Quest Diagnostics Increases Share Repurchase Authority By $750 Million
January 25 2010 - 6:55AM
PR Newswire (US)
MADISON, N.J., Jan. 25 /PRNewswire-FirstCall/ -- Quest Diagnostics
Incorporated (NYSE:DGX), the world's leading provider of diagnostic
testing, information and services, announced that its Board of
Directors increased the company's share repurchase authorization by
$750 million. "The expansion of our share repurchase program
reflects the company's financial strength and our ability to
continue generating strong cash flows, and, in addition to
continuing to invest in the growth of our business, provides
another means to return value to our shareholders," said Surya N.
Mohapatra, Ph.D., Chairman and Chief Executive Officer. During
2009, the company repurchased approximately 10 million shares of
common stock for $500 million, fully utilizing its previous
authorization. The company had approximately 183 million shares
outstanding as of December 31, 2009. About Quest Diagnostics Quest
Diagnostics is the world's leading provider of diagnostic testing,
information and services that patients and doctors need to make
better healthcare decisions. The company offers the broadest access
to diagnostic testing services through its network of laboratories
and patient service centers, and provides interpretive consultation
through its extensive medical and scientific staff. Quest
Diagnostics is a pioneer in developing innovative diagnostic tests
and advanced healthcare information technology solutions that help
improve patient care. The statements in this press release which
are not historical facts may be forward-looking statements. Readers
are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date that they are made and
which reflect management's current estimates, projections,
expectations or beliefs and which involve risks and uncertainties
that could cause actual results and outcomes to be materially
different. Risks and uncertainties that may affect the future
results of the company include, but are not limited to, adverse
results from pending or future government investigations, lawsuits
or private actions, the competitive environment, changes in
government regulations, changing relationships with customers,
payers, suppliers and strategic partners and other factors
discussed in "Business," "Risk Factors," "Cautionary Factors that
May Affect Future Results," "Legal Proceedings," "Management's
Discussion and Analysis of Financial Condition and Results of
Operations," and "Quantitative and Qualitative Disclosures About
Market Risk" in the company's 2008 Annual Report on Form 10-K and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," "Quantitative and Qualitative Disclosures
About Market Risk" and "Risk Factors" in the company's 2009
Quarterly Reports on Form 10-Q and other items throughout the Form
10-K and the company's 2009 Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. DATASOURCE: Quest Diagnostics
Incorporated CONTACT: For Quest Diagnostics: Kathleen Valentine
(Investors), +1-973-520-2900, or Gary Samuels,
(Media),+1-973-520-2800 Web Site: http://www.questdiagnostics.com/
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