TETERBORO, N.J., Jan 27, 2005 /PRNewswire-FirstCall via COMTEX/ -- Quest Diagnostics
Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing,
information and services, announced that its Board of Directors declared a
quarterly cash dividend of $0.18 per common share, a 20% increase, payable on
April 20, 2005, to shareholders of record on April 6, 2005. Additionally, the
Board expanded its share repurchase authorization by an additional $350
million, bringing the total amount authorized and available for repurchases to
$512 million.
"The increase in the quarterly dividend and the expansion of the share
repurchase program reflect confidence in our ability to continue generating
strong cash flow," said Surya N. Mohapatra, Ph.D., Chairman and Chief
Executive Officer. "We are increasing the value we return to shareholders
while continuing to invest to drive growth."
During 2004 the company repurchased 8.3 million common shares for $735
million. Since the inception of the share repurchase program in May, 2003, the
company has repurchased 12.3 million common shares for almost $1 billion. The
company had approximately 101 million common shares outstanding as of January
24, 2005.
Quest Diagnostics will hold its Fourth Quarter and Full Year 2004
conference call on January 27 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 January 27 through 11
P.M. on February 25 to investors in the U.S. by dialing 866-481-6893.
Investors outside the U.S. may dial 203-369-1572. 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
Investors - Laure Park, +1-201-393-5030, or Media - Gary Samuels, +1-201-
393-5700,
both for Quest Diagnostics Incorporated