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|
|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|
|Other Expense, Net||370||380||(707)|
|Income Before Taxes||16,401||12,933||14,020|
|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|
|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|
|Other Expense, Net||687||687||(5,969)|
|Income Before Taxes||29,368||21,344||27,999|
|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|
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