Bio-Reference Laboratories Posts Record Profits On Record Revenues for Second Quarter.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.--(BW HealthWire)--June 14, 2001
Company continues to extend record growth to nine consecutive
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 ) reported record income of $502,501, or $.05 per share, on record revenues of $19,831,231 for the fiscal second quarter ended April 30, 2001, an increase of 22% over the second quarter FY2000 revenues of $16,286,141. The record income compared favorably fa·vor·a·ble
1. Advantageous; helpful: favorable winds.
2. Encouraging; propitious: a favorable diagnosis.
3. to a loss of $(122,283) for the second quarter FY2000 and was the largest quarterly profit in the Company's history, excluding a one-time gain for the sale of assets. Gross Profit for the period rose 25% to $8,928,342 from $7,161,988 in the second quarter FY2000. The Company's improvement was based on organic sales growth as the second quarter FY2001 patient count increased 25% to 426,832 from 340,108 in the second quarter FY2000.
During the six month period ended April 30, 2001, the net revenues increased 22% from $31,315,702 to $38,218,403, gross profit increased 25% from $13,686,106 to $17,054,790, and the Company recorded a profit of $624,530 versus a loss of $(217,848) when compared to the six month period ended April 30,2000. Patient count increased by 22% from 652,499 to 797,083 over the same six-month period.
During the three month period ended April 30, 2001, Bio-Reference announced that it has executed a contract to provide the clinical laboratory work for the Eastern Pennsylvania state prisons This is a list of state prisons in Pennsylvania. It does not include federal prisons or county jails located in the Commonwealth of Pennsylvania.
Marc Grodman, MD, President, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman of the Board, noted, "The strong performance of the Company during the second quarter validates the Bio-Reference business strategy that we have been articulating for the past several months. It is and has been our plan to grow our core laboratory business, especially in the areas of oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors.
n. and genomics, through aggressive marketing and sales and through the implementation of our vertical market business development. Our vertical market strategy calls for us to utilize the full potential of the clinical laboratory, including the inherent connectivity of the lab and the underlying value of the laboratory data that we provide, to expand and protect our market share. Our recent sustained growth has not been based on price increases, but has been based on expansion of our testing services and growth in patient count."
Dr. Grodman continued, "Bio-Reference Laboratory is an automated, high volume, full service laboratory with specialty boutique capability. Our esoteric es·o·ter·ic
a. Intended for or understood by only a particular group: an esoteric cult. See Synonyms at mysterious.
b. and specialty services, especially our oncology and genomics testing, have become extremely important in sustaining our record revenues. On the other hand, our higher volume prison healthcare and institutional business has required that we implement and maintain highly efficient, cost effective operations. CareEvolve, our connectivity solution, is expected to be deployed as a valuable tool for not only our own laboratory, but as a plug and play solution for other laboratories and provider groups as well. PSIMedica, our Clinical Knowledge Management unit, uses all available data sources, including laboratory data, to provide complex analytics that enable improved patient care. We believe that the future of the clinical laboratory is not simply to be a processing plant, but to be the extended healthcare provider that will play an important role in the delivery of quality and efficient health care."
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's wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. , CareEvolve, is a physician-centric connectivity solution that seeks to enhance physician-patient and physician-payer electronic communications on a secure basis, including communicating laboratory results, e-mail, prescriptions, payer verification and eligibility, as well as offering many other value-added Internet based services to its physician members. 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 improving healthcare cost and quality performance.
BIO-REFERENCE LABORATORIES, INC. STATEMENTS OF OPERATIONS (Unaudited) Three months ended Six months ended ------------------ ---------------- April 30, April 30, --------- --------- 2001 2000 2001 2000 ---- ---- ---- ---- Net Revenues $19,831,231 $16,286,141 $38,218,403 $31,315,702 Cost of Sales 10,902,889 9,124,153 21,163,613 17,629,596 ----------- ----------- ----------- ----------- Gross Profit on Revenues $ 8,928,342 $ 7,161,988 $17,054,790 $13,686,106 General and Administrative 7,978,813 6,912,465 15,546,136 13,202,487 --------- ----------- ----------- ----------- Operating Income $ 949,529 $ 249,523 $ 1,508,654 483,619 Other Expense, net 447,028 371,806 884,124 701,467 ------- ----------- ----------- ----------- Income (Loss) $ 502,501 $ (122,283) $ 624,530 $ (217,848) Income (Loss) Per Share $ .05 $ (.02) $ .07 $ (.03) Number of Shares 9,379,782 8,114,004 8,942,616 8,045,726 Income (Loss) Per Share: Assuming Dilution $ .05 $ (.02) $ .06 $ (.03) Number of Shares: Assuming Dilution 10,401,006 8,114,004 9,963,840 8,045,726
This press release contains certain "forward-looking" statements, as defined in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in the Company's filings with the regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest
administrative body, administrative unit - a unit with administrative responsibilities having jurisdiction.
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