Quest Diagnostics - Investment in der Pharma -Biotechbranche - 500 Beiträge pro Seite

[Superagent18]

!

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[PiratPilot]

Hallo Superagent,

Jetzt hast Du schon einen DGX-Thread eröffnet, bevor ich eingestiegen bin!
Alles was ich weiß stammt von CNBC, stockmaster, yahoo und siliconinvestor:

Quest Diagnostics (DGX) wurde 1996 im Zuge der Neuausrichtung von Corning an die Börse gebracht.
Quest Diagnostics ist im Bereich "clinical laboratory" weltweit die Nr.1 geworden durch den Kauf von SmithKline Beecham`s clinical lab operations.
Quest führt mit 27.000 Angestellten jährlich mehr als 50 Mio Routine Tests (z.B. Cholesterol, HIV, Schwangerschaft, Alcohol, Diabetis und "pap smear" (?) Tests) durch.
Das geschieht in 14 regionalen Zentren, 140 kleineren Laboratorien, und 800 "patient service centers".
Die Firma dient Ärzten, Krankenhäusern und HMOs (?), genauso wie großen Konzernen, Behörden, Gefängnissen (scheint in USA ein Wachstumsmarkt zu werden, wenn Bush die Wahl gewinnt :O).

SmithKline Beecham gehören ca. 30% von Quest Diagnostics.


Die großen Pharmakonzerne gliedern diese Testbereiche aus und vergeben die Aufträge extern. Ein guter Artikel dazu:

http://www.investors.com/editorial/snap.asp?v=8/28


Die Marktkapitalisierung liegt momentan bei $5,6 Mrd.
Das sales-Wachstum beschleunigt sich extrem:
5 Jahre: 6,18%
3 Jahre: 10,91%
1 Jahr: 51,19 %

Das EPS lag 1999 bei $1,32. Für 2000 erwartet man $2,18 und 2001 sogar $2,78. Für 5 Jahre erwartet man ein EPS-Wachstum von 24%.
Dafür ist das KGV2001 mit 44 ziemlich hoch.

Der Anteil der Institutionellen Anleger ist mit 57% hoch.

Das Yahoo-Analystenrating liegt bei 1,2 (bei 5 Meinungen).

News gabs heute auch:

http://www.cnbc.com/stocks/fullstory.asp?Symbol=DGX&id=26139…


Ich schaue mir auch Dianon Systems (DIAN) an. Die haben eine kleinere MarketCap, gutes konstantes Wachstum und zeigen relative Stärke.

Da ich zwecks Risikostreuung noch einen Biotech- oder Pharmawert suche, hoffe ich auch, daß sich die Experten hier melden (Hallo Darwin). Bestehen Chancen, daß sich DGX auch außerhalb der USA durchsetzen kann? Oder sind die Gesundheitssysteme zu unterschiedlich?


PiratPilot

[PiratPilot]

Hey, kein Experte an Board oder habt Ihr alle keine Lust???


9/06/00 - Quest Diagnostics Streamlines Management Structure

Mehr hier:

http://www.cnbc.com/stocks/fullstory.asp?Symbol=DGX&id=26592…

PiratPilot

[PiratPilot]

9/08/00 - Quest Diagnostics Announces Investor Relations and Treasury Appointments

http://www.cnbc.com/stocks/fullstory.asp?Symbol=dgx&id=26751…

9/08/00 - Quest Diagnostics Incorporated Invests In GMP Companies, Inc., A Developer Of Novel Pharmaceutical, Diagnostic, And Medical Device Technologies

http://www.cnbc.com/stocks/fullstory.asp?Symbol=dgx&id=26770…


Superagent, hast Du auch gekauft?

PiratPilot

[Superagent18]

Hallo PiratPilot,

Ich bin seit deiner Empfehlung im Corning-Thread dabei, sitze also schon auf einem kleinen Gewinnpolster.

Wie lange hast du denn die Aktie schon ?

Übrigends ein großes Lob für den Corning-Thread. Bin erst durch dich auf die Aktie aufmerksam geworden, hier erwarte ich mir noch viel von der Zukunft.

Momentan bin ich gerade beim Überlegen, ob ich mein Depot ein bisschen Umschichten soll. Nokia, Cisco, EMC halte ich nun schon seit fast 2 Jahren, dadurch machen Sie auch einen Großteil meines Depots aus. Möchte hier gerne in ein paar Werte von Mr. Siebels Langfristdepot ( Du gestaltest diesen Thread auch mit ) investieren. Bin mir aber noch unschlüssig, welche Werte hier am aussichtsreichsten sind.

Also GOOD TRADE mit Quest Diagnostics

Superagent

[PiratPilot]

Hallo Superagent,

Ich habe Quest erst vor ein paar Tagen gekauft (bisher ±0).
Ich konnte mich nicht zwischen Dianon und Quest entscheiden. Aber jetzt habe ich den Marktführer gekauft. Hoffen wir, daß es richtig war...

Am Chart fällt auf, daß er nur selten auf der 100-Tage-Linie aufsetzt und auch sonst relativ schwankungsfrei ansteigt.
Kennst Du einen Link, wo man das short interest von Aktien sehen kann, die nicht an der Nasdaq gelistet sind? Angeblich soll das bei Quest ganz interessant aussehen...

Zu anderen Werten: Schau Dir auch mal das Depot von ica (Thread hier im Ex-SAC-Board) an.
Ich habe auch noch Silicon Storage (SSTI). Die stellen Flashmemory her. Der Chart sieht dort nicht sooo gut aus, dafür sind die Fundamentaldaten super. Einen Thread dazu gibts von Erbse1.

Und jetzt die News:

9/11/00 - Abbott Announces Multi-Year Supply Agreement with Quest Diagnostics

http://www.cnbc.com/stocks/fullstory.asp?Symbol=dgx&id=26877…

PiratPilot

[PiratPilot]

Hallo DGX-Fans,

Angeblich haben Mitarbeiter Ihre Belegschaftsaktien verkauft.
Andere Gründe für den kürzlichen Rückgang kann ich nicht finden.
Dann gabs eine Kaufempfehlung der Bank of America und schon sind wir wieder bei $118. Wäre ein guter Kauf gewesen bei $94...
Gibt es hier wirklich keinen Medizinexperten?

PiratPilot

[PiratPilot]

Angeblich lag der Kurs-dip an Gerüchten, das Wachstum könne sich verlangsamen:

http://moneycentral.msn.com/articles/invest/company/5837.asp

[Biz]

eine tolle Aktie und weil sie so toll ist, hat sie inzwischen auch ein KGV von mehr als 2000.
Das liegt wohl daran, dass der ganze Bereich einmalig ist und kein Unternehmen der Pharma- und Gesundheitsbranche ohne Quest und seine Konkurrenten exisiteren kann. Quest ist die Nummer 1 auf ihrem Gebiet. Die Nummer 2 ist Labcorp mit einem KGV von ca. 60. In der letzten Barrons-Ausgabe wird Labcorp zum Kauf empfohlen. Wenn man die KGV`s der beiden Kontrahenten vergleicht, ist Labcorp noch spottbillig. Bis Januar 99 ging es Labcorp schlecht.
Seitdem holen sie auf. Wie seht ihr das ? Lieber in Labcorp gehen ? Hier ein Vergleich der Kurse aus der letzten Zeit

[PiratPilot]

Hallo Biz,
Das KGV 2000 liegt bei 50 (EPS=2,19) und das KGV 2001 liegt bei 40. Das basiert natürlich auf Analystenschätzungen. Wie kommst Du auf KGV=2000?
RehabCare Group (RHB) hat auch einen schönen Kursverlauf.
Die drei Charts laufen schön parallel. Es wäre egal gewesen, was man vor 1 Jahr gekauft hätte; ich habe halt den Marktführer genommen.



PiratPilot

PS: Das Analystenrating für DGX ist genau 1,00 (5x strong buy).

[Biz]

Lt. Yahoo.com beträgt das KGV (P/E) von DGX heute genau 2382.50
Gruß

[PiratPilot]

Tut mir leid, aber hier:

http://biz.yahoo.com/z/a/d/dgx.html

steht in der drittletzten Tabelle in der 6. Spalte:
Price/Earn (Dec 00) 52,4.

Unter profile (http://biz.yahoo.com/p/d/dgx.html)
findet man zwar P/E=226, das bezieht sich aber auf die vergangenen 12 Monate, und da war der Geinn noch nicht so groß.

Schönes Wochenende

[PiratPilot]

Alle Klarheiten beseitigt, Biz?

Guter Artikel:

Since the beginning of 1994, New York-based Heron Capital Management has generated a return of 355 percent compared to 266 percent for the S&P 500. The secret to the firm`s success, explains David Edwards of Heron Capital Management, is that he looks for good businesses, ones that he will understand, are safe from competitors and offer decent growth prospects.

One of Edwards` favorite holdings is Quest Diagnostics (DGX 77 3/4), one of the largest clinical laboratory testing companies used by physicians in the detection, diagnosis and monitoring of diseases and other medical conditions. He considers the company recession-proof. "It does not matter whether the economy is strong or weak, the same number of tests will be done," he says. "As this country ages the tests that Quest conducts will grow more prevalent."

"It`s a great name to have in every portfolio"

Edwards adds that there are not too many companies with the characteristics of being a fast grower, a safe business and relatively cheap. He notes that if the shares of Quest tripled from present levels, they would still be less expensive than the average stock in the S&P 500. "It`s a great name to have in every portfolio."


Quelle:

http://www.siliconinvestor.com/insight/ifc/index.gsp?id=174&…

PiratPilot

[PiratPilot]

Quest receives $95 mln from SmithKline Beecham

http://biz.yahoo.com/rf/001011/n11415799.html

[PiratPilot]

Bio-Rad Laboratories Signs New Agreement With Quest Diagnostics for Hereditary Hemochromatosis DNA Testing

PR Newswire
HERCULES, Calif., Oct 17, 2000 /PRNewswire via COMTEX/ --
Bio-Rad Laboratories, Inc. (AMEX: BIO.A), a leader in diagnostic tests, instrumentation, software andquality control systems, announced today that it has entered into a new agreement with Quest Diagnostics Incorporated (NYSE: DGX), which transfers to Bio-Rad the exclusive licensing rights to Bio-Rad`s patent portfolio relating to
hereditary hemochromatosis (also known as iron overload disease).

Under the new agreement, Bio-Rad acquires from Quest Diagnostics the exclusive right to grant additional licenses for tests relating to the hemochromatosis gene (HFE), including specific mutations G845A (C282Y) and C187G (H63D), and procedures for using molecular markers to detect the presence or absence of hereditary hemochromatosis. Quest Diagnostics acquired its rights when it purchased SmithKline Beecham Clinical Laboratories (SBCL) in August 1999.
Bio-Rad expects to grant additional licenses under its hemochromatosis patent portfolio. In addition, Quest Diagnostics retains a non-exclusive license to perform DNA-based testing for hereditary hemochromatosis on favorable economic terms, and is one of only two laboratories currently licensed. Quest Diagnostics
remains the largest provider of hereditary hemochromatosis testing in the United States.

Hereditary hemochromatosis results in the excessive accumulation of iron in bodily organs which may cause a person to develop cirrhosis of the liver, diabetes, congestive heart failure, liver cancer, arthritis, impotence or premature menopause. It is one of the most common genetic disorders, but, if detected early, can easily be treated by routine methods. In the United States, approximately 32 million people (1 in 10) are carriers of the genetic trait for
hereditary hemochromatosis. Over 1 million Americans (1 in 200) are clinically affected, but very few of those with the condition (about 2%) are diagnosed.

Early detection for hereditary hemochromatosis using a DNA-based test is becoming more prevalent. Presence of two HFE gene mutations puts an individual at a significant risk of developing the condition.

"The new agreement gives Bio-Rad the ability to broaden the base of laboratories performing the test," says John Goetz, Vice President of Bio-Rad`s Clinical Diagnostics Group. "We see tremendous market potential for early detection of hemochromatosis, and strong synergy with our existing molecular-based products."
Bio-Rad will be introducing a DNA-based hemochromatosis kit before the end of 2000, and also offers DNA-based tests for anemia, thalassemia, coagulation disorders and bacterial strain-typing. Additionally, Bio-Rad was recently was awarded a patent for its novel method of nucleic acid amplification; Linked Linear Amplification (LLA).

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc. (www.biorad.com) is a multinational manufacturer and distributor of life science research products, clinical diagnostics and analytical instrumentation, based in Hercules, California. The company serves more than 70,000 research, industry and clinical laboratories worldwide through a network of more than 30 wholly owned subsidiary offices.

Various statements made within this press release may constitute
"forward-looking statements" for purposes of the Securities and Exchange Commission`s "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. The forward-looking statements contained herein involve risks and uncertainties that could cause results to differ materially from the Company`s expectations.

SOURCE Bio-Rad Laboratories, Inc.

[PiratPilot]

Im 3. Quartal 60 cent/share:

http://biz.yahoo.com/prnews/001019/nj_quest_d.html

Sell on good news?
Bei Yahoo hat pharma_insider1 Gründe für den Fall gesucht:


1.
Das Testvolumen stieg nur etwas über 1%; erwartet wurden 4%.
Das Gewinnwachstum stammt zum Großteil aus dem Merger mit SmithKline Beecham.
Siehe Artikel: http://dailynews.yahoo.com/h/nm/20001020/bs/questdiagnostics…

2.
Die Aktie ist in letzter Zeit stark gestiegen. Auch erwarteten manche eine Splitankündigung, die nicht erfolgte.


3.
Die Aktie war ein "safe haven" während der Korrektur. Denn medizinische Tests sind unabhängig von der Konjunktur. Jetzt, wo die High Techs wieder steigen, fließt das Geld wieder zurück.


4.
Nur Spekulation: Vielleicht stieg das Testvolumen langsamer als bei der Konkurrenz (LH).


Fazit: Die Firma ist langfristig immer noch ein Gewinner.
(Demographie) Kurzfristig hat das Management damit zu tun, die beiden Firmen zu verbinden und vernachlässigt eventuell das Wachstum.
Jedenfalls sind 1-2 Prozent Wachstum zu wenig. Man sollte auch die Entwicklung der Umsatzrendite beachten.

Ich werde den Wert halten, bis ich sehe, wie sich die nächsten Quartale entwickeln.

Soviel zu seiner Meinung. Er scheint sich schon länger mit der Firma zu befassen. Mir ist egal, wie sich die nächsten Quartalsergebnisse entwickeln. Mich interessiert der Aktienkurs.
Und wenn jetzt der Aufwärtstrend gebrochen wird, dann kann es weit runter gehen. Denn Quest ist sehr hoch bewertet! Es besteht die Gefahr, daß der Kurs ähnlich verläuft wie bei Calpine oder ADC Telecom (die auch lange gestiegen sind).

Es kann natürlich auch ein dip sein, das schnell vergessen ist. Vor kurzem wäre das ein guter Einstieg gewesen. Und falls der Anstieg des Nasdaq nicht nachhaltig ist (es wird kaum so weiter gehen wie letzte Woche, oder?), könnte das Geld schnell zurückfließen.


-> no risk, no fun

PiratPilot

[PiratPilot]

Noch ein positiver Bericht:

http://biz.yahoo.com/ms/001020/3040.html

[Stockmanager]

Mein absoluter Tipp für schnellentschlossene:

http://biz.yahoo.com/prnews/001212/nj_quest_d.html

Quest Diagnostic hat gestern nach Börsenschluss gemeldet, dass man einen bahnbrechenenden Erfolg in Sachen AIDS-Bekämpfung gemacht hat.
Wenn heute mittag die US-Börse aufmacht, dann wird der Kurs wohl hochschiessen.
Hier in Deutschland scheint keiner so richtig aufzupassen, denn die AKtie ist noch zum Schlusskurs von gestern zu kriegen.

WKN: 904 533, Last trade 142 in Frankfurt.

Ich wünsche allen gutes Trading

[PiratPilot]

Hallo Stockmanager,

viel ist ja nicht passiert nach der Meldung...
Bist Du noch dabei? Der superagent ist ja ausgestiegen und ich bin mir auch nicht mehr so sicher. Ich verstehe einfach zu wenig von der Materie...

Ciao, PiratPilot

[magoo]

Hallo,

Quest will mit den earnings in line bleiben, 0.57-0.59 cent/s.
Die recom. sehen gut aus, wobei Piper Jefry heute von Strong buy auf buy herabgestuft hat, weil Quest ´nur´noch mit 6-8% Umsatz wachsen will/wird.
Der Gewinn hingegen soll auf 3,1-3,2 $/S (!)steigen.


Quest Diagnostics Revises Upward 2001 Guidance
PR Newswire - Tuesday, January 16, 2001
TETERBORO, N.J., Jan 16, 2001 /PRNewswire via COMTEX/ -- Quest Diagnostics Incorporated (NYSE: DGX), the nation`s leading provider of diagnostic testing, information and services, today announced that it has revised upward its estimate of diluted earnings per share, before special items, for the year ending December 31, 2001 to between $3.10 and $3.20, approximately 40% above the current consensus of analysts` estimates for the full-year 2000 and also above the current consensus estimate for 2001 of $2.97 per diluted share, as compiled by First Call. Cash earnings for 2001 are now estimated at between $3.90 and $4.00 per diluted share. This anticipated improvement reflects the continued positive impact of the 1999 acquisition of SmithKline Beecham Clinical Laboratories (SBCL), as well as favorable industry trends.



For the fourth quarter of 2000, the company expects to report earnings per diluted share before special items within the range of current analyst estimates of $0.57 to $0.59 per diluted share, despite recent severe weather in a number of important markets. In addition, the company prepaid $155 million of bank debt during the fourth quarter. As a result, the company will record an extraordinary loss of $0.06 per share associated with the write-off of deferred financing costs, a non-cash charge.


Fourth-quarter 2000 volume, measured by the number of requisitions, grew approximately 1% above the prior year, after adjusting for the impact of severe weather and the contribution of business to unconsolidated joint ventures. The company estimates that volume in the quarter was reduced by approximately 1.5% due to severe weather in several parts of the country in December. Additionally, reported volume was reduced by approximately 1.5% as a result of the contribution of certain SBCL business to unconsolidated joint ventures, as required by existing joint venture agreements. As a result of these items, reported volume during the fourth quarter will be approximately 2% below the prior year`s level. Revenue per requisition during the fourth quarter is expected to grow by almost 9% compared to the prior year. The company continues to benefit from its longstanding strategy of shedding unprofitable business and focusing on higher-value testing services.


"We had a terrific year in 2000. We nearly doubled earnings per share while integrating the largest acquisition in the history of our industry," said Kenneth W. Freeman, Chairman and Chief Executive Officer. "Looking forward to 2001, we anticipate earnings growth of approximately 40%. We expect to realize additional gains from the integration of Quest Diagnostics and SBCL, and to see improving volume comparisons after the completion of integration, scheduled for the end of the first quarter. We are the leader in an industry with improving fundamentals, and we are committed to continue to deliver outstanding results for our shareholders."


The company expects revenues for 2001 to grow between 6% and 8%, with volume and revenue per requisition each contributing approximately half of the increase. It expects EBITDA margins to approach 15%, interest expense of approximately $100 million to $105 million and amortization expense of approximately $45 million. Capital spending is expected to total between $130 million and $150 million.


Quest Diagnostics will release financial results for the fourth quarter and full year 2000 after the close of the stock market on January 29, 2001. The company is currently in a "quiet" period and will discuss results for the fourth quarter and full year 2000 during a conference call on January 30 at 8:00 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 also be available from 10 A.M. on January 30 through 5 P.M. on February 2 by dialing 800-695-4249.


Quest Diagnostics is the nation`s leading provider of diagnostic testing, information and services with annualized revenues of more than $3 billion. The testing performed on human specimens helps doctors diagnose, treat and monitor disease; enables employers to detect workplace drug abuse; and supports pharmaceutical and biotechnology companies in clinical trials of new therapeutics worldwide. Quest Informatics analyzes laboratory and other medical data to help health care providers improve the care of patients. Additional company information can be found on the Internet 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 the outcome to be materially different. Certain of these risks and uncertainties are listed in the Quest Diagnostics Incorporated 1999 Form 10-K and subsequent filings.


SOURCE Quest Diagnostics


CONTACT: Cathy Doherty, Investors, 201-393-5030, or Gary Samuels, Media, 201-393-5700, both of Quest DiagnosticsURL: http://www.questdiagnostics.comhttp://www.prnewswire.com(C) 2001 PR Newswire. All rights reserved.

[Miniguru_]

Quest Diagnostics, Inc. (NYSEGX) announced February 22 that its board of directors approved a 2:1 stock split to be effected on May 31, 2001.

Stock Split Details: http://biz.yahoo.com/n/d/dgx.html
Company Profile: http://biz.yahoo.com/p/d/dgx.html

Mini

[Prof.Dr.Schurke]

hi leute,

hier eine meldung, die den teilweisen ausstieg von glaxosmithkline erklärt, was den kurs in den letzten tagen entgegen den trend belastete:
____________________________________________________________
GlaxoSmithKline Lowers Quest Diagnostics Stake To 23.7%

WASHINGTON -(Dow Jones)- GlaxoSmithKline Plc (GSK) decreased its stake in Quest Diagnostics Inc. (DGX) to 23.7%.
In a filing Monday with the Securities and Exchange Commission, GlaxoSmithKline said it beneficially holds 11.07 million common shares, after selling 1.5 million shares on May 2 for $119.50 a share.

On Aug. 25, GlaxoSmithKline reported a 29.2% stake in the company.

Quest Diagnostics, Teterboro, N.J., owns and operates clinical laboratories that perform tests on human tissue and fluids to diagnose, treat and monitor diseases.

-By Phil McCarty, Dow Jones Newswires; 202-862-9251
____________________________________________________________

gruss

schurke

[Prof.Dr.Schurke]

die aktie ist teuer, das wachstum wird wahrscheinlich nachlassen:


Last Year`s Best Bet? A Company Called Quest

Fortune
The medical lab-testing provider and its stock grew tremendously last year, and if it stays on track it looks like a long-term good investment. "The future of medicine is stuffed to the ills with new tests," which bodes well for the firm. It is "the nation`s leading testing company, with 1300 patient centers, 30 major labs, and 150 labs that deliver results, stat. The company `turns` 400000 specimens a day, its earnings are jumping more than 25% annually, and it has 10% of the $35 billion testing market." Andrea Bici, analyst at CSFB, feels the outfit`s efficient billing process is good for business.Do not look to the company for the same astounding growth this year as last year. This year the firm "settled a $13.1 million suit that alleged it had defrauded federal health programs through inflated billings. And then there`s the fact that Wall Street finally caught on" to the outfit`s story. The security, which is "trading for 34 times Bici`s estimate of earnings for this year, is an expensive stock."

gruss

schurke

[Joe Rocket]

Das Biest kommt wieder....





hey, joe

[Kelbi]

Quest Diagnostics Earnings Per Share Increase 70% in Third Quarter 2001
TETERBORO, N.J., Oct. 18 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX - news), the nation`s leading provider of diagnostic testing, information and services, announced that for the third quarter ended September 30, 2001, net income was $50.1 million, or $0.51 per diluted share, up 70% from the $28.7 million, or $0.30 per diluted share, reported in 2000. The company estimates that earnings were reduced by $0.03 per diluted share as a result of the tragic events of September 11. Cash earnings, or earnings before amortization of intangible assets, rose to $0.61 per diluted share from $0.41 per diluted share for the 2000 period.

Third quarter revenues of $903 million grew by $53 million, or more than 6%, over last year, primarily driven by improved revenue per requisition. The revenue impact of the September 11 tragedy was approximately $8 million, or 1%. Clinical testing volume, measured by the number of requisitions, increased approximately 2% over the prior year period, excluding the impact of the tragedy and adjusting for business contributed to unconsolidated joint ventures. As a result, reported volume during the third quarter equaled the prior year`s level.

``The strong results reflect continued improvement in operating performance and actions taken to strengthen our balance sheet,`` said Kenneth W. Freeman, Chairman and Chief Executive Officer. ``Our business, like many others in the New York metropolitan area, was impacted by the tragic events of September 11. The focused efforts of our employees, coupled with our logistics capability, geographic breadth and scale enabled us to mitigate what could have otherwise been a much more severe impact to our business and our customers. We now expect full-year 2001 earnings per share before special items to grow more than 65% from last year and are comfortable with the current consensus of earnings per share estimates of $0.48 for the fourth quarter, as published by First Call. In addition, we continue to expect to deliver earnings growth in excess of 30% in 2002.``
o--h.W^"ngs before interest, taxes, depreciation, amortization and special
items (adjusted EBITDA), were $142 million, or 15.7% of revenues, compared to
$120 million, or 14.1%, for the prior year period. The increase in adjusted
EBITDA was due to the company`s revenue growth and improved operating
performance.

Days sales outstanding were 53 days, compared to 54 days a year ago. Bad debt was 6.1% of revenues in the quarter, compared to 6.8% in the prior year period. The company ended the quarter with nearly $240 million in cash and no borrowings outstanding under its $325 million revolving credit facility. Capital expenditures totaled $32 million for the quarter.

For the first nine months of 2001, income before special items increased to $136.6 million, or $1.40 per diluted share, compared to $78.0 million, or $0.83 per diluted share, in 2000. Revenues increased by $133 million to $2.7 billion. Adjusted EBITDA was $413 million, or 15.2% of revenues for the nine-month period, compared to $347 million, or 13.4% a year ago. Capital expenditures for the nine-month period totaled $110 million.