Nichols Institute, San Juan Capistrano, reported that...

Nichols Institute, San Juan Capistrano, reported that 1988 net income more than doubled to a record $3 million, which included $210,000 resulting from an accounting change. Last year, the company reported net income of $1.4 million. Revenue rose 64% to $90.7 million from $55.2 million. For the fourth quarter, net income was $848,000, 83% higher than the $463,000 reported for the comparable quarter in 1987. Revenue increased 86% to $26.6 million from $14.3 million. The company said the 1988 results reflected the acquisitions of the Laboratory of Clinical Medicine and Clinical Laboratories of Lincoln Inc., and higher profits on increased revenue related to internal growth. Nichols Institute provides diagnostic testing to clients nationwide and manufactures and markets kits for the performance of medical diagnostic tests.