Quest Diagnostics Reports Strong Revenue and Earnings Growth in First Qu... (/p Total operating costs and expens...)

Quest Diagnostics Reports Strong Revenue and Earnings Growth in First Quarter 2008

Date:4/21/2008

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Total operating costs and expenses 1,504.3 1,325.3

Operating income 280.3 200.9

Other income (expense):

Interest expense, net (47.6) (26.5)

Minority share of income (7.1) (6.1)

Equity earnings in unconsolidated joint ventures 8.0 6.9

Other (expense) income, net (1.0) 1.9

Total non-operating expenses, net (47.7) (23.8)

Income from continuing operations before taxes 232.6 177.1

Income tax expense 91.9 69.6

Income from continuing operations 140.7 107.5

Loss from discontinued operations, net of taxes (1.1) (1.6)

Net income $139.6 $105.9

Earnings per common share - basic:

Income from continuing operations $0.72 $0.56

Loss from discontinued operations - (0.01)

Net income $0.72 $0.55

Earnings per common share - diluted:

Income from continuing operations $0.72 $0.55

Loss from discontinued operations (0.01) (0.01)

Net income $0.71 $0.54

Weighted average common shares outstanding:

Basic 194.1 193.4

Diluted 195.8 195.3

Operating income as a percentage of net revenues 15.7% 13.2%

Quest Diagnostics Incorporated and Subsidiaries

Consolidated Balance Sheets

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