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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
FEBRUARY 24, 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)
ITEM 5. OTHER EVENTS
On February 24, 1999, the Company issued a press release
announcing that it has signed a long-term, multi-year
contract with Compliance Software, located in Salt Lake
City, Utah, to provide the Company and its corporate clients
with new drug testing software developed by Compliance
Software.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit
20 Press release of the Company dated
February 24, 1999.
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: March 29, 1999
Laboratory Corporation of America Compliance Software
- -Registered Trademark-Holdings 2835 East 3300 South
358 South Main Street Salt Lake City, UT 84109
Burlington, NC 27215 Telephone: 801-463-6762
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
- ------------------------------
CONTACT: 336-584-5171 CONTACT: 801-463-6762
- ------- -------
Media - Cynthia Jay, ext. 6652 Eric Quilter, ext. 115
Investors - Pamela Sherry, ext. 4855 Fax - 801-463-6792
Shareholder Direct - 800-LAB-0401 WWW.COMPLIANCESOFT.COM
WWW.LABCORP.COM
LABCORP-REGISTERED TRADEMARK-CHOOSES COMPLIANCE SOFTWARE TO PROVIDE
NEW DRUG TESTING PROPRIETARY SOFTWARE FOR LABS AND CLIENTS
Burlington, North Carolina and Salt Lake City, Utah --
February 24, 1999 -- Laboratory Corporation of America-Registered
Trademark- Holdings (LabCorp-Registered Trademark-) (NYSE: LH),
headquartered in Burlington, North Carolina, and Compliance
Software, located in Salt Lake City, Utah, have signed a long-
term, multi-year contract to provide LabCorp and its corporate
clients with new drug testing software developed by Compliance
Software.
The software system will link the laboratory with the client
and collection site through workstations placed in its patient
service centers (PSCs). Manual handling of test collection
information will now be performed electronically, such as the
scheduling of collection events and updating the employer on the
status of test collections. It will also integrate the breath
alcohol and TesTcup-Registered Trademark- onsite testing systems
with the lab and customers' reporting software.
The number of corporations performing drug testing as part
of their hiring process and to monitor the performance of their
employees, especially those in safety-sensitive positions, is
increasing. The dilemma for clients and the labs has been in
keeping the testing records in order and in a form that meets
certain government agency requirements. The new software
licensing agreement will allow LabCorp to better meet these needs
while improving reporting and communication with labs, medical
review officers (MROs), and third-party administrators (TPAs).
The software and proprietary network securely transfers, sorts
and tabulates confidential drug testing information.
"We chose Compliance Software because it allows us to
offer comprehensive management tools for drug testing
information," said Randy Simmons, senior vice president of
LabCorp's occupational testing business. "With Compliance
Software, we found one software vendor with a complete solution
for every facet of the substance abuse testing, collection and
reporting processes," he said. LabCorp will be the first major
drug testing lab to take advantage of the complete and full value
of the information network and software created by Compliance
Software.
"LabCorp has caught the vision of how one completely
integrated technology solution can provide value across all
disciplines in the drug testing industry," according to Eric
Quilter, chief executive officer of Compliance Software. "The
relationship demonstrates LabCorp's continued commitment to
providing the highest level of quality service and best practices
to its customers and business partners," he added.
Compliance Software is the leading national provider of
software and data processing services for the drug and alcohol
testing industry. The six-year-old company sells a suite of
specialized applications to employers and their vendors that make
it easier to manage drug testing. Its clients include hundreds
of the largest public and private employers in the United States.
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
more than 18,000 employees and over 200,000 clients nationwide,
the company offers more than 2,000 clinical tests, ranging from
simple blood analyses to more sophisticated technologies. Its
occupational testing unit operates the largest drugs-of-abuse
testing network in the United States. 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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