UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
JUNE 23, 1998
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(Date of earliest event reported)
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11353 13-3757370
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA 27215
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(Address of principal executive offices)
336-229-1127
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On June 23, 1998, the Company issued a press release announcing that it has
signed two separate laboratory service agreements collectively covering more
than 1,500,000 Florida members of the two plans. The first is a multi-year
agreement with Health Options, Inc., Blue Cross and Blue Shield of Florida's
health maintenance organization, and the second is an agreement to become a
provider of laboratory services to Florida members of Humana Medical Plans,
Inc., a subsidiary of Humana, Inc.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit
20 Press release of the Company dated June 23, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Registrant)
By:/s/ BRADFORD T. SMITH
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Bradford T. Smith
Executive Vice President,
General Counsel, Secretary
and Compliance Officer
Date: July 7, 1998
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FOR IMMEDIATE RELEASE
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CONTACT: PAMELA SHERRY
336-584-5171, EXT. 4855
SHAREHOLDER DIRECT: 800-LAB-0401
WWW.LABCORP.COM
LABORATORY CORPORATION OF AMERICA-REGISTERED TRADEMARK- EXPANDS TESTING
SERVICES IN FLORIDA WITH TWO NEW LABORATORY AGREEMENTS
CONTRACTS WITH HEALTH OPTIONS AND HUMANA COVER MORE THAN 1,500,000 MEMBERS
BURLINGTON, NC, JUNE 23, 1998 - Laboratory Corporation of America-Registered
Trademark-Holdings (LabCorp-Registered Trademark-) (NYSE: LH) today announced
that it has signed two separate laboratory services agreements collectively
covering more than 1,500,000 Florida members of the two plans. The first is a
multi-year agreement with Health Options, Inc., Blue Cross and Blue Shield of
Florida's (BCBSF) health maintenance organization, to provide laboratory
services to more than 700,000 HMO members.
"LabCorp has been responsive and proactive in working with us to establish a
laboratory services program that puts patients first," said Patricia Engel,
director of Provider Services and Network Management for Blue Cross and Blue
Shield of Florida. "We were seeking a long-term partner with a commitment to
providing quality, cost-effective laboratory services and the capability to
provide comprehensive information for utilization and disease monitoring."
Blue Cross and Blue Shield of Florida and Health Options, Inc. are independent
licensees of the Blue Cross and Blue Shield Association, a national
association of independent Blue Cross and Blue Shield companies.
Further enhancing its presence in Florida, LabCorp also announced that it has
entered into a letter of agreement to become a provider of laboratory services
to Florida members of Humana Medical Plans, Inc. (Humana), a subsidiary of
Humana, Inc. Under the Humana agreement, LabCorp will provide clinical
laboratory testing and certain additional services to more than 800,000
members covered by designated Humana commercial health maintenance
organizations (HMOs), insurance plans, and Medicaid and Medicare HMOs
beginning July 1, 1998.
"These agreements deliver the broadest array of high-quality laboratory
services to members of Health Options and Humana while maintaining the
convenience and local responsiveness so important to patients and their
physicians," said Thomas P. Mac Mahon, President and Chief Executive Officer
of LabCorp. "They also mark another landmark step in our strategic growth
plan developed to more effectively utilize excess capacity in our
laboratories. The Florida marketplace in particular offers us a number of
opportunities to expand our testing presence." LabCorp expects to open
approximately 15 new patient service centers to accommodate the members
covered by the new agreements.
LabCorp noted that each of the above forward-looking statements which is not
historical fact was subject to change based on various important factors,
including without limitation, competitive actions in the marketplace and
adverse actions of governmental and other third-party payors. Further
information on potential factors that could affect the Company's financial
results is included in the Company's Form 10-K for the year ended December 31,
1997.
Laboratory Corporation of America-Registered Trademark-Holdings (LabCorp-
Registered Trademark-) is a national clinical laboratory organization with
annual revenues of $1.5 billion in 1997. The Company operates primary testing
facilities nationally, offering more than 1,700 different clinical assays,
from routine blood analyses to more sophisticated technologies. LabCorp
performs diagnostic tests for physicians, managed-care organizations,
hospitals, clinics, long-term care facilities, industrial companies and other
clinical laboratories.
