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BioReference Laboratories, Inc. Reports Sustained Growth On Strong Quarterly Results

ELMWOOD PARK, N.J., Aug. 29, 2013 (GLOBE NEWSWIRE) -- BioReference Laboratories, Inc. (Nasdaq:BRLI) announces record third 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 Q3FY13 revenues of $185,427, the highest recorded revenues in a quarter in corporate history, representing an increase of 16% over the $160,532 (previously reported as $172,302) recorded in Q3FY12. Operating income for Q3FY13 was $25,059, an increase of 11% over the Q3FY12 operating income of $22,674. Net income after taxes in Q3FY13 was $14,701, resulting in earnings per share of $.53, up from Q3FY12 net income after taxes of $12,596 and EPS of $.45, increases of 17% and 18%, respectively. Gross profit on revenues for Q3FY13 was $85,660, resulting in a margin for gross profit on revenues of approximately 46%, a 15% improvement over the $74,279 (previously reported as $86,049 and 50% respectively) recorded for Q3FY12, which also resulted in a 46% margin. Revenue per patient for Q3FY13 was $85.25, an increase of 7% over the $79.75 (reported as $85.65) recorded for Q3FY12. The number of patients served increased 8% to 2,161 in Q3FY13 from the Q3FY12 total of 1,997. Esoteric business for the Company was 64% of revenues for Q3FY13 compared to 61% in Q3FY12. Days Sales Outstanding (DSO) was 95 days compared to Q3FY12 when the DSO was 84 days (previously reported as 79 days) and compared to the immediately preceding Q2FY13 when the DSO was 89 days.

Nine-month revenues increased to $523,136 in FY13, an increase of 16% over the first nine months of FY12 revenues of $450,767 (previously reported as $485,609). Operating income for the first nine months of FY13 was $61,527, an increase of 17% over FY12 nine-month operating income of $52,728. Net income after taxes for the first nine months of FY13 was $34,704, resulting in an EPS of $1.25, an increase of 19% over first nine-months FY12 net income after taxes of $29,267, which resulted in an EPS of $1.05. The Company reported gross profit on revenues for the FY13 nine-month period of $237,258, resulting in a margin for gross profit on revenues of 45%, up from revenues in the FY12 first nine-month period of $201,930 (previously reported as $236,772), which also resulted in a margin of 45% (previously reported as 49%). The number of patients served increased 8% to 6,199 in the first nine months of FY13 from the FY12 same period total of 5,762. Cash flow from operations for the first nine months of FY13 was $16,975 down from $36,561 in the prior year same period.

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