Nichols 3rd-Quarter Profits Down 40%

Nichols Institute, the San Juan Capistrano medical testing company, posted third-quarter net income of $1.2 million, or 8 cents per share, down 40% from the $2 million, or 14 cents per share, recorded for the 1990 third quarter. Sales rose 38%, to $62 million from $44.8 million.

Net income for the 1991 nine-month period was $5.5 million, or 37 cents per share, compared with $5.6 million, or 41 cents per share, for the 1990 period. Revenue increased 33%, to $171.7 million from $129.3 million.

Albert L. Nichols, chairman and chief executive, said the revenue increase was attributable to internal growth and acquisitions.

Earnings for the quarter were adversely affected by a softening of lab testing revenue and continued losses at the company’s joint venture laboratory in Dallas, he said.

Net income also reflected pretax costs of approximately $1.5 million for newly completed facilities in the San Juan Capistrano area and approximately $500,000 related to the relocation of the company’s reference laboratory and administrative operations during the quarter.