Bio-Reference Laboratories announces record quarterly profits and revenues.ELMWOOD PARK, N.J.--(BUSINESS WIRE)--June 16 1997--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 ), one of the largest independent clinical laboratories in the Northeastern United States, announced record net income of $496,764 on record revenues of $9,974,850 for the quarter ended April 30, 1997. This represents an increase of 13% in revenues and an 18% increase in net income as compared to the corresponding quarter in the preceding fiscal year. The Company's revenues of $19,249,995 for the six months represents a 13% increase in revenues, compared to the first six months of the preceding fiscal year and is the highest six month revenue the Company has ever posted. The Company recorded net income of $523,499 in the six month period of fiscal 1997 compared to net income of $46,822 for the same period last year. Dr. Marc Grodman, President and Chief Executive Officer, stated, "Our results demonstrate continued profitability and revenue growth while the laboratory market continues to be affected by lower reimbursement rates and consolidation. Historically, our second quarter results have been strong. Part of our continued growth is attributable to further development of our specialty laboratory units including GenCare Bio Medical Research, Renal Reference and Fertility Reference Laboratories. In the second quarter, approximately 20% of our revenues was derived from these laboratory units." Bio-Reference Laboratories, Inc. is a highly automated computer-driven clinical laboratory serving markets in the New York/Tri-State metropolitan area and providing specialty services throughout the United States. 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, 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 (Unaudited) Three Months Ended Six Months Ended April 30, April 30, 1997 1996 1997 1996 Net revenues $9,974,850 $8,861,569 $19,249,995 $16,984,271 Cost of services 4,824,916 4,424,992 9,629,418 8,850,093 Gross profit on revenues 5,149,934 4,436,577 9,620,577 8,134,178 General and administrative 4,437,761 3,854,758 8,665,392 7,757,838 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. 712,173 581,819 955,185 376,340 Other expenses, net 216,269 114,738 424,903 238,011 Net income before tax 495,904 467,081 530,282 138,329 Provision for income taxes (860) 47,237 6,783 91,507 Net income $ 496,764 $ 419,844 $ 523,499 $ 46,822 Net income (loss) per share $0.08 $0.07 $0.08 $0.01 Weighted average number of shares outstanding 6,300,280 6,094,259 6,300,280 6,092,677 CONTACT: Lev lev-, pref See levo-. Janashvili MALLORY FACTOR INC 212/350-0000 or Marc Grodman/Sam Singer BIO-REFERENCE LABORATORIES, INC. 201/791-2600 |
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