(except for per share data or where otherwise noted, numbers are in thousands) Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) announces best-ever quarterly and annual fiscal year results for revenues and earnings. The Company recorded Q4FY12 revenues of $176,052, the strongest quarterly revenues in corporate history (despite Management’s estimate that revenues were diminished by more than $5,000 due to the effects of the hurricane in the quarter) and an increase of 16% over the $151,297 recorded in Q4FY11 (estimated by Management to be about 19% without the effects of the Hurricane). Net income before taxes in Q4FY12 totaled $22,966; an increase of 22% compared with net income before taxes of $18,854 in Q4FY11. Net income after tax for Q4FY12 totaled $12,889 or $.46 per share as compared with $10,476 or $.37 per share in the corresponding quarter in FY11. While the Company posted very strong results, Management believes that its earnings per share would have been approximately $.06 higher, or $.52 per share, absent the effect of Hurricane Sandy in late October. Gross profits on revenues for the current quarter were $87,245 resulting in a margin for gross profit on revenues of 50%, versus the $74,913 reported for the prior fiscal year fourth quarter, also resulting in a margin of 50%. Revenue per patient for Q4FY12 was $85.83, an increase of 4% from the $82.35 reported for the same quarter of the prior fiscal year. The number of patients served increased 12% to 2,039 (estimated 15% and 2,100 without the Hurricane effect) in the current quarter from the prior year fourth quarter total of 1,822. Esoteric business for the Company was 61% of revenues for the fourth quarter of the current fiscal year and Days Sales Outstanding (DSO) was at 80 days. Cash flow from operations for the current quarter exceeded $16,000.
On October 29, 2012, the New York area was battered by Hurricane Sandy. The storm devastated homes, businesses and property throughout the area and caused massive power outages as well as the shut down of airports and river crossings and limited travel over local highways. Despite the impact of the storm in the area, the Company had no shut down whatsoever of laboratory operations. Revenues were impacted by the shutdown of businesses in the area and the difficulties in moving samples into the area. However, all samples received by the laboratory were processed and results delivered. Impact was greatest from midday on 10/29/12 as the hurricane approached the area through Wednesday night when order began to be restored to the area. Based on actual revenues and expenses from the period immediately preceding the storm as well as the analysis of the period following the storm, Management has calculated the Q4FY12 losses resulting from the storm at $5,126 in revenue and $.06 EPS; Management has likewise estimated the Q1FY13 reduction to net income to be in the range of $.03- $.05 EPS as the ongoing impact on both providers and patients continued in the aftermath of the storm, and will be further delineated once the entire first quarter is reviewed in its entirety.
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