Bio-Reference Laboratories, Inc. Records Best Ever First Quarter Revenues 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)--March 4, 2004 Company Reports, 22% Increase in Net Revenues, 168% Increase in Pre-Tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta Net Income 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 first quarter, fiscal year 2004 earnings today for the three months ending January January: see month. 31. The Company had net revenues for the quarter of $28,950, which resulted in a pre-tax net income of $1,461, respective increases of 22% over the $23,759 of revenue and 168% over the $544 of pre-tax net income recorded in the first quarter fiscal year 2003, an improvement from $.04 cents to $.11 on 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 a fully taxed basis, the Company reported net income of $919, resulting in 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. EPS of $.07 per share compared to the same quarter prior year net income of $470 and $.04 per share. The Company reported gross profit on revenues for the current quarter of $13,904, resulting in a margin for gross profit on revenues of 48% compared to the prior year $10,572 which resulted in a margin of 45%. The Company acknowledged that weather conditions 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. during the current first quarter included severe cold temperatures and several snowstorms; timing and effective marketing, however, seemed to limit the effects of the weather on the Company's revenue and patient expansion during the period when compared to the prior year same period. The Company pointed out that all of its growth during the current quarter was organic as patient count increased by over 19% to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 569 thousand from approximately 477 thousand. On a year over year basis, revenue per patient increased to $50.85 from $49.56, an increase of more than 2.5%. Esoteric testing esoteric test Lab medicine The analysis of 'rare' substances or molecules that are not performed in a routine clinical lab. See DORA. increased to slightly more than 29% of revenues for the quarter. Working Capital increased from $17,871 at the end of fiscal year 2003 to $19,444 at the end of the current quarter. Marc D. Grodman M.D., President noted, "First quarters are traditionally challenging for BRLI since our first quarter includes all of the major end of the year holidays and the most unpredictable weather of the year. These factors may affect revenues, but do not have a corresponding effect on expenses; it is a delicate issue during the first quarter to balance the expanded infrastructure costs from the immediate prior quarters with the anticipated growth for the entire year during the slower first quarter. Despite some difficult weather in December December: see month. and January, our current first quarter is the best the Company has ever recorded. We effectively managed our costs of operations and showed strong operational and financial improvement over the past several first quarters. We avoided any significant first quarter drop in revenues despite the severe weather during the three month period, and without the offsetting effect of any one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. revenue events, which occurred in two of our last three first quarters. We were pleased with the steady improvements we saw in GenPath, our 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. laboratory, and in our correctional healthcare business. Our growth efforts in the routine physician office business continue to show strong growth and continue to expand deeper into the broadening broad·en tr. & intr.v. broad·ened, broad·en·ing, broad·ens To make or become broad or broader. broad areas of our geographical 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, "GenPath, our oncology laboratory, has continued to make significant strides and has been gathering strength throughout the country wherever we have begun to build up our marketing staff. We have continued to enhance our technical and medical staff and we are well-prepared for growth in the coming months. Correctional healthcare has also shown solid growth. We have pushed our borders into new areas for this focused business platform and we are encouraged going forward. Our value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: approach to managed care organizations, through the use of informatics Same as information technology and information systems. The term is more widely used in Europe. and value-added data, is beginning to show results since we are getting more and better opportunities to provide services to these customers. The first quarter is the foundation block upon which the remainder of the year builds. This is the best first quarter we have ever recorded and we believe it will provide the platform for substantial growth and financial improvement throughout the balance of the fiscal year." The Company's first 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 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
January 31,
2004 2003
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Net Revenues $28,950 $23,759
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Cost of Sales 15,045 13,187
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Gross Profit on Revenues $13,905 $10,572
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General and Administrative 12,290 9,824
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Operating Income $1,615 $748
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Other Expense, Net 154 204
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Income Before Taxes $1,461 $544
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Taxes (Benefit) 542 (74)
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Net Income (Loss) $919 $470
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Income (loss) Per Share $.08 $.04
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Number of Shares 11,522,606 11,595,255
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Income (Loss) Per Share (Diluted) $.07 $.04
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Number of Shares (Diluted) 13,124,209 12,899,351
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Bio-Reference Laboratories, Inc.
Balance Sheets
(Dollars in Thousands)
(Unaudited)
January 31, October 31,
2004 2003
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Cash & Cash Equivalents $5,254 $3,966
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Accounts Receivable (Net) 33,558 32,913
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Plant, Property & Equipment (Net) 5,331 4,763
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Intangible Assets (Net) 8,015 8,142
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Other Assets 2,938 3,435
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$55,096 $53,219
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Accounts Payable $7,791 $7,900
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Notes Payable 8,998 8,718
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Long-Term Debt 2,352 2,202
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Other Liabilities 4,270 4,441
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Shareholder's Equity 31,685 29,958
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$55,096 $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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