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Bio-Reference Laboratories, Inc. Announces Strong Growth Resulting In Record First Quarter Revenue And Earnings

Dr. Grodman concluded, "We re-affirm our guidance for our current fiscal year as announced in our Q4FY12 earnings call. We remain focused on being the technology leader, the marketing leader as well as the service leader in a service-dominated industry. We believe we grow because we are able to identify the needs of the clinical diagnostic market and provide solutions to the needs of the healthcare providers. We are committed to the disruptive technology and reporting advancements that have been the hallmark of our sustained growth and remain dedicated to continuing that model as we move forward."

The Company's Q1FY13 earnings conference call has been scheduled to take place this morning, February 28, 2013 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.

Bio-Reference Laboratories, Inc.
Statements of Operations
(Dollars in Thousands Except Share and Per Share Data)
(Unaudited)
Three Months Ended
January 31,
 
    (As Adjusted (As Previously
    for Topic 954) Reported)
  2013 2012 2012
Net Revenues $161,256 $138,793 $149,919
Cost of Sales 90,334 78,676 78,676
Gross Profit on Revenues 70,922 60,117 71,243
General and Administrative 55,163 46,835 57,961
Operating Income 15,759 13,282 13,282
Other Expense, Net 386 316 316
Income Before Taxes 15,373 12,966 12,966
Taxes 6,708 5,601 5,601
Net Income 8,665 7,365 7,365
Income Per Share $0.31 $0.26 $0.26
Number of Shares 27,716,336 27,887,717 27,887,717
Income Per Share (Diluted) $0.31 $0.26 $0.26
Number of Shares (Diluted) 27,912,327 28,041,022 28,041,022
 
Bio-Reference Laboratories, Inc.
Balance Sheets
(Dollars in Thousands)
(Unaudited)
 
  January 31, October 31,
  2013 2012
Cash & Cash Equivalents $26,316 $25,143
Accounts Receivable (Net) 161,289 153,247
Plant, Property & Equipment (Net) 51,569 50,440
Intangible Assets (Net) 36,235 29,731
Other Assets 55,236 54,264
Total $330,645 $312,825
     
Accounts Payable $42,656 $41,288
Revolving Note 6,684  --
Long-Term Debt 17,500 18,047
Other Liabilities 27,595 26,243
Shareholder's Equity 236,210 227,247
Total $330,645 $312,825

About Bio-Reference 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. 

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