Nichols Has Record Profits for ’89

Nichols Institute reported Thursday that its earnings reached a record $4.8 million in 1989 and that revenue was up 43% from the prior year.

Net income for 1988 totaled $3 million, which reflected $210,000 from an accounting change implemented in the first quarter of that year. Revenue rose to $129.7 million in 1989 from $90.7 million in 1988.

For the fourth quarter, net income was $1.4 million, up 62% from $848,000 in the year-earlier quarter. Revenue increased 28%, to $34.2 million, from $26.6 million.

Albert L. Nichols, chairman and chief executive, said the fourth-quarter performance was in line with the company’s expectations and represented a continuation of the steady growth in revenue and earnings achieved during the year.

Nichols Institute, of San Juan Capistrano, provides diagnostic testing to clients in a variety of medical fields and has regional laboratories in California, the Pacific Northwest and the Midwest. The company also provides substance-abuse testing and manufactures diagnostic test kits.