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U.S. Laboratories' Six Months Revenue More Than Doubles, Approaching $16 Million.
Earnings Per Share for Six Months More Than Triples Prior Year
SAN DIEGO, Aug. 1 /PRNewswire/ --
U.S. Laboratories Inc. (Nasdaq: USLB), a national and international quality control specialty services company to the construction and related engineering and architectural design industries, announced record increases in revenue, net income and earnings per share for the second quarter and six months ended June 30, 2000.
For the second quarter 2000, consolidated revenue increased to a record $9,011,820 compared to $3,802,001 for the prior year period. Net income increased 350%, climbing to $424,553 compared to $94,457 for the same period in 1999. Earnings per share on a fully diluted basis jumped to $0.13 per share from $0.03 per share in the year-ago period.
Consolidated revenue for the first six months of 2000 reached an all-time high of $15,941,958 versus $6,984,701 for the first half of 1999. Net income for the six month period rose 315% to $806,948 from $194,427 for the first six months of 1999, while earnings per share on a fully diluted basis recorded an impressive gain reaching $0.25 per share versus $0.07 per share for the same period in 1999.
"We are extremely pleased with the results of our second quarter as we continue the record-setting trend started in the first quarter of this year. With our 26th consecutive profitable quarter, we once again validate our concept of decentralized management," commented Dickerson Wright, chairman and chief executive officer of U.S. Laboratories. "During the second quarter we added one more acquisition to the seven we have completed since our IPO a year and a half ago. By sustaining our earnings at record levels, we have clearly demonstrated an ability to successfully integrate our acquisitions into the company."
"Our acquisitions have increased our geographic coverage nationally, expanded our service to include the international market and provided further diversification as we entered the manufacturing industry for testing services when we acquired Unitek Technical Services earlier this year," Wright further stated. "The synergy created among our subsidiaries is rapidly becoming a driving force in our profitable operations."
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Source: HighBeam Research, U.S. Laboratories' Six Months Revenue More Than Doubles, Approaching...