Bio-Reference Shows Improvement From Same Quarter Last Year; Bio-Reference Laboratories Announces Record Revenues for First Quarter.Business Editors/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.--(BUSINESS WIRE)--March 16, 2000 Bio-Reference Laboratories, Inc (Nasdaq Small Cap-"BRLI BRLI Bio Rad Laboratories Inc ") announced record revenues of $15,029,560 for its first quarter ended January 31, 2000, which represents a 19% increase in revenues over the comparable period in the previous year. The Company realized 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. of $234,095 for the January 31, 2000 quarter, as compared to operating income of $216,216 for the first quarter of the prior year. For the quarter ended January 31, 2000, the Company incurred a loss of $95,565 as compared to a loss of $107,741 for the first quarter of the prior year. Patient count for the latest quarter increased to 312,391 from 279,744 for the corresponding quarter in the prior year, an increase of 12%. Dr. Marc Grodman, President and Chief Executive Officer, stated "Our continued growth is reflective of our determination to expand our core business and implement new marketing strategies. Our mission is to redefine the value of clinical laboratory services by leveraging the assets we possess to build new business units. In the past year we have created and have launched CareEvolve.com, our Web-based e-health care solution, which connects physicians to payors, patients and the laboratory. We have created CareEvolve to be a complete seamless connectivity solution for the medical community. We believe this product offering is a way for BRLI to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the strength of our physician network and marketing unit, which will assist tremendously with our marketing efforts. We have also created a medical management unit, PSIMedica, and acquired a food company, Right Body Foods. These initiatives are meant to expand our business into new vertical markets which will complement our core competencies and should enhance shareholder value." Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including, without limitation, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, including economic, competitive, technological, governmental regulation and other risks identified from time to time in the Company's reports filed with the Securities and Exchange Commission. 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, 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 urinalysis (y  r'ənăl`ĭsĭs), clinical examination of urine for the purpose of medical diagnosis. .
CareEvolve.com, a business unit of BRLI, is a Physician based health
portal that seeks to enhance physician-patient and physician-payor
electronic communications on a secured basis, including communicating
laboratory results, e-mail, prescriptions, payor verification and
eligibility, as well as offering other Internet based services to the
physician members. These services will be provided through an Internet
connectivity backbone.The Company's common stock is traded on the Nasdaq Small Cap system under the symbol "BRLI."
BIO-REFERENCE LABORATORIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Quarter Ended January 31,
2000 1999
--------------------------------
Net Revenues $ 15,029,560 $ 12,640,484
Cost of Services 8,505,443 7,206,471
------------ ------------
Gross Profit on Revenues $ 6,524,117 $ 5,434,012
General and Administrative 6,290,022 5,217,796
------------ ------------
Operating Income $ 234,095 $ 216,216
Other Expense, net 329,660 323,957
------------ ------------
Loss $ (95,565) $ (107,741)
============ ============
Loss Per Share: $ (.01) $ (.01)
Number of Shares: 7,967,449 7,206,299
Loss Per Share
-Assuming Dilution: $ (.01) $ (.01)
Number of Shares
- Assuming Dilution: 7,967,449 7,977,004
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