Quest Diagnostics 2003 Annual Report Download - page 42

Download and view the complete annual report

Please find page 42 of the 2003 Quest Diagnostics annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 109

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109

PART II
Item 5. Market for Registrant’s Common Stock, Related Stockholder Matters and Issuer Purchases of
Equity Securities
Our common stock is listed and traded on the New York Stock Exchange under the symbol “DGX.’’ The
following table sets forth, for the periods indicated, the high and low sales price per share as reported on the
New York Stock Exchange Consolidated Tape:
High Low
2002
First Quarter ............................................. $84.10 $66.00
Second Quarter........................................... 96.14 79.25
Third Quarter ............................................ 85.31 51.29
Fourth Quarter ........................................... 66.99 49.09
2003
First Quarter ............................................. $60.90 $47.36
Second Quarter........................................... 66.24 55.14
Third Quarter ............................................ 69.25 56.42
Fourth Quarter ........................................... 74.99 59.47
As of February 23, 2004, we had approximately 5,900 record holders of our common stock.
On October 21, 2003, we declared a quarterly cash dividend of $.15 per common share, payable on
January 23, 2004 to holders of record on January 8, 2004. On February 19, 2004, we declared a quarterly cash
dividend of $.15 per common share, payable on April 21, 2004 to holders of record on April 7, 2004. Prior to
October 2003, we had not previously declared or paid cash dividends on our common stock. We expect to fund
future dividend payments with cash flows from operations, and do not expect the dividend to have a material
impact on our ability to finance future growth.
In May 2003, our Board of Directors authorized a share repurchase program, which permits us to purchase
up to $300 million of our common stock. In October 2003, our Board of Directors increased the share
repurchase authorization by an additional $300 million. Through December 31, 2003, we repurchased
approximately 4 million shares of our common stock at an average price of $64.54 per share for a total of
$258 million.
Item 6. Selected Financial Data
See page 34.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
See page 37.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
See Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 8. Financial Statements and Supplementary Data
See Item 15 (a) 1 and 2.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
25