Bio-Reference Laboratories, Inc. Announces Record Operating Results For Q4 And All Of FY2003, Including Significant Gains in Net Revenues, Earnings and Net Income.Business Editors/Health/Medical Writers 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)--Jan. 8, 2004 BRLI BRLI Bio Rad Laboratories Inc reports 107% gain in pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta Net Income and 100% growth in pre-tax EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. on record Net Revenues in Q4 of FY2003 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) released its fourth quarter, fiscal year 2003 earnings today for the three months ending October October: see month. 31, 2003. For the Quarter, the Company posted record pre-tax net income of $3,364,174 on record net revenues for the quarter of $30,403,898, compared to pre-tax net income of $1,626,944 on revenues of $25,579,377 recorded in the fourth quarter of fiscal year 2002. These results represent an increase of 107% in pre-tax income and a 19% increase in revenues. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, Earnings per Share (EPS) on a pre-tax basis doubled to $.26 per share over the prior year pre-tax EPS of $.13 per share. Gross Profit on Revenues increased to $15,426,750 and represented a margin for gross profit on revenues of 51% compared to the prior year's $12,298,846 and 48%. Net income after taxes for the current quarter was $2,246,174 or $.17 EPS compared to the prior year net income after taxes of $1,447,299 or $.11 EPS, increases of 52% and 55% respectively. Patient count for the current quarter was 584,157 compared to the prior year count of 509,179, an increase of 15%; revenue per patient for the quarter increased to $52.05 compared to the prior year quarterly revenue per patient of $50.24, an increase of 4%. For Fiscal Year 2003, pre-tax net income rose to $8,603,519 on net revenues of $109,033,364 compared to the prior fiscal year when the Company posted pre-tax net income of $5,222,539 on net revenues of $96,630,704, representing year over year growth of 65% on pre-tax net income and 13% on net revenues. Net Income after taxes for the current fiscal year was $6,539,519, an increase of 33% over the prior fiscal year net income after taxes of $4,921,539. Earnings per Share for the current fiscal year were $.51 per share on a fully taxed basis and $.67 per share on a pre-tax basis, compared to $.39 per share fully taxed and $.41 per share on a pre-tax basis in the prior fiscal year. The Company noted that while esoteric testing esoteric test Lab medicine The analysis of 'rare' substances or molecules that are not performed in a routine clinical lab. See DORA. again represented about 28% of revenues for the quarter, substantial increases were made in both the marketing and technical staffing of its GenPath division during the fourth Quarter 2003. Working Capital increased from approximately $12,651,000 at the end of fiscal year 2002 to approximately $17,963,000 at the end of fiscal year 2003. Marc D. Grodman M.D., President noted, "Fiscal Year 2003 was a watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. year for Bio-Reference Laboratories. Despite a slow beginning to the year due to weather and other circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or beyond our control, we achieved outstanding success in every aspect of our business. Thanks to the extremely strong results of our third and fourth quarters, we posted significant gains in net revenue and operating results. Our correctional healthcare business increased in the fourth quarter and we experienced a steady growth in esoteric testing throughout the year. As a result, we saw solid growth in both patient count as well as revenue per patient. On a year over year basis, our operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved by nearly 200 basis points as we continued to leverage our growth and efficiency into greater profitability. Net income and earnings demonstrated significant improvement on a year over year basis as well. Notwithstanding our improved profit margins, we were able to re-invest substantial funds into strengthening our infrastructure and building for future growth and expansion." Dr. Grodman continued, "The clinical laboratory industry remains strong and vital to healthcare and the fruits of discovery and technology have clearly paved pave tr.v. paved, pav·ing, paves 1. To cover with a pavement. 2. To cover uniformly, as if with pavement. 3. To be or compose the pavement of. the way to the burgeoning role that clinical testing plays in healthcare. Molecular and Cancer Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler , Genetic Predisposition genetic predisposition Molecular medicine The tendency to suffer from certain genetic diseases–eg, Huntington's disease, or inherit certain skills–eg, musical talent Testing and other esoteric testing methodologies have become ever more critical to healthcare. We have placed great emphasis on expanding our capabilities in this growing area of clinical testing. We have been touting touting the making of personal representations by a veterinarian to persons who are not clients in an attempt to solicit their business. our GenPath division for several years now and we believe that changes in the marketplace have justified the efforts we have put into building up our marketing and technology capabilities in this vital area of laboratory diagnostics. We have sought out and continue to seek out the finest resources available to enhance our offerings in hematology hematology Branch of medicine concerned with the nature, function, and diseases of the blood. It covers the cellular and serum composition of blood, the coagulation process, blood-cell formation, hemoglobin synthesis, and disorders of all these. and 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. . We expect significant growth in this area of our business, but we are equally certain that the remainder of our business will grow substantially over the next year as well. We are continuing to leverage our strengths and efficiencies in operations and we expect to continue to improve our operating margins over the coming year. The markets have welcomed our good results over the past year and have enabled us to look beyond organic growth as a means to continue our expansion; we will consider synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. and accretive opportunities if and when they are available to us. Over the past year, the role of Bio-Reference Laboratories has gained significant prominence prominence /prom·i·nence/ (prom´i-nins) a protrusion or projection. frontonasal prominence in the laboratory industry; we expect that prominence to be even greater by the end of our fiscal year 2004. Our course for growth and expansion has been laid out and we will pursue it." The Company's fourth 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 site 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 “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. 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, which includes disease management, laboratory reporting and ordering, as well as claims and eligibility processing through CareEvolve, its web-based healthcare portal.
Bio-Reference Laboratories, Inc.
Statements of Operations
(Unaudited)
Three Months Ended Year Ended
October 31, October 31,
2003 2002 2003 2002
Net Revenues $30,403,898 $25,579,377 $109,033,364 $96,630,704
----------------- ------------ ------------ ------------- ------------
Cost of Sales 14,977,148 13,280,531 56,215,944 51,705,625
----------------- ------------ ------------ ------------- ------------
Gross Profit on
Revenues $15,426,750 $12,298,846 $52,817,420 $44,925,079
----------------- ------------ ------------ ------------- ------------
General and
Administrative 11,923,375 10,512,088 43,533,086 38,853,086
----------------- ------------ ------------ ------------- ------------
Operating Income $3,503,375 $1,786,758 $9,284,334 $6,071,993
----------------- ------------ ------------ ------------- ------------
Other Expense,
Net 139,201 159,814 680,815 849,454
----------------- ------------ ------------ ------------- ------------
Income Before
Taxes $3,364,174 $1,626,944 $8,603,519 $5,222,539
----------------- ------------ ------------ ------------- ------------
Taxes 1,118,000 179,645 2,064,000 301,000
----------------- ------------ ------------ ------------- ------------
Net Income (Loss) $2,246,174 $1,477,299 $6,539,519 $4,921,539
----------------- ------------ ------------ ------------- ------------
Income (loss) Per
Share $.20 $.13 $.57 $.43
----------------- ------------ ------------ ------------- ------------
Number of Shares 11,451,023 11,586,032 11,489,268 11,378,300
----------------- ------------ ------------ ------------- ------------
Income (Loss) Per
Share (Diluted) $.17 $.11 $.51 $.39
----------------- ------------ ------------ ------------- ------------
Number of Shares
(Diluted) 13,044,782 12,974,721 12,797,831 12,779,516
----------------- ------------ ------------ ------------- ------------
Bio-Reference Laboratories, Inc.
Balance Sheets
(Unaudited)
October 31, October 31,
2003 2002
Cash & Cash Equivalents $3,965,488 $3,403,365
-------------------------------------------- ------------ ------------
Accounts Receivable (Net) 32,912,971 28,698,931
-------------------------------------------- ------------ ------------
Plant, Property & Equipment (Net) 4,762,884 3,004,387
-------------------------------------------- ------------ ------------
Intangible Assets (Net) 8,142,530 8,711,459
-------------------------------------------- ------------ ------------
Other Assets 3,434,885 3,624,032
-------------------------------------------- ------------ ------------
$53,218,758 $47,442,174
-------------------------------------------- ------------ ------------
-------------------------------------------- ------------ ------------
Accounts Payable $7,900,274 $6,871,331
-------------------------------------------- ------------ ------------
Notes Payable 8,718,254 10,546,010
-------------------------------------------- ------------ ------------
Long-Term Debt 3,134,531 2,502,150
-------------------------------------------- ------------ ------------
Other Liabilities 3,547,644 3,315,614
-------------------------------------------- ------------ ------------
Shareholder's Equity 29,918,055 24,207,069
-------------------------------------------- ------------ ------------
$53,218,758 $47,442,174
-------------------------------------------- ------------ ------------
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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