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Bio-Reference Laboratories, Inc. Announces Record First Quarter Revenue, Earnings And Cash Flow From Operations

The Company’s year-end earnings conference call has been scheduled to take place this morning, March 1, 2012 at 10:30 a.m. Eastern Standard Time. The live audio Web cast will be available at the Company’s corporate Web site, and through To listen to the call please go to either Web site ten minutes before the conference call is scheduled to begin. You will need to register as well as download and install any necessary audio software. The Web cast will be archived, on both Web sites, for 30 days following the call.

About BioReference Laboratories, Inc .

BRLI is a clinical testing laboratory offering testing, information and related services to physician offices, clinics, hospitals, employers and governmental units. We believe that we are the fourth largest full-service laboratory in the United States and the largest independent regional laboratory in the Northeastern market. BRLI offers a comprehensive list of laboratory testing services utilized by healthcare providers in the detection, diagnosis, evaluation, monitoring and treatment of diseases. BRLI primarily focuses on esoteric testing, molecular diagnostics, anatomical pathology, women’s health and correctional health care.

Bio-Reference Laboratories, Inc.

Statements of Operations

(Dollars in Thousands Except Share and Per Share Data)

Three Months Ended
January 31,
2012       Pro Forma 2011***       Actual 2011
Net Revenues $149,919       $121,659       $121,659
Cost of Sales 78,676 64,854 64,854
Gross Profit on Revenues 71,243 56,805 56,805
General and Administrative 57,961 48,088 48,088
Operating Income 13,282 8,717 8,717
Other Expense, Net 316 307 (5,263)
Income Before Taxes 12,966 8,410 13,980
Taxes 5,601 3,606 5,994
Net Income 7,365 4,804 7,986
Income Per Share $0.26 $0.17 $0.29
Number of Shares 27,887,717 27,884,100 27,884,100
Income Per Share (Diluted) $0.26 $0.17 $0.28
Number of Shares (Diluted) 28,041,022 28,121,740 28,121,740

***Pro Forma excludes gain from NJ Tax Refund and loss from sale of aircraft.

Bio-Reference Laboratories, Inc.

Balance Sheets

(Dollars in Thousands)

January 31, January 31,
2012       2011
Cash & Cash Equivalents $22,403 $17,040
Accounts Receivable (Net) 147,661 130,549
Plant, Property & Equipment (Net) 47,506 42,085
Intangible Assets (Net) 30,156 30,500
Other Assets 41,486 37,628
Total $289,212 $257,802
Accounts Payable $38,347 $34,790
Revolving Note 19,701 27,853
Long-Term Debt 14,435 13,227
Other Liabilities 22,438 20,818
Shareholder’s Equity 194,291 161,114
Total $289,212 $257,802

Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Bio-Reference Laboratories, Inc. and its subsidiaries. Statements looking forward in time are included in this release pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from any future performance suggested herein. Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners and other and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

Copyright Business Wire 2010
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