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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