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(Numbers in thousands except per share data or where otherwise noted.) Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) released its second quarter, fiscal year 2012 earnings today for the three months ended April 30. The Company recorded current quarter revenues of $163,388, the highest quarter in corporate history, representing an increase of 19% over the $137,658 recorded in the second quarter, fiscal year 2011. Operating income for Q2FY12 was $16,771, an increase of 26% over the Q2FY11 operating income of $13,313. Net income after taxes in Q2FY12 came in at $9,306, resulting in earnings per share of $.33, up from the prior fiscal year second quarter net income after taxes of $7,211 (pro forma) and EPS of $.26 (pro forma), increases of 29% and 27%, respectively. Gross profit on revenues for the current quarter was $79,479, resulting in a margin for gross profit on revenues of approximately 49%, a 21% improvement over the $65,639 reported for the prior fiscal year second quarter, which resulted in a 48% margin. Revenue per patient for the second quarter of the current fiscal year was $83.21, an increase of 2% over the $81.33 reported for the same quarter of the prior fiscal year. The number of patients served increased 16% to 1,952 in the current quarter from the prior year second quarter total of 1,680. Esoteric business for the Company was 59% of revenues for the second quarter of the current fiscal year compared to 58% in the same quarter of the prior fiscal year. Days Sales Outstanding (DSO) was 81 days compared to Q1FY12 of 91 days and the prior fiscal year second quarter when the DSO was 90 days.
Six-month revenues increased to $313,307, an increase of 21% over the same period revenues of $259,317 in the prior fiscal year. Operating income for the first six months of FY12 was $30,055, an increase of 36% over the prior fiscal year six-month operating income of $22,030. Net income after taxes for the first six months of the current year was $16,671, resulting in an EPS of $.60, an increase of 38% from the prior year same period net income after taxes of $12,046 (pro forma), which resulted in an EPS of $.43 (pro forma). The Company reported gross profit on revenues for the current six-month period of $150,723, resulting in a margin for gross profit on revenues of 48%, up from the prior year same period of $122,444, which resulted in a margin of 47%. The number of patients served increased 19% to 3,766 in the first half of the current year from the prior year same period total of 3,172. Cash flow from operations for the first six months of FY12 was $23,650, up 132% from the prior year same period when cash flow from operations was $10,196 (inclusive of two one-time cash positive events that were excluded in the pro forma P&L.)