TETERBORO, N.J., May 13, 2003 /PRNewswire-FirstCall via COMTEX/ -- Quest Diagnostics
Incorporated (NYSE: DGX) today announced that its Board of Directors has
authorized an expenditure of up to $300 million to repurchase shares of its
common stock. The company had approximately 105 million shares outstanding as
of March 31, 2003.
Under the repurchase authority, management has the discretion to
repurchase stock in the open market or in privately negotiated transactions.
The program is principally designed to mitigate the dilution associated with
shares issued in connection with employee benefit programs. The repurchase
program is expected to be funded through free cash flow and will have no
impact on the company's growth strategy or its ability to finance future
growth.
"The repurchase program represents an excellent way to deliver additional
value to our shareholders," said Kenneth W. Freeman, Chairman and Chief
Executive Officer. "Given our strong cash flow and financial condition, we
are pleased to be in a position to execute a share repurchase plan, while
continuing to invest in growth opportunities and maintaining a strong credit
profile."
Quest Diagnostics Incorporated is the nation's leading provider of
diagnostic testing, information and services, providing insights that enable
healthcare professionals to make decisions that improve health. The company
offers the broadest access to diagnostic testing services in the United States
through its national network of laboratories and patient service centers, and
provides interpretive consultation through its extensive medical and
scientific staff. Quest Diagnostics is the leading provider of esoteric
testing, including gene-based medical testing, and also empowers healthcare
organizations and clinicians with state-of-the-art connectivity solutions that
improve patient care. Additional company information is available at:
www.questdiagnostics.com.
The statements in this press release which are not historical facts or
information may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual results and
outcomes to be materially different. Certain of these risks and uncertainties
may include, but are not limited to, unanticipated expenditures, changing
relationships with customers, suppliers and strategic partners, conditions of
the economy and other factors described in the Quest Diagnostics Incorporated
2002 Form 10-K and subsequent filings.
SOURCE Quest Diagnostics Incorporated
Investors -- Laure Park, +1-201-393-5030, or Media - Gary
Samuels, +1-201-393-5700, both of Quest Diagnostics Incorporated
http://www.questdiagnostics.com