779 53,008
 Inventory of supplies 3,204 3,210
 Prepaid expenses and other current assets 2,741 2,227
 Total current assets 63,842 58,594
 Property and equipment, net 16,929 17,234
 Goodwill, net of accumulated
 amortization of $2,153 at March 31
 and $1,851 at Dec. 31 45,482 45,763
 Other intangible assets, net of
 accumulated amortization of $25,352
 at March 31 and $22,155 at Dec. 31 92,108 94,737
 Other assets 5,840 5,906
 Total $224,201 $222,234
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Current portion of long-term debt $ 29,407 $ 14,407
 Accounts payable and accrued
 liabilities 13,962 15,094
 Amounts payable to related parties 11,122 10,563
 Total current liabilities 54,491 40,064
 Long-term debt, net of current portion 63,760 79,830
 Deferred income taxes 309 309
 Shareholders' equity:
 Series B convertible preferred stock, $.01
 par value; authorized - 3,600 shares;
 issued and outstanding - 3,446 at
 March 31 and 3,396 at Dec. 31;
 redemption at $10 per share 34,894 34,393
 Common stock $.01 par value
 voting - authorized - 100,000 shares;
 issued and outstanding - 37,161 at
 March 31 and 36,537 at Dec. 31 372 365
 Non voting - authorized - 5,000 shares;
 issued and outstanding - 1,050 at
 March 31 and Dec. 31 10 10
 Warrants 500 500
 Additional paid-in capital 91,341 88,888
 Accumulated deficit (21,476) (22,125)
 Total shareholders' equity 105,641 102,031
 Total $224,201 $222,234
 UNILAB CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations (Unaudited)
 (Amounts in thousands, except per share data)
 First quarter ended March 31 1992 1991
 Revenue $55,139 $47,259
 Operating expenses:
 Salaries, wages and benefits 22,765 20,717
 Supplies 7,343 6,686
 Provision for doubtful accounts 3,134 2,203
 Other operating expenses 15,194 12,302
 Amortization of intangibles 3,268 3,158
 Total operating expenses 51,704 45,066
 Operating income 3,435 2,193
 Other expenses:
 Third party interest, net 1,895 2,607
 Related party interest 268 201
 Other, net 23 --
 Total other expenses 2,186 2,808
 Income (loss) before income
 taxes and extraordinary item 1,249 (615)
 Tax provision 748 --
 Income (loss) before extraordinary item 501 (615)
 Extraordinary item - benefit of net
 operating loss carryforward 648 --
 Net income (loss) $ 1,149 $ (615)
 Weighted average common shares
 and equivalents 37,756 29,190
 Preferred stock dividends $ 501 $ 532
 Net income (loss) available to
 common shareholders $ 648 $(1,147)
 Earnings (loss) per share of common stock:
 Income (loss) before extraordinary item $ -- $(0.04)
 Extraordinary item 0.02 --
 Net income (loss) $0.02 $(0.04)
 -0- 5/11/92
 /CONTACT: Richard A. Michaelson of Unilab, 201-393-5254/
 (ULAB) CO: Unilab Corporation ST: New York IN: SU: ERN


GK-OS -- NY028 -- 8568 05/11/92 11:11 EDT
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Date:May 11, 1992
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