Quest Diagnostics 2003 Annual Report

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES

(in thousands, except per share data)

Quarterly Operating Results (unaudited)

	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Total Year
2003 (a)
Net revenues...............................................	$ 1,092,797	$ 1,219,935	$ 1,221,221	$1,204,005	$ 4,737,958
Gross profit................................................	444,700	516,811	510,041	497,783	1,969,335
Net income..................................................	88,036	120,412	120,024	108,245	436,717

Basic earnings per common share:
Net income..................................................	0.88	1.15	1.15	1.04	4.22

Diluted earnings per common share:
Net income..................................................	0.86	1.12	1.12	1.02	4.12


	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Total Year
2002 (b)
Net revenues...............................................	$ 946,762	$ 1,068,810	$ 1,058,714	$ 1,033,765	$ 4,108,051
Gross profit................................................	389,024	438,552	433,639	414,448	1,675,663
Net income..................................................	66,689	87,151	86,617	81,697	322,154

Basic earnings per common share:
Net income..................................................	0.70	0.90	0.89	0.84	3.34

Diluted earnings per common share:
Net income..................................................	0.67	0.87	0.87	0.82	3.23

(a) On February 28, 2003, Quest Diagnostics completed the acquisition of Unilab. The quarterly operating results include the results of operations of Unilab subsequent to the closing of the acquisition (see Note 3).

(b) On April 1, 2002, Quest Diagnostics completed its acquisition of AML. The quarterly operating results include the results of operations of AML subsequent to the closing of the acquisition (see Note 3).

QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
SCHEDULE II — VALUATION ACCOUNTS AND RESERVES
(in thousands)

	Balance at 1-1-03	Provision for Doubtful Accounts	Net Deductions and Other	Balance at 12-31-03
Year ended December 31, 2003 Doubtful accounts and allowances..............	$193,456	$228,222	$209,939	$211,739


	Balance at 1-1-02	Provision for Doubtful Accounts	Net Deductions and Other	Balance at 12-31-02
Year ended December 31, 2002 Doubtful accounts and allowances..............	$216,203	$217,360	$240,107	$193,456


	Balance at 1-1-01	Provision for Doubtful Accounts	Net Deductions and Other	Balance at 12-31-01
Year ended December 31, 2001 Doubtful accounts and allowances..............	$204,358	$218,271	$206,426	$216,203

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