Nichols Announces Boost in 1st-Quarter Earnings

Nichols Institute, the San Juan Capistrano diagnostic testing company, reported first-quarter earnings of $1.9 million, up 12% from $1.7 million in the year-earlier quarter. Revenue rose 24% to $50.7 million from $40.9 million.

Albert L. Nichols, chairman and chief executive, attributed the revenue and earnings improvements to growth in the company’s laboratory and diagnostic kit operations.

In addition, the company said its directors have approved the issuance of a new class of non-voting common stock. If shareholders approve the new class of stock, the company said it plans a 1-for-2 reverse split of its common shares and Class B common shares.

The company would also declare a dividend of its common shares and Class B common, payable in Class C common on the basis of one share of Class C for each share of common and Class B then outstanding.