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Bio-Reference Laboratories, Inc. Announces Record Revenues And Earnings For Fourth Quarter And For Full Fiscal Year Despite Effects Of Hurricane Sandy

Dr. Grodman completed his comments by stating: "Last year we continued our guidance, which has been consistent for quite some time. We still believe that we will increase net revenues by greater than 15%. We continue to estimate that we will grow net income by around 20%. The only proviso to that is we still have not accounted for the full impact of Hurricane Sandy. We will remain focused on our future growth and performance and providing the best results for our shareholders, physician clients and the patients they serve."

The Company’s year-end earnings conference call has been scheduled to take place this morning, December 6, 2012 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 EndedOctober 31,

    2012       2011
Net Revenues     $176,052       $151,297
Cost of Sales 88,807 76,384
Gross Profit on Revenues 87,245 74,913
General and Administrative 63,842 55,578
Operating Income 23,403 19,335
Other Expense, Net 437 481
Income Before Taxes 22,966 18,854
Taxes 10,077 8,378
Net Income 12,889 10,476
Income Per Share $0.47 $0.37
Number of Shares 27,704,715 27,948,567
Income Per Share (Diluted) $0.46 $0.37
Number of Shares (Diluted) 27,906,191 28,138,047
 
       

Twelve Months Ended

October 31,

  2012     Pro Forma 2011***     Actual 2011
Net Revenues $661,661       $558,642       $558,642
Cost of Sales 337,644 287,853 287,853
Gross Profit on Revenues 324,017 270,789 270,789
General and Administrative 247,886 211,015 211,015
Operating Income 76,131 59,774 59,774
Other Expense, Net 1,615 1,584 (5,072)
Income Before Taxes 74,516 58,190 64,846
Taxes 32,360 25,563 28,487
Net Income 42,156 32,627 36,359
Income Per Share $1.52 $1.17 $1.30
Number of Shares 27,742,257 27,971,100 27,971,100
Income Per Share (Diluted) $1.51 $1.16 $1.29
Number of Shares (Diluted) 27,920,920 28,207,358 28,207,358

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

 

Bio-Reference Laboratories, Inc.

Balance Sheets

(Dollars in Thousands)

 
       

October 31,

2012

   

October 31,

2011

     
Cash & Cash Equivalents $24,665 $22,013
Accounts Receivable (Net) 153,247 148,060
Plant, Property & Equipment (Net) 50,440 43,567
Intangible Assets (Net) 29,731 30,312
Other Assets 54,264 39,307
Total $312,347 $283,259
 
Accounts Payable $41,288 $38,612
Revolving Note (478) 18,632
Long-Term Debt 18,047 15,250
Other Liabilities 26,243 20,998
Shareholder’s Equity 227,247 189,767
Total $312,347 $283,259




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