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
MARCH 30, 1999
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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 March 30, 1999, the Company issued a press release
announcing the termination of its August 3, 1998 laboratory
services agreement with Universal Standard Healthcare Of
Michigan, Inc.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit
20 Press release of the Company dated
March 30, 1999.
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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: May 7, 1999
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Laboratory Corporation of America-Registered Trademark- Holdings
358 South Main Street
Burlington, NC 27215
FOR IMMEDIATE RELEASE
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CONTACT: 336-584-5171 SHAREHOLDER DIRECT: 800-LAB-0401
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MEDIA - CYNTHIA JAY, Ext. 5052 www.labcorp.com
INVESTORS - PAMELA SHERRY, Ext. 4855
LABCORP-REGISTERED TRADEMARK- ENDS AGREEMENT WITH UNIVERSAL
STANDARD HEALTHCARE OF MICHIGAN, INC.
BURLINGTON, NC --MARCH 30, 1999 -- Laboratory Corporation of
America-Registered Trademark- Holdings (LabCorp-Registered
Trademark-) (NYSE: LH), headquartered in Burlington, North
Carolina, terminated its August 3, 1998, laboratory services
agreement with Universal Standard Healthcare of Michigan, Inc.
(Universal). The notice of termination was effective March 30,
1999, but in the interest of providing for continuity of patient
care, LabCorp will continue testing covered under Universal plans
until April 13, 1999. This termination is a result of breaches
of the agreement by Universal.
The breaches include Universal's failure to pay significant,
overdue balances for testing services performed by LabCorp.
LabCorp has provided written notification to Universal concerning
nonpayment and other breaches, but Universal has not responded
with payment or remedied the other breaches.
Additionally, Stevan R. Stark, executive vice president of
sales and marketing for LabCorp, has resigned from the Board of
Directors of Universal, effective March 29, 1999. He said of the
agreement termination, "Our goal is to make the termination of
this relationship with Universal as smooth as possible for
patients. We will do everything we can to support continuity of
laboratory services with as little disruption to patient care as
possible."
Laboratory Corporation of America-Registered Trademark-
Holdings (LabCorp-Registered Trademark-) is a national clinical
laboratory with annual revenues of $1.6 billion in 1998. With
18,000 employees and over 100,000 clients nationwide, the company
offers more than 2,000 clinical tests, ranging from simple blood
analyses to more sophisticated technologies. In addition to the
major testing sites, the Center for Molecular Biology and
Pathology, LabCorp's leading-edge esoteric testing facility
located in Research Triangle Park, North Carolina, develops
applications for polymerase chain reaction (PCR) technology, a
revolutionary technique used to produce some of the most
sensitive diagnostic tests ever developed. LabCorp's clients
include physicians, state and federal governments, managed care
organizations, hospitals, clinics, pharmaceutical and many
Fortune 1000 companies, and other clinical laboratories.
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