Medtox earnings drop slightly

Article by: STEVE ALEXANDER , Star Tribune
Updated: July 12, 2012 - 11:05 AM

Medtox Scientific, which is being acquired, reported a small decrease in earnings in what is probably its last financial report.

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Medtox Scientific, which is in the midst of being acquired, reported a $1.2 million second-quarter profit Thursday, down 11.7 percent.

In what is likely to be the St. Paul-based company's final financial report before being acquired, earnings per share dropped to 14 cents from 16 cents a year ago. Revenue for the quarter was $30 million, up 11.3 percent.

The company said its expenses related to its pending acquisition by Laboratory Corporation of America Holdings of Burlington, N.C., totaled $515,000 in the quarter. The deal was announced in June, and is expected to close in Medtox's third quarter.

For the first six months, Medtox reported earnings of $2.7 million, or 30 cents a share, up from $2.2 million, or 24 cents, a year ago. Six-month revenue was $58.6 million, compared to $52 million a year earlier.

Steve Alexander • 612-673-4553