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Bio-Reference Laboratories, Inc. Reports Best Quarterly Revenues And Earnings In Corporate History With 25% Increase In Earnings Per Share

(Except for Per Share Data or where otherwise noted, numbers are in thousands) Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) announced that the Company recorded current quarter revenues of $172,302, an increase of 16% over the $148,029 recorded in the third quarter, fiscal year 2011. Net income after taxes in Q3FY11 was $12,596 resulting in fully diluted earnings per share (EPS) of $.45, up 25% and 25% respectively from the prior fiscal year third quarter net income after taxes of $10,081 and EPS of $.36. Gross profit on revenues for the current quarter was $86,049 resulting in a margin for gross profit on revenues of 50%, versus the $73,432, and 50%, reported for the prior fiscal year third quarter. Revenue per patient for the third quarter of the current fiscal year was $85.65, an increase of 2% over the $84.20 reported for the same quarter of the prior fiscal year. The number of patients served increased 14% to 1,997 in the current quarter from the prior year third quarter total of 1,745. The Company further noted that Days Sales Outstanding (DSO) were 79 days compared to the prior fiscal year same period when the DSO were 92 days. Cash flow from operations for the current fiscal quarter was just short of $13,000 compared to approximately $1,300 for the same period in the last fiscal year.

Nine-month revenues increased to $485,609, an increase of 19% over the same period revenues of $407,345 in the prior fiscal year (nine month numbers from 2011 are based on pro forma numbers which exclude non-operating gains and a loss). Net income after taxes for the first nine months of the current year was $29,267 resulting in an EPS of $1.05; this was an increase of 32% from the prior year same period net income after taxes of $22,137 which resulted in an EPS of $.79. The Company reported gross profit on revenues for the current nine month period of $236,772, resulting in a margin for gross profit on revenues of 49% compared to the prior year same period of $195,876 which resulted in a margin of 48%. The number of patients served increased 17% to 5,762 in the first nine months of the current year from the prior year same period total of 4,917. Cash flow from operations for the nine month period was over $36,000 compared to about $11,500 for the same period in the last fiscal year.

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