Nichols Institute Reports Gain in Earnings, but Below Forecast
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SAN JUAN CAPISTRANO — The Nichols Institute said Thursday that it expects to report earnings of $6.9 million to $7.2 million for 1990, 45% higher than 1989’s $4.8 million but lower than anticipated by some stock analysts.
The news sent the company’s stock down $2.87 a share Thursday, to $13.63 on the American Stock Exchange. It was the biggest percentage loser for the day among stocks of major companies based in Orange County.
The company, which provides testing for hospitals, said it would not meet analysts’ expectations because new laboratories in Portland, Ore., and Dallas are not yet operating as well as expected.
Nichols said revenues for 1990 will increase by about 35%, to $175 million from 1989’s $130 million.
The results are based on preliminary figures. Final, audited figures will not be available until February, the company said.
The company also said fourth-quarter income is expected to be flat compared to 1989’s $1.4 million.
Nichols has grown rapidly in recent years by providing sophisticated testing to the medical community in genetics, serology, toxicology and other fields.
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