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

Dr. Grodman finally noted: "BioReference is designed to grow. We recognize that we participate in a service industry and we have created an infrastructure that we believe is best designed to sustain growth in that service industry. We recognize our need to constantly assess and re-assess our corporate strategies. We constantly adjust those strategies to meet the changing demands of an evolving industry. We introduce new technology; we adjust to changes in the provider environment; we adapt to changes in the reimbursement environment. We believe our ability to adapt has enabled our growth over the past two decades; we believe our ability to identify under-served niches and respond to them, such as the establishment of Laboratorio Buena Salud, speaks to our resourcefulness; these attributes will drive our growth in the future as they have in the past. During the past quarter, we purchased 81,600 shares of our own stock during the quarter because it was a good use of our funds.  We have recently made accretive and synergistic acquisitions which we believe will enhance our ability to serve providers. We will continue to employ these strategies as we believe appropriate in the future in order to position ourselves for growth and expansion of our presence in our marketplace."

The Company's second quarter earnings conference call is scheduled for today at 10:30 a.m. Eastern Daylight 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. 

BioReference Laboratories, Inc.
Statements of Operations
(Dollars in Thousands Except Share and Per Share Data)
(Unaudited)
Three Months Ended
April 30,
       
    (As Adjusted (As Previously
    for Topic 954) Reported)
  2013 2012 2012
Net Revenues $176,452 $151,443 $163,388
Cost of Sales 95,776 83,909 83,909
Gross Profit on Revenues 80,676 67,534 79,479
General and Administrative 59,967 50,763 62,708
Operating Income 20,709 16,771 16,771
Other Expense, Net 514 370 370
Income Before Taxes 20,195 16,401 16,401
Taxes 8,857 7,095 7,095
Net Income 11,338 9,306 9,306
Income Per Share $0.41 $0.34 $0.34
Number of Shares 27,698,146 27,684,715 27,684,715
Income Per Share (Diluted) $0.41 $0.33 $0.33
Number of Shares (Diluted) 27,879,448 27,877,697 27,877,697
   
  Six Months Ended
  April 30,
       
    (As Adjusted (As Previously
    for Topic 954) Reported)
  2013 2012 2012
Net Revenues $337,709 $290,236 $313,307
Cost of Sales 186,111 162,584 162,584
Gross Profit on Revenues 151,598 127,652 150,723
General and Administrative 115,130 97,597 120,668
Operating Income 36,468 30,055 30,055
Other Expense, Net 899 687 687
Income Before Taxes 35,569 29,368 29,368
Taxes 15,566 12,697 12,697
Net Income 20,003 16,671 16,671
Income Per Share $0.72 $0.60 $0.60
Number of Shares 27,707,241 27,786,216 27,786,216
Income Per Share (Diluted) $0.72 $0.60 $0.60
Number of Shares (Diluted) 27,891,431 27,960,069 27,960,069
 
 
BioReference Laboratories, Inc.
Balance Sheets
(Dollars in Thousands)
(Unaudited)
  April 30, October 31,
  2013 2012
Cash & Cash Equivalents $25,538 $25,143
Accounts Receivable (Net) 176,438 153,247
Plant, Property & Equipment (Net) 55,134 50,440
Intangible Assets (Net) 36,898 29,731
Other Assets 57,385 54,264
Total $351,393 $312,825
     
Accounts Payable $46,746 $41,288
Revolving Note 9,377  --
Long-Term Debt 18,672 18,047
Other Liabilities 30,999 26,243
Shareholder's Equity 245,599 227,247
Total $351,393 $312,825

Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Bio-Reference Laboratories, Inc. and its subsidiaries. Statements looking forward in time are included in this release pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners and other and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission.  We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

www.bioreference.com

CONTACT: Tara Mackay
         Investor Relations Coordinator
         (201) 791-2600
         (201) 791-1941 (fax)
         tmackay@bioreference.com

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