Bio-Reference Laboratories Reports Fiscal 1996 Results.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)--January 30, 1997-- Announces Third Consecutive Profitable Year of Record Revenues Bio-Reference Laboratories, Inc. (Nasdaq Small Cap: BRLI BRLI Bio Rad Laboratories Inc ), announced record fiscal 1996 revenues of $35,125,878, an increase of 11% over the fiscal year ended October 31, 1995. The Company reported net income before income tax of $643,820, as compared to $1,451,294 for the previous year. Net income from operations decreased to $1,196,236 from $1,782,896 for the previous year. The Company's 1996 results were affected by two factors. The first factor was the severe winter weather in the Mid-Atlantic and Northeast states, and the New York city New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. area in particular, which caused a significant reduction in revenues in the first quarter of fiscal 1996 and resulted in a significant loss for that period, the only quarterly loss the Company has experience in the past eleven quarters. The second factor was the decrease in reimbursement rates for laboratory services paid by third party payers. The Company experienced a decrease in net revenue per patient of approximately 5% ($2.51) from fiscal year 1995. Dr. Marc Grodman, President and Chief Executive Officer, stated, "If you compare the three last quarters of fiscal year 1996 to the comparable period in fiscal 1995, the Company's 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. ($1,401,716, as compared to $1,340,928 for fiscal 1995) and income before taxes ($964,980, as compared to $1,036,638 for fiscal 1995), were comparable to our results for the previous year, despite a significant decrease in revenue per patient. Bio-Reference continues to react to the changes in the health care marketplace by concentrating on clinical laboratory services that will remain well reimbursed and profitable." Bio-Reference Laboratories, Inc. is a highly automated computer-driven clinical laboratory serving specialty markets in the New York/Tri-State metropolitan area. The Company performs highly sophisticated testing procedures in addition to high-volume routine testing in clinical chemistry, special chemistry, endocrinology, serology Serology The division of biological science concerned with antigen-antibody reactions in serum. It properly encompasses any of these reactions, but is often used in a limited sense to denote laboratory diagnostic tests, especially for syphilis. , diagnostic immunology Diagnostic immunology is a collective term for a variety of diagnostic techniques that rely on the specificity of the bond between antibodies and antigenes. Diagnostic immunology is well-suited for the detection of even the smallest of amounts of (bio)chemical substances. , microbiology, rheumatology rheumatology /rheu·ma·tol·o·gy/ (-tol´ah-je) the branch of medicine dealing with rheumatic disorders, their causes, pathology, diagnosis, treatment, etc. rheu·ma·tol·o·gy n. , parasitology Parasitology The scientific study of parasites and of parasitism. Parasitism is a subdivision of symbiosis and is defined as an intimate association between an organism (parasite) and another, larger species of organism (host) upon which the parasite is , cellular immunology, radio immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. , hematology, immunohematology, cytology cytology (sītŏl`əjē), in biology, the study of the structure of all normal and abnormal components of cells and the changes, movements, and transformations of such components. , anatomic pathology and urinalysis. The Company's common stock is traded on the Nasdaq Small Cap system under the symbol "BRLI"; its Class A Warrants are traded under the symbol "BRLIW" and its Class B Warrants are traded under the symbol "BRLIZ." -0-
BIO-REFERENCE LABORATORIES, INC.
STATEMENTS OF OPERATIONS
(Audited)
Year Ended October 31,
1996 1995
Net revenues $35,125,878 $31,521,118
Cost of Services 18,136,395 15,036,034
Gross Profit on Revenues $16,989,483 $16,485,084
General and Administrative 15,793,247 14,702,188
Operating Income $ 1,196,236 $ 1,782,896
Other Expenses, net 552,416 331,502
Net Income Before Income Tax $ 643,820 $ 1,451,394
Provision for Income Taxes 51,862 49,225
Net Income $ 591,958 $ 1,402,169
Net Income Per Share $ 0.10 $ 0.23
Weighted Average Number of
Shares Outstanding 6,166,156 6,010,964
CONTACT: Bio-Reference Laboratories, Inc. Dr. Marc Grodman Sam Singer 201-791-2600 |
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