Bio-Reference Laboratories Continues Record Net Income On Record Revenues.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)--Sept. 5, 2002 Bio-Reference Laboratories, Inc. (Nasdaq:BRLI BRLI Bio Rad Laboratories Inc ) announced today record net income of $1,504,321 or $.12 per share 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 for the third quarter of fiscal year 2002 compared to $.05 per share for the same quarter of fiscal year 2001. Pre-tax net income for the period was $1,532,968, an increase of 147% over the same quarter in fiscal year 2001 when the Company posted pre-tax net income of $619,835. Net income was based on revenues of $24,893,138, representing the fourteenth consecutive quarter that the Company has posted record revenues. Gross Profit for the current quarter was $12,042,353, or 48% of net revenues, the best quarterly gross profit in the Company's history, an improvement of 26% over the $9,541,722 posted in the third quarter of fiscal year 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. in the current quarter was $1,722,686, or 7% of net revenues, compared to the $1,053,618 or 5% posted in the third quarter of the prior fiscal year. For the first nine months of fiscal year 2002, revenues increased 20% to $71,051,327 compared to $59,386,447 during the same period in the prior fiscal year. This top-line revenue growth rate of 20% for the first nine months is consistent with the Company's expected growth for the year. Net income before taxes for the first nine months was $3,595,592, a year over year increase for the first nine months of 189%. Earnings per share increased to $.27 on a fully diluted basis up from $.11 in the same nine months of the prior fiscal year. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved to 46% for the nine months in the current year compared to 45% the same period in of the prior year. Operating income increased from 4.3% to 6.0% of net revenues, for the nine months year over year. Marc D. Grodman M.D., President and Chief Executive Officer commented, "We are extremely pleased to report another outstanding quarter for Bio-Reference Laboratories. We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that our record revenues and net income were achieved on the basis of organic direct sales and execution of our growth strategy. We recently announced that Dr. Maria Pedemonte has been promoted to Chief Medical Officer; she has been instrumental in the steady growth of our specialty and 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. markets and will be critical to our on-going plans to expand our offerings in these areas. We will continue to maintain growth in these segments and in other focused market segments where we believe our infrastructure and capabilities will allow us to emerge as a market leader. We continue to seek strategic marketing relationships with technology innovators innovators people who will try new things. early innovators important figures in the farming or client community because they are the leaders in the introduction of new techniques and management systems. who need our distribution and marketing network to achieve success. We have aggressively continued to utilize our growth and clinical laboratory acumen acumen Astuteness, perception, perspicacity to improve our financial performance and provide better value to our shareholders. We are also pleased to announce the settlement of our lawsuit in connection with the Right Body Foods acquisition. The details of the settlement can be found in our 10Q Report for the quarter." Dr. Grodman continued, "The consolidation in our sector has allowed us to move into a more prominent position among clinical laboratories. The national laboratories have grown primarily through acquisition and consolidation; we have demonstrated consistent double-digit organic growth through innovation, careful strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. and an outstanding management team capable of implementing our innovative strategy. Our balanced approach and the diversity of the segments we service have enabled us to avoid being too dependent on a single market segment or type of testing. We expect to achieve or exceed our goals for the year and we look forward to working in the future with those who have begun to recognize the potential of our strategy and our message." The Company's third 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 oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. , 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 Nine Months Ended
July 31, July 31,
2002 2001 2002 2001
Net Revenues $24,893,138 $21,168,044 $71,051,327 $59,386,447
Cost of Sales 12,850,785 11,626,322 38,425,095 32,798,935
Gross Profit on
Revenues $12,042,353 $ 9,541,722 $32,626,232 $26,596,512
General and
Administrative 10,319,667 8,488,104 28,341,000 24,034,239
Operating Income $ 1,722,686 $ 1,053,618 $ 4,285,232 $ 2,562,273
Other Expense, Net 189,718 433,783 689,640 1,317,907
Income Before
Taxes $ 1,532,968 $ 619,835 $ 3,595,592 $ 1,244,366
Taxes 28,647 0 121,355 0
Net Income (Loss) $ 1,504,321 $ 619,835 $ 3,474,237 $ 1,244,366
Income (loss) Per
Share $ .13 $ .06 $ .31 $ .13
Number of Shares 11,586,003 10,737,772 11,308,204 9,541,002
Income (Loss) Per
Share (Diluted) $ .12 $ .05 $ .27 $ .11
Number of Shares
(Diluted) 13,068,750 12,595,294 12,712,045 11,398,524
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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