Bio-Reference Laboratories to acquire Clinical Laboratory from Sclavo Inc.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)--Nov. 22, 1994-- 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 ), the largest independent clinical laboratory in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State area, announced today that it has completed its acquisition of Wayne Clinical Laboratory from Sclavo Inc. The transaction includes the acquisition of certain assets, including the customer list, of Wayne Clinical Laboratory, located in Wayne, N.J. and conducting business in both New York and New Jersey. The volume of annual revenues of Wayne Clinical Laboratory is just under $1 million. The terms of the transaction were not disclosed. According to the announcement by Bio-Reference President and Chief Executive Officer, Dr. Marc Grodman, "The acquisition of Wayne Clinical laboratory further demonstrates the company's goal to expand our revenue base with acquisitions and to take advantage of our existing economies of scale to enhance profitability. Bio-Reference will continue to aggressively seek out favorable acquisitions in the near future." The company expects to incorporate the business of Wayne Clinical laboratory into Bio-Reference's existing facility. The company also states that it expects to close its acquisition of GenCare Biomedical Research Corp., a speciality cancer testing laboratory, within the next 30 days. The company reported record revenue of $6.1 million for its third quarter ended July 31, 1994, a 29 percent gain compared to revenue of $4.7 million for the third quarter of the previous year. For the nine months ended July 31, revenue rose to $16.3 million from the previous year's nine month revenue of $14.2 million. The company reported net income for the quarter of $368,198, or 5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a loss of $503,654 or 28 cents loss per share for the third quarter of the previous year. For the nine months, the company reported net income of $746,876 or 13 cents per share, compared to a loss of $952,159, or a 48 cent loss per share for the year-earlier period. The current nine-month net income includes an extraordinary gain in the first quarter of $370,789 from the extinguishment of debt. Bio-Reference Laboratories Inc. is a highly automated and computer-driven clinical laboratory serving niche 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, 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, radioimmunoassay, 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." CONTACT: Bio-Reference Laboratories Inc. Elmwood Park Dr. Marc Grodman, Sam Singer, 201/791-2600 |
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