Bio-Reference Laboratories, Inc. Records Best Ever Earnings on 30% Quarterly Revenue Increase.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)--June 3, 2004 Company Reports 29% Increase in Net Income for Second Quarter Despite Being Fully Taxed; Pre-Tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta Income Increased by 100% 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 ) (Dollars in Thousands Except Per Share Data or where otherwise noted) released its second quarter, fiscal year 2004 earnings today for the three months ending April 30. The Company recorded current quarter revenues of $33,647, the best ever quarter in corporate history and an increase of 30% over the $25,951 recorded in the second quarter, fiscal year 2003. Net revenue before taxes increased 100% to a best ever $3,384 in the current quarter over pre-tax net income of $1,695 in the same quarter of the prior year. On a fully taxed basis, the Company reported net income of $1,959 and earnings per share (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. ) of $.15 per 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. share in the current quarter, an increase of 29% and 25% respectively over the prior fiscal year $1,523 and $.12 EPS per fully diluted share. The Company reported gross profit on revenues for the current quarter of $16,549, resulting in a margin for gross profit on revenues of over 49% compared to the prior year $12,241 which resulted in a margin of 47%. The record revenues were based on a Company record patient count for the current quarter of nearly 644 thousand, an improvement of 28% over the prior year, same quarter patient count of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 505 thousand. Revenue per patient for the current quarter was $52.24 per patient, an increase of 2% over the same quarter prior fiscal year revenue per patient of $51.17. The Company noted that esoteric testing esoteric test Lab medicine The analysis of 'rare' substances or molecules that are not performed in a routine clinical lab. See DORA. rose to 31% of revenues, an increase of 2% over the current year first quarter and an increase of 3% over the 28% recorded in the second quarter of the prior fiscal year. Six month revenues increased to $62,597, an increase of 26% over the same period revenues of $49,710 in the prior fiscal year. Net income before taxes for the first six months of the current year was $4,846, an increase of 116% over the prior year same period net income before taxes of $2,239. On a fully taxed basis, net income in the first six months of the current fiscal year was $2,879, or $.22 EPS per fully diluted share, an increase of 44% over the prior year same period net income of $1,993, and an increase of 38% over the $.16 EPS per fully diluted share for the six month period. The Company reported gross profit on revenues for the current six month period of $30,453, resulting in a margin for gross profit on revenues of over 49% compared to the prior year same period of $22,813 which resulted in a margin of 46%. Marc D. Grodman M.D., President noted, "We believed that our first quarter numbers indicated that we were growing and improving at an unprecedented rate for our Company. The second quarter buttresses that belief. Growth has occurred in all facets of our business, but it has been led by the strong showing of our esoteric es·o·ter·ic adj. 1. a. Intended for or understood by only a particular group: an esoteric cult. See Synonyms at mysterious. b. business. We have invested significant resources in our GenPath division, the key component of our esoteric business, and it has paid off with an increase in our esoteric percentage of business to 31% of revenues. We have put together a superb team of professionals to market and service the 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. market and we are seeing strong returns on that investment. We have seen additional growth in our correctional healthcare business and we were proud to announce during the current quarter that we were once again selected by the State of 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 to be awarded its second five year contract. Our routine physician office business has continued to lead our growth as we secure market share in our expanding regional footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. ." Dr. Grodman continued, "We have expanded our primary facilities to be in a position to continue our anticipated growth well into the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future and we have leveraged our growth to improve our margins and efficiencies. While we have focused a great deal of attention on taking advantage of the changes in the oncology market and assuring that we are able to fill the needs of that market, we have also continued to expand our core regional business and our value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. . The clinical laboratory business is thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. ; clinical testing is more important today than it has ever been. We are focused and attentive at·ten·tive adj. 1. Giving care or attention; watchful: attentive to detail. 2. Marked by or offering devoted and assiduous attention to the pleasure or comfort of others. and constantly looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to enhance our outstanding organic growth by taking advantage of opportunities that we believe will help us to sustain the great strides that we have already made this year." 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 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 A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. 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
(Dollars in Thousands Except Per Share Data)
(Unaudited)
Three Months Ended Six Months Ended
April 30 April 30
2004 2003 2004 2003
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Net Revenues $33,647 $25,951 $62,597 $49,710
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Cost of Sales 17,098 13,710 32,144 26,897
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Gross Profit on Revenues $16,549 $12,241 $30,453 $22,813
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General and Administrative
13,022 10,366 25,312 20,189
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Operating Income $3,527 $1,875 $5,141 $2,624
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Other Expense, Net 143 180 295 385
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Income Before Taxes $3,384 $1,695 $4,846 $2,239
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Taxes 1,425 172 1,967 246
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Net Income $1,959 $1,523 $2,879 $1,993
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Income Per Share $.16 $.13 $.25 $.17
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Number of Shares 11,920,106 11,487,316 11,721,356 11,541,283
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Income Per Share
(Diluted) $.15 $.12 $.22 $.16
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Number of Shares
(Diluted) 13,187,758 12,665,047 13,002,727 12,774,153
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Bio-Reference Laboratories, Inc.
Balance Sheets
(Dollars in Thousands)
(Unaudited)
April 30, October 31,
2004 2003
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Cash & Cash Equivalents $5,882 $3,966
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Accounts Receivable (Net) 36,660 32,913
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Plant, Property & Equipment (Net) 6,302 4,763
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Intangible Assets (Net) 8,436 8,142
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Other Assets 3,145 3,435
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$60,425 $53,219
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----------------------------------------------------------------------
Accounts Payable $9,080 $7,900
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Revolving Payable 11,188 8,718
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Long-Term Debt 2,394 2,202
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Other Liabilities 3,348 4,441
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Shareholder's Equity 34,415 29,958
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$60,425 $53,219
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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 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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