Bio-Reference Laboratories, Inc. Post a Fiscal Profit On Record Revenues; Laboratory Testing Services Continue Growth; Company to Offer New Initiatives.Business Editors & Health/Medical Writers BIOWIRE2K 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.--(BW HealthWire)--Feb. 1, 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 ) announced today a profit and record revenues for the fiscal year ended October 31, 2000. Bio-Reference Laboratories ("BRLI") reported net income of $105,155, or $0.01 per share, on revenues of $66,460,073 for the fiscal year ended October 31, 2000, compared with a fiscal 1999 loss of $(4,978,448), or $(0.68) per share, on revenues of $53,856,414. 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 fiscal 2000 was $1,631,864, compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $(3,425,832) for fiscal 1999. [pilcrow (paragraph sign)] The Company said its laboratory operations for fiscal year 2000 had net income of $747,483 with an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $2,274,193, but these results were significantly impacted by operations of Right Body Foods, which incurred a $(449,810) loss during the fiscal year. The Company said it had downsized operations of Right Body Foods by the end of the fourth quarter of fiscal 2000. In announcing the results, Dr. Marc Grodman, President and Chief Executive Officer of Bio-Reference, said, "The Company's financial performance demonstrates continued growth and expansion of all clinical laboratory testing services, notably in the specialty and esoteric areas. The fourth quarter revealed an increase in Laboratory revenues of 27% over the fourth quarter of last year and an increase in patient count of 14%. This has been accomplished through internal growth and the introduction of an expanded menu of specialty and esoteric testing. GenPath, our cancer laboratory, is showing impressive growth which we believe will contribute to improved margins in the coming fiscal year. We have held the contract for the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State prison system for the past three years and we are substantially expanding our operations in this highly undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. area of correctional institution 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 healthcare services. During the past year we have completed improvements to our laboratory facilities that have allowed us to increase capacity and provide for continued growth of the laboratory operations." Dr. Grodman continued, "As the Company grows its core business at record rates, we have further sought to fulfill the potential of the clinical laboratory through initiatives that emphasize enhanced connectivity and value-added analysis. Building upon the inherent data exchange function of the laboratory and providing worthwhile analytics will enhance the value of laboratory services. These two initiatives are being developed through CareEvolve, a physician-centric web portal See portal. , which began operations during the fourth quarter of fiscal year 2000, and through PSIMedica, a medical intelligence company, that utilizes laboratory information in conjunction with other medical data, and which should begin operations during the first half of fiscal year 2001. We believe that CareEvolve and PSIMedica will not only enhance the value of the Company overall, but that they will become valuable tools in continuing to support the growth of the core laboratory business as well." About Bio-Reference Laboratories, Inc.: BRLI is a multi-faceted Health Services health services Managed care The benefits covered under a health contract and Information Company as well as the largest regional clinical laboratory in the North East United States. It has major market positions in physician offices, nursing homes and correctional institutions. Its toxicology division performs employee drug testing for major corporations nationwide, as well as for drug treatment centers and psychiatric hospitals. CareEvolve.com, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BRLI, is a Physician based health portal that seeks to enhance physician-patient and physician-payer electronic communications on a secured basis, including communicating laboratory results, e-mail, prescriptions, payer verification and eligibility, as well as offering other Internet based services to its physician members. These services will be provided through an Internet connectivity backbone. The Company's common stock is traded on the Nasdaq Small Cap system under the symbol "BRLI." For additional information about BRLI, please visit www.bioreference.com as well as www.careevolve.com.
Bio-Reference Laboratories, Inc.
Statements of Operations
(Audited)
Year Ended October 31,
2000 1999
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Net Revenues $66,640,073 $53,856,414
Cost of Services 37,174,351 30,850,337
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Gross Profit on Revenues $29,285,722 $23,006,077
Expense of Impaired Assets $ -- $ 2,924,371
General and Administrative 27,653,858 23,507,538
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Operating Income $ 1,631,864 $ (3,425,832)
Other Expense, Net 1,568,309 1,185,316
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Net Income (Loss)
Before Income Tax $ 63,655 $ (4,611,148)
Provision for Income Taxes (Benefit) (41,500) 367,300
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Net Income (Loss) $ 105,155 $ (4,978,448)
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Net Income (Loss) Per Share $ 0.01 $ (0.68)
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Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements". 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. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide Web site at www.kcsa.com. |
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