FOR IMMEDIATE RELEASE:February 28, 2001Contact: John McCarty, EVP and CFO, LabOne, Inc.913-577-1244, john.mccarty@LabOne.comLabOne REPORTS FOURTH QUARTER RESULTSLENEXA, KANSAS - LabOne, Inc. (Nasdaq NMS: LABS) today reported revenue of $45.8 million for its fourth quarter ended December 31, 2000, an increase of $10.8 million or 31% over the fourth quarter 1999. Insurance services revenue increased by $5.8 million (25%), healthcare increased by $3.0 million (44%) and substance abuse testing (SAT) increased by $2.0 million (46%). Revenue for the fiscal year 2000 was $169.2 million, as compared to $119.7 million in 1999, an increase of 41%.The company reported a net loss of $1.7 million or $0.16 per share, compared to net earnings of $0.5 million, or $0.05 per share, for the fourth quarter 1999. For the year 2000, LabOne posted a net loss of $0.5 million or $0.05 per share, compared to net earnings of $2.9 million, or $0.27 per share in 1999. Fourth quarter results include pretax charges of $2.1 million, with the most significant portion attributable to write-downs of SAT and healthcare accounts receivable. EBITDA for the year was $14.5 million, as compared to $15.6 million in 1999."This past year was a year of incredible growth for our company," said W. Thomas Grant II, chairman, president and CEO of LabOne. "Annual revenue increased by almost $50 million over the prior year, attributable to substantial growth in all three of our operating segments. Led by significant growth in our ExamOne paramedical operation, our insurance services division increased revenue by 41%. Our early 2000 managed care agreements and mid-year Lab Card implementations spurred the healthcare division to revenue growth of more than 42%. Our substance abuse testing division's revenue increased 43%."The accomplishments of the past year, which have resulted in such dramatic revenue growth, have required a considerable investment in people and resources. We believe the fourth quarter charges were necessary to properly value certain accounts. Our focus now is to translate our accomplishments into meaningful earnings growth."About LabOne, Inc.LabOne is a national laboratory testing and information service provider with three divisions: insurance services, healthcare and substance abuse testing. The insurance services division, with its ExamOne and SBSI subsidiaries, provides proprietary information technologies CaseView and LabOne NET™, and CaseOne case management service, to life and health insurance companies. These services include laboratory test results, paramedical examinations, attending physician statements, motor vehicle reports, background inspections and personal history interviews. LabOne's healthcare division provides medical diagnostic testing and related services to physicians and managed care organizations, and to benefit providers through its unique Lab Card® employee benefit program. The healthcare division's disease management reporting is specifically designed to provide managed care clients with HEDIS data necessary for their NCQA accreditation. The company's substance abuse testing division provides drug testing services to Fortune 1000 employers and markets Intercept™, the oral fluid drug test, in the workplace drug testing market. The company's web site is located at www.LabOne.com.Forward-looking StatementsThis press release may contain "forward-looking statements," as well as historical information. Forward-looking statements include projections, statements of plans and objectives, statements of future economic performance and statements of assumptions underlying such statements. Forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause actual results to differ materially from those that may be expressed or implied in such forward-looking statements, including, but not limited to, the volume and pricing of laboratory tests performed by LabOne, competition, the extent of market acceptance of the Company's testing services in the healthcare and substance abuse testing industries, general economic conditions and other factors detailed from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
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