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UPDATE -- BioReference Laboratories, Inc. Reports Record Quarterly Results Based On Sustained Growth

ELMWOOD PARK, N.J., June 6, 2013 (GLOBE NEWSWIRE) -- BioReference Laboratories, Inc. (Nasdaq:BRLI) announces record second quarter results for revenues. 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 Q2FY13 revenues of $176,452, the highest recorded revenues in a quarter in corporate history, representing an increase of 17% over the $151,443 (previously reported as $163,388) recorded in Q2FY12. Operating income for Q2FY13 was $20,709, an increase of 23% over the Q2FY12 operating income of $16,771. Net income after taxes in Q2FY13 came in at $11,338, resulting in earnings per share of $.41, up from Q2FY12 net income after taxes of $9,306 and EPS of $.33, increases of 22% and 24%, respectively. Gross profit on revenues for Q2FY13 was $80,676, resulting in a margin for gross profit on revenues of approximately 46%, a 19% improvement over the $67,534 (previously reported as $79,479) recorded for Q2FY12, which resulted in a 45% margin. Revenue per patient for Q2FY13 was $84.93, an increase of 11% over the $77.09 (reported as $83.21) recorded for Q2FY12. The number of patients served increased 6% to 2,066 in Q2FY13 from the Q2FY12 total of 1,952. Esoteric business for the Company was 63% of revenues for Q2FY13 compared to 59% in Q2FY12. Days Sales Outstanding (DSO) was 89 days compared to Q2FY12 when the DSO was 88 days (previously reported as 81 days).

Six-month revenues increased to $337,709 in FY13, an increase of 16% over the first six months of FY12 revenues of $290,236 (previously reported as $313,307). Operating income for the first six months of FY13 was $36,468, an increase of 21% over FY12 six-month operating income of $30,055. Net income after taxes for the first six months of FY13 was $20,003, resulting in an EPS of $.72, an increase of 20% over first six-months FY12 net income after taxes of $16,671, which resulted in an EPS of $.60. The Company reported gross profit on revenues for the FY13 six-month period of $151,598, resulting in a margin for gross profit on revenues of 45%, up from revenues in the FY12 first six-month period of $127,652  (previously reported as $150,723), which resulted in a margin of 44% (previously reported as 47%). The number of patients served increased 7% to 4,038 in the first six months of FY13 from the FY12 same period total of 3,766. Cash flow from operations for the first six months of FY13 was $12,832 down from $23,650 in the prior year same period.

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