Bio-Reference Laboratories announces net income increases over 100% on record revenues for the last fiscal year.

ELMWOOD PARK, N.J.--(BUSINESS WIRE)--January 30, 1996-- Bio-Reference Laboratories, Inc. (NASDAQ: BRLI), the largest independent clinical laboratory in the New York Tri-State area, announced record profit of $1,402,169 on record revenues of $31,521,118 for its fiscal year ending October 31, 1995. The Company's net income was more than double that of $693,115, its fiscal year 1994 net income (before extraordinary item). The Company's revenues increased 37% from $22,945,934 in fiscal year 1994. Net income from operations increased to $1,782,896 from $1,000,346, for the prior period, an increase of 78%.

Dr. Marc Grodman, President and Chief Executive Officer, stated "Despite the changing health care environment, Bio-Reference Laboratories has continued to grow in both revenues and in profitability. This year we have increased both our customer base and the breadth of our testing capabilities. We have grown through our own strong marketing efforts and the acquisition of other clinical laboratories. We have fully integrated our acquisition of Gencare Biomedical Research, an oncology testing laboratory and look to expand its services. Toward that end, the Company acquired the exclusive worldwide rights to Quantitative Enriched PCR methodology, a patented procedure, as well as right of first refusal on other proprietary procedures developed at the American Health Foundation in Valhalla, New York. Quantitative Enriched PCR dramatically improves the ability to detect early genetic changes which may lead to the development of various cancers."

The Company also continued to work with managed health care organizations and was named one of the select few clinical laboratories as a provider for Group Health Insurance ("GHI"), the largest managed care organization in the New York metropolitan area. In August 1995, the Company announced a proposal to acquire Dianon Systems, Inc., a cancer testing company. The Board of Directors of Dianon rejected the proposal; however, the Company continues to explore its options with regard to Dianon.

The Company also announced that the unusually severe weather in the mid-Atlantic and North East areas, and in the New York City area in particular, caused a significant reduction in revenues for December, 1995 and January, 1996. The Company estimates total revenue lost due to the weather in the first quarter will be approximately $700,000 to $800,000 and will be reflected in the results from this period, which ends January 31, 1996. Dr. Grodman added, "Our volume on reasonable weather days in January are the highest ever experienced by the Company. However, severe weather takes a critical toll on clinical laboratories - as much, if not more than -- other industries. During these recent storms, not only were patients unable to visit physicians and clinics, but many of those physician offices were closed."

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, diagnostic immunology, microbiology, rheumatology, parasitology, cellular immunology, radioimmunoassay, hematology, immunohematology, cytology, 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

                           Year ended Oct. 31,
                     (Audited)
                           1995              1994

Net revenues            $31,521,118       $22,945,934
Cost of services         15,036,034        11,396,329
Gross profit on revenues 16,485,084        11,549,605
General and
 administrative          14,702,188        10,549,259
Operating income (loss)   1,782,896         1,000,346
Other expense, net          331,502           307,231
Net income before
 income tax and
 extraordinary item       1,451,394           693,115
Extraordinary item               --           446,581
Net income (loss)         1,402,169         1,139,696
Net income (loss) per
 share before
 extraordinary item           $0.23             $0.12
Net income (loss)
 per share                    $0.23             $0.20
Weighted average number
 of shares outstanding    6,010,964         5,295,321

CONTACT: MALLORY FACTOR INC.

Ken DiPaola, 212/242-0000

or

BIO-REFERENCE LABORATORIES, INC.

Dr. Marc Grodman, Sam Singer, 201/791-2600