ELMWOOD PARK, N.J., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Bio-Reference Laboratories, Inc. (Nasdaq:BRLI) announces record first quarter results for revenues and earnings. Except for per share data or where otherwise noted, numbers are in thousands and all comparisons to prior periods are adjusted in accordance with the Accounting Standards Update 2011-7 under Topic 954 of FASB codification. The appended table reflects the adjustments for the prior period.
The Company recorded Q1FY13 revenues of $161,256 (despite Management's estimate that revenues were diminished by more than $2,500 due to the effects of the Hurricane Sandy in the quarter), an increase of 16% over the $138,793 recorded in Q1FY12. Net income before taxes in Q1FY13 totaled $15,373 (despite Management's estimate that net income was diminished by more than $1,600 due to the effects of the Hurricane Sandy in the quarter), an increase of 19% compared with net income before taxes of $12,966 in Q1FY12. Net income after tax for Q1FY13 totaled $8,665, or $.31 per share (despite Management's estimate that Net Income after tax was reduced by more than $930 and EPS was reduced by $.03 per share due to the effects of Hurricane Sandy), as compared with $7,365, or $.26 per share, in Q1FY12. Gross profits on revenues for Q1FY13 were $70,922, resulting in a margin for gross profit on revenues of 44%, versus $60,117 for Q1FY12, which resulted in a margin of 43%. Revenue per patient for Q1FY13 was $81.13, an increase of 7% from the $75.87 for Q1FY12. The number of patients served increased 9% to 1,973 in Q1FY13 from the Q1FY12 of 1,814. Esoteric business for the Company was 62% of revenues for Q1FY13 as compared to 59% of revenues for Q1FY12 and Days Sales Outstanding (DSO) were 92 days compared to Q1FY12 DSO of 98 days. Cash flow from operations for the current quarter was slightly more than $7,500, the second best first quarter in the Company's history.