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

Stocks in this article: BRLI

The Company's third quarter earnings conference call has been scheduled to take place this morning, August 30, 2012 at 10:30 a.m. Eastern Daylight Time. The live audio cast will be available at the Company's corporate Website, and through To listen to the call please go to either Website 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 Websites, 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)
Three Months Ended

July 31,

2012   2011
Net Revenues $ 172,302   $ 148,029
Cost of Sales 86,253 74,597
Gross Profit on Revenues 86,049 73,432
General and Administrative 63,375 55,023
Operating Income 22,674 18,409
Other Expense, Net 492 416
Income Before Taxes 22,182 17,993
Taxes 9,586 7,912
Net Income 12,596 10,081
Income Per Share $ 0.45 $ 0.36
Number of Shares 27,695,215 27,941,233
Income Per Share (Diluted) $ 0.45 $ 0.36
Number of Shares (Diluted) 27,887,765 28,147,179
  Nine Months Ended
July 31,
2012   Pro Forma 2011***   Actual 2011
Net Revenues $ 485,609   $ 407,345   $ 407,345
Cost of Sales 248,837 211,469 211,469
Gross Profit on Revenues 236,772 195,876 195,876
General and Administrative 184,044 155,437 155,437
Operating Income 52,728 40,439 40,439
Other Expense, Net 1,179 1,103 (5,553 )
Income Before Taxes 51,549 39,336 45,992
Taxes 22,282 17,199 20,109
Net Income 29,267 22,137 25,883
Income Per Share $ 1.05 $ 0.79 $ 0.93
Number of Shares 27,754,771 27,915,189 27,915,189
Income Per Share (Diluted) $ 1.05 $ 0.79 $ 0.92
Number of Shares (Diluted) 27,930,202 28,123,558 28,123,558

***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)
July 31, October 31,
2012   2011
Cash & Cash Equivalents $ 20,238 $ 22,013
Accounts Receivable (Net) 147,546 148,060
Plant, Property & Equipment (Net) 50,001 43,567
Intangible Assets (Net) 29,871 30,312
Other Assets 50,961 39,307
Total $ 298,617 $ 283,259
Accounts Payable $ 39,998 $ 38,612
Revolving Note 5,074 18,632
Long-Term Debt 18,993 15,250
Other Liabilities 20,264 20,998
Shareholder’s Equity 214,288 189,767
Total $ 298,617 $ 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.

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