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Bio-Reference Laboratories, Inc. Reports Strong Quarterly Results

Stocks in this article: BRLI

Dr. Grodman finally noted: “For many years, our growth was driven by our expansion in the esoteric markets; which in turn creates greater opportunities for growth in all of our clinical offerings. We continue to be paced by esoteric growth, but we have also been able to expand routine clinical testing into those same physician offices and have been able to achieve a more stable position in the physicians’ offices. This balanced approach has allowed us to maintain our top line goals. Our sales force is continually infused with energy by our new offerings and we expect to leverage that energy into continued expansion around the country.”

The Company’s second quarter earnings conference call is scheduled for today at 10:30 a.m. Eastern Standard Time. The live audio Web cast will be available at the Company’s corporate Web site, www.bioreference.com and through www.streetevents.com. 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 Per Share Data)

(Unaudited)

     
Three Months EndedApril 30,
2012     Pro Forma 2011***     Actual 2011
Net Revenues $163,388     $137,658     $137,658
Cost of Sales 83,909 72,019 72,019
Gross Profit on Revenues 79,479 65,639 65,639
General and Administrative 62,708 52,326 52,326
Operating Income 16,771 13,313 13,313
Other Expense, Net 370 380 (707)
Income Before Taxes 16,401 12,933 14,020
Taxes 7,095 5,722 6,203
Net Income 9,306 7,211 7,817
Income Per Share $0.34 $0.26 $0.28
Number of Shares 27,684,715 27,920,233 27,920,233
Income Per Share (Diluted) $0.33 $0.26 $0.28
Number of Shares (Diluted) 27,877,697 28,142,176 28,142,176
***Pro Forma excludes gain from NJ Sales Tax refund and loss from sale of aircraft.
 

 

Six Months EndedApril 30,
    2012     Pro Forma 2011***     Actual 2011
Net Revenues $313,307     $259,317     $259,317
Cost of Sales 162,584 136,873 136,873
Gross Profit on Revenues 150,723 122,444 122,444
General and Administrative 120,668 100,414 100,414
Operating Income 30,055 22,030 22,030
Other Expense, Net 687 687 (5,969)
Income Before Taxes 29,368 21,344 27,999
Taxes 12,697 9,298 12,197
Net Income 16,671 12,046 15,802
Income Per Share $0.60 $0.43 $0.57
Number of Shares 27,786,216 27,902,167 27,902,167
Income Per Share (Diluted) $0.60 $0.43 $0.56
Number of Shares (Diluted) 27,960,069 28,121,852 28,121,852

***Pro Forma excludes gain from NJ Sales Tax Refund, loss from sale of aircraft and NY State Tax refund.

 
 

Bio-Reference Laboratories, Inc.

Balance Sheets

(Dollars in Thousands)

(Unaudited)

                   

April 30,2012

          October 31,2011
Cash & Cash Equivalents $19,726 $22,013
Accounts Receivable (Net) 147,462 148,060
Plant, Property & Equipment (Net) 50,089 43,567
Intangible Assets (Net) 6,605 6,904
Other Assets 38,287 32,912
Total $294,445 $283,259
 
Accounts Payable $42,962 $38,612
Revolving Note 14,163 18,632
Long-Term Debt 17,849 15,250
Other Liabilities 17,872 20,998
Shareholder’s Equity 201,599 189,767
Total $294,445 $283,259
 

Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as “forward-looking statements”. 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.

www.bioreference.com



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