Bio-Reference Laboratories, Inc. Announces 168% Increase in Net Income for Second Quarter.Business Editors ELMWOOD PARK Elmwood Park, village (1990 pop. 23,206), Cook co., NE Ill., a suburb of Chicago; inc. 1914. It is chiefly residential. , N.J.--(BUSINESS WIRE)--May 30, 2002 Net Profits For First Six Months of Current Year Exceed Those For Entire Fiscal 2001 Bio-Reference Laboratories, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BRLI BRLI Bio Rad Laboratories Inc ) today announced record net income based on quarterly revenues for the three months ended April 30, 2002. The Company reported a 168% increase of pre-tax net income for the second quarter of fiscal year 2002 of $1,345,941 or $.10 per share compared to net income of $502,501 or $.05 per share in the same quarter of fiscal year 2001. Net Revenues for the second quarter were $23,863,545 compared to $19,831,231 for the same quarter last year. Gross profit was $11,215,369, or 47% of net revenues, for the recently ended quarter, compared to $8,928,342 for the second quarter of 2001. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter was $1,587,010 compared to $949,516 in the second quarter of 2001, resulting in a 67% increase in operating income year over year. For the first six months of fiscal year 2002 net income before taxes was $2,062,623 or $.15 per share compared to net income before taxes for the same period last year of $624,531 or $.06 per share. For the first six months of fiscal year 2002 net revenues were $46,158,188 compared to $38,218,403 for the same period in the prior fiscal year. Gross profit on revenues was $20,583,879 for the first six months of the current year compared to $17,054,791in the same period of fiscal year 2001. Operating income for the first six months of the current fiscal year was $2,562,546 compared to $1,508,655 in the same period last year, an increase of 70%. During the three months ended April 30, 2002, Bio-Reference Laboratories, Inc. announced that its application to have its common stock listed on the Nasdaq(R) National Market was approved. The Company's common stock, which was previously traded on the small cap market, commenced trading on the Nasdaq(R) National Market on Tuesday, March 26, 2002. Marc D. Grodman M.D., President and Chief Executive Officer commented, "We are extremely pleased with our second quarter results. Our record-breaking revenues and net profit continue to reflect the overall improvement of the Company's performance and our broadening presence in the healthcare services industry. The fact that we are a full service laboratory with specialty service capabilities, especially in the areas of oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. , genomics, physician office pathology pathology, study of the cause of disease and the modifications in cellular function and changes in cellular structure produced in any cell, organ, or part of the body by disease. and prison health, has proven to be extremely important in achieving record revenues quarter after quarter. Since the same time last year, there has been substantial increase in shareholder value and we are confident that the Company is well positioned for continued success." Dr. Grodman continues, "The synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. between our core laboratory business, our connectivity solution, CareEvolve, and our informatics Same as information technology and information systems. The term is more widely used in Europe. unit, PSIMedica, enables us to offer the kind of quality health care that is every laboratory's responsibility to provide. We have made clear our plan to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. seek better and more efficient ways of doing business and to be consistent with the progress we have demonstrated over the last several quarters." The Company's second quarter earnings conference call is scheduled for today 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 sites ten minutes before the conference call is scheduled to begin. You will need to register as well as download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. The Web cast will be archived, on both Web sites, for 30 days following the call. About Bio-Reference Laboratories, Inc. The Company is the largest independent regional clinical laboratory in the Northeast and has major market positions in physician offices, nursing homes and correctional institutions Noun 1. correctional institution - a penal institution maintained by the government detention camp, detention home, detention house, house of detention - an institution where juvenile offenders can be held temporarily (usually under the supervision of a juvenile . The Company is a full service clinical laboratory with specialty capability, especially in the areas of genomics, oncology, correctional health, and complimentary medicine. PSIMedica, a business unit of the Company, is a clinical knowledge management (CKM CKM Cabibbo-Kobayashi-Maskawa (quark mixing matrix) CKM Certified Knowledge Manager (trademark of Hudson Associates Consulting, Inc. ) organization offering an array of information solutions for reducing healthcare costs and improving quality performance that are based on a flexible, scalable software analytical engine A programmable calculator designed by British scientist Charles Babbage. After his Difference Engine failed its test in 1833, Babbage started the design of the Analytical Engine in 1834. that utilizes all available source information, including claims data, enrollment data, prescription data and laboratory data. The Company provides a comprehensive connectivity solution, to physicians, that includes disease management, laboratory reporting and ordering, as well as claims eligibility and processing through CareEvolve, its web-based healthcare portal.
Bio-Reference Laboratories, Inc.
Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
2002 2001 2002 2001
Net Revenues $23,863,545 $19,831,231 $46,158,188 $38,218,403
Cost of Sales 12,648,176 10,902,889 25,574,310 21,163,613
Gross Profit on
Revenues $11,215,369 $ 8,928,342 $20,583,878 $17,054,791
General and
Administrative 9,628,359 7,978,813 18,021,332 15,546,136
Operating Income $ 1,587,010 $ 949,529 $ 2,562,546 $ 1,508,655
Other Expense, Net 241,069 447,028 499,923 884,124
Income Before
Taxes $ 1,345,941 $ 502,501 $ 2,062,623 $ 624,531
Taxes 85,773 0 92,708 0
Net Income (Loss) $ 1,260,168 $ 502,501 $ 1,969,915 $ 624,531
Income (loss) Per
Share $ .11 $ .05 $ .18 $ .07
Number of Shares 11,234,918 9,379,782 11,169,290 8,942,616
Income (Loss) Per
Share (Diluted) $ .10 $ .05 $ .15 $ .06
Number of Shares
(Diluted) 12,889,043 10,401,006 $12,820,840 9,963,840
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 statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". Statements looking forward in time are included in this release pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from any future performance suggested herein. www.bioreference.com |
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