TETERBORO, N.J., July 22 /PRNewswire-FirstCall/ -- Quest Diagnostics
Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing,
information and services, announced that its Board of Directors increased the
company's share repurchase authorization by an additional $300 million. In
addition, the Board declared a quarterly cash dividend on Quest Diagnostics
common stock of $0.15 per share, payable on October 22, 2004 to shareholders
of record on October 8, 2004.
Through June 30, 2004, the company had repurchased $529 million of common
stock of the $600 million previously authorized. The expansion of the
repurchase program is expected to have no impact on the company's growth
strategy or its ability to finance future growth. The company had
approximately 102 million shares outstanding as of June 30, 2004.
"The expansion of our share repurchase program provides another means to
return value to our shareholders," said Surya N. Mohapatra, Ph.D., President
and Chief Executive Officer. "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."
Quest Diagnostics will hold its second quarter conference call on July 22
at 8:30 A.M. Eastern Time. To hear a simulcast of the call over the Internet
or a replay, registered analysts may access StreetEvents at:
http://www.streetevents.com, and all others may access the Quest Diagnostics
website at: http://www.questdiagnostics.com. In addition, a replay of the call
will be available from 10:30 A.M. on July 22 through 11 P.M. on August 20 to
investors in the U.S. by dialing 800-294-0997. Investors outside the U.S. may
dial 402-220-9755. 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 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 provides advanced information technology solutions to
improve patient care. Additional company information is available at:
http://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, competitive environment, changes in
government regulations, changing relationships with customers, payers,
suppliers and strategic partners and other factors described in the Quest
Diagnostics Incorporated 2003 Form 10-K and subsequent filings.
SOURCE Quest Diagnostics Incorporated
-0- 07/22/2004
/CONTACT: Investors: Laure Park, +1-201-393-5030, or Media: Gary
Samuels,
+1-201-393-5700, both of Quest Diagnostics Incorporated/
/Web site: http://www.questdiagnostics.com /
(DGX)