(except for per share data or where otherwise noted, numbers are in thousands) Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) announces best-ever first quarter results for revenues, earnings and cash. The Company recorded Q1FY12 revenues of $149,919, an increase of 23% over the $121,659 recorded in Q1FY11. Net income before taxes in Q1FY12 totaled $12,966; an increase of 54% compared with pro forma net income before taxes of $8,410 in Q1FY11. Net income after tax for Q1FY12 totaled $7,365 or $.26 per share as compared with pro forma $4,804 or $.17 per share in the corresponding quarter in FY11 (pro forma in Q1FY11 excludes gain from State Tax Refund and loss from sale of corporate aircraft totaling $.11 per share). Gross profits on revenues for the current quarter were $71,243 resulting in a margin for gross profit on revenues of 48%, versus the $56,805 reported for the prior fiscal year first quarter, which resulted in a margin of 47%. Revenue per patient for Q1FY12 was $82.00, an increase of 1% from the $80.88 reported for the same quarter of the prior fiscal year. The number of patients served increased 22% to 1,814 in the current quarter from the prior year first quarter total of 1,491. Esoteric business for the Company was 59% of revenues for the first quarter of the current fiscal year and Days Sales Outstanding (DSO) was at 91 days. Cash flow from operations for the current quarter was nearly $11,000, substantially higher than any other first quarter in the Company’s history. . During the first fiscal quarter of the current year, the Company purchased 170,450 shares of its own common stock at a cost of just under 2.9 million dollars pursuant to the Stock Repurchase Plan announced in November 2011. Through today, the Company will have purchased in total just over 275k shares at a total cost of approximately 5 million dollars.
