TETERBORO, N.J., Oct. 21 /PRNewswire-FirstCall/ -- Quest Diagnostics
Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing,
information and services, announced that its Board of Directors has approved
the payment of a quarterly cash dividend of $0.15 per share and increased the
company's share repurchase authorization by an additional $300 million. The
initial quarterly dividend will be payable on January 23, 2004 to shareholders
of record on January 8, 2004.
Through September 30, 2003, $141 million of share repurchases had been
made under the original authorization of $300 million approved by the Board in
May, 2003. The dividend and the expansion of the repurchase program by an
additional $300 million are expected to be funded through free cash flow and
will have no significant impact on the company's growth strategy or its
ability to finance future growth. The company had approximately 104 million
shares outstanding as of September 30, 2003.
"The initiation of a dividend, coupled with the expansion of our share
repurchase program, will enable us to return additional value to our
shareholders while continuing to invest in growth opportunities," said Kenneth
W. Freeman, Chairman and Chief Executive Officer. "Taken together, the Board's
actions reflect a high level of confidence in the company's financial strength
and our ability to continue generating strong cash flows."
Additional information regarding the dividend is available at:
www.questdiagnostics.com.
Quest Diagnostics will hold its third quarter conference call on October
21 at 8:30 A.M. Eastern Time. To hear a simulcast of the call over the
Internet or a replay, registered analysts and investors may access
StreetEvents at: www.streetevents.com, and all others may access the Quest
Diagnostics website at: www.questdiagnostics.com. In addition, an audio replay
will be available from 10:30 A.M. Eastern Time on October 21, 2003 through
12 P.M. Eastern Time on November 21, 2003 to investors in the U.S. by dialing
888-562-7244. Investors outside the U.S. may dial 402-220-6038. No password
is required for either number.
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. A copy of our earnings press release, together with
any information that would be required under Regulation G, will be available
in the "Press Room" section of our website.
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, payers, suppliers and strategic partners,
competitive environment, changes in government regulations, conditions of the
economy and other factors described in the Quest Diagnostics Incorporated 2002
Form 10-K and subsequent filings.
SOURCE Quest Diagnostics Incorporated
-0- 10/21/2003
/CONTACT: Investor - Laure Park, +1-201-393-5030, or Media - Gary
Samuels, +1-201-393-5700, both of Quest Diagnostics/
/Web site: http://www.questdiagnostics.com
http://www.streetevents.com /
(DGX)
CO: Quest Diagnostics Incorporated
ST: New Jersey
IN: HEA MTC BIO
SU: DIV CCA