Exhibit 99.1

PRESS RELEASE                                    UNILAB CORPORATION
                                                 (AMEX:ULB)
                                                 18448 Oxnard Street
                                                 Tarzana, CA  91356
                                                 www.Unilab.com
 
                                                 For Further Information:
                                                 Charles Kim
                                                 Phone: (818) 758-6607
                                                 e-mail: IRelations@Unilab.com

IMMEDIATE RELEASE
February 4, 1998

                    UNILAB CORPORATION ANNOUNCES 1997 RESULTS

TARZANA,  CA, February 4, 1998 -- UNILAB Corporation (AMEX: ULB) announced today
that net sales for the year ended  December  31,  1997 were $214.0  million,  an
increase of 4.3% from $205.2 million in the prior year. The Company reported net
income for the year of $0.5 million, or $.01 per common share, compared to a net
loss of $92.9 million, or $(2.53) per common share in the prior year.  Excluding
the  approximately  $78.5  million in  nonrecurring  charges in 1996,  the prior
year's net loss was $14.4 million, or $(0.39) per common share.

Earnings before Interest,  Taxes,  Depreciation and Amortization ("EBITDA") were
$23.5 million for 1997, or 11.0% of sales,  compared to $9.2 million, or 4.5% of
sales, for the prior year.

For the quarter  ended  December  31,  1997,  net sales were $52.7  million,  an
increase  of 7.7% from the $48.9  million in the same  period in the prior year.
EBITDA for the quarter was a record $6.6  million,  or 12.5% of sales,  compared
with $0.1 million  (exclusive  of  non-recurring  charges)  earned in the fourth
quarter of 1996.  The fourth  quarter  EBITDA  represents  the first time in the
Company's  history that the  seasonally  weaker fourth  quarter has exceeded the
prior quarter's earnings.

David Weavil,  Unilab's  Chairman and CEO, said "1997 has been a watershed  year
for  Unilab.  Four  sequential  quarters  of rising  EBITDA  was the  product of
effective and timely  execution of the  Company's  1997 action plan by a focused
management team."

Weavil  added  "We've  achieved  steady  progress  in 1997  on the  two  primary
objectives we laid out at the beginning of the year. First, the Company targeted
contractual  price  increases  and  service  restructuring  to insure that those
critical  aspects of  customer  agreements  became  more  rational.  Second,  we
redoubled  our  efforts  to be a lower  cost  laboratory  services  provider  by
improving  our  processes  and  eliminating  expenses  that  don't  add real and
perceived value to patient care. These  initiatives  address the basic pervasive
challenges  facing many healthcare  companies these days. I am pleased that most
of our customers  have been  supportive of our efforts and value a  relationship
with an  efficient  and high quality  laboratory.  Among our chief goals in 1998
will be the further development of the Company's operating fundamentals; process
enhancements,  baseline cost reductions,  targeted growth and customer  contract
reviews.  Most  importantly,  as a result of the foundation  laid in 1997 by our
improved financial  performance,  we feel that Unilab now has a stable base from
which to continue building."

Unilab  Corporation  is the  largest  provider of  clinical  laboratory  testing
services in California  through its primary  testing  facilities in Los Angeles,
San Jose and  Sacramento  and over 200 regional  service and testing  facilities
located throughout the state.



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<TABLE>

                               Unilab Corporation
                             Statement of Operations
                  (amounts in thousands, except per share data)
<CAPTION>

                                                            Three months ended Dec. 31,       Year ended Dec. 31,
                                                               1997          1996             1997            1996
<S>                                                          <C>           <C>            <C>            <C>
Revenue                                                       $52,703      $48,948        $214,001        $205,217

Direct Laboratory and Field Expenses:
    Salaries, Wages and Benefits                               16,748       18,061          69,094          70,869
    Supplies                                                    7,203        7,317          29,858          28,631
    Other Operating Expenses                                   13,766       14,159          56,990          54,672
                                                               ------       ------          ------          ------
                                                               37,717       39,537         155,942         154,172
                                                               ------       ------         -------         -------
Legal and Acquisition Related Charges                               -            -               -           4,940
Restructuring Charges                                               -       65,655               -          65,655
Amortization and Depreciation                                   2,210        2,846           8,885          11,491
Selling, General and Administrative Expenses                    8,385        9,340          34,570          41,801
                                                                -----        -----          ------          ------

    Total Operating Expenses                                   48,312      117,378         199,397         278,059
                                                               ------      -------         -------         -------
Operating Income (Loss)                                         4,391     (68,430)          14,604        (72,842)

Other Income (Expenses):
    Interest Expense, net                                     (3,465)      (3,423)        (14,068)        (12,122)
    Loss on Sale of Promissory Note                                 -      (4,529)               -         (4,529)
                                                                    -      -------               -         -------
Income (Loss) Before Income Taxes and
    Extraordinary Item                                            926     (76,382)             536        (89,493)

Extraordinary Item - Loss on Early
Extinguishment of Debt                                             -             -               -           3,451
                                                          ----------- ------------    ------------         -------
Net Income (Loss)                                                 926     (76,382)             536        (92,944)

Preferred Stock Dividends                                          30           36             138             144
                                                                   --           --             ---             ---
Net Income (Loss) Available to Common
   Stockholders                                                  $896    ($76,418)            $398       ($93,088)

Basic Earnings per Share:
Income (Loss) Before Extraordinary Item                         $0.02      ($2.08)           $0.01         ($2.43)
Extraordinary Item                                                 -            -                -         ($0.10)
Net Income (Loss)                                               $0.02      ($2.08)           $0.01         ($2.53)

Weighted Average Common
Shares Outstanding                                             40,393       37,236          39,927          36,831

EBITDA, excluding legal and acquisition
    related charges, restructuring charges
    and extraordinary item                                     $6,601          $71         $23,489          $9,244

</TABLE>
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<TABLE>

                               Unilab Corporation
                                  Balance Sheet
                             (amounts in thousands)
<CAPTION>

                                                                      December 31                December 31,
                                                                         1997                        1996 
<S>                                                                    <C>                        <C> 
Cash and Cash Equivalents                                                $11,652                   $12,176
Restricted Cash                                                                -                       904
Accounts Receivable, net                                                  36,583                    37,279
Other Current Assets                                                       4,106                     4,306
                                                                        --------                     -----
     Total Current Assets                                                 52,341                    54,665

Fixed Assets, net                                                         13,160                    17,264

Goodwill and Other Intangible Assets                                      46,430                    48,038

Other Assets                                                               6,769                     5,952
                                                                           -----                     -----

Total Assets                                                            $118,700                  $125,919
                                                                        --------                  --------

Total Current Liabilities                                                 23,791                    29,752

Long-Term Debt, net of current portion                                   124,285                   126,120
Other Liabilities                                                          2,907                     4,735

Total Shareholders' Deficit                                             (32,283)                  (34,688)
                                                                        --------                  --------

Total Liabilities and Shareholders' Deficit                             $118,700                  $125,919
                                                                        --------                  --------

</TABLE>