Bio-Reference Shows Significant Improvement From Previous Quarter.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)--Sept. 17, 1999-- Bio-Reference Laboratories, Inc (Nasdaq Small Cap- "BRLI BRLI Bio Rad Laboratories Inc ")announced today a loss of $389,340 for the third quarter of fiscal year 1999, ended July 31, 1999 on revenues of $13,577,696. This loss is in contrast to a loss in the previous quarter ended April 30, 1999 of $3,634,257 which included a one time write down of goodwill and an additional increase of reserve on accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the SmithKlein Beecham acquisition and related dialysis testing business unit of $2,924,371. Eliminating the extraordinary charge taken in the second quarter, the Company's loss in the third quarter was 35% less than the second quarter's loss. In comparison to the third quarter of fiscal year 1998, in which the Company showed a profit of $52,662, the Company's revenues were virtually unchanged, despite an increase in patient count of 5%. This is reflected in a decrease in average patient reimbursement of 6% from $45.33 for the three months period ended July 31, 1998, compared to average revenue per patient of $42.79 in the current period. In fact, total cost of services, and general and administrative expenses, (excluding bad debt), were essentially unchanged between the two periods, despite handling the increased number of patients. Dr. Marc. Grodman, President and Chief Executive Officer, stated "Our third quarter is in line with our previous announcements. We have cut our loss from the second quarter and are making the necessary changes to re-orient our laboratory business to either more profitable or more reimbursement-stable segments. The fact that we have controlled costs while increasing our patient count by 5% illustrates that our goal of becoming an efficient producer of laboratory services has started to be realized. In fact, cost of services for the third quarter of 1999 was lower than the second quarter of 1999, even though we had a comparable increase in revenues and patients." 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 immunology, branch of medicine that studies the response of organisms to foreign substances, e.g., viruses, bacteria, and bacterial toxins (see immunity). Immunologists study the tissues and organs of the immune system (bone marrow, spleen, tonsils, thymus, lymphatic , 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. .The Company's common stock is traded on the Nasdaq Small Cap system under the symbol "BRLI" -0-
BIO-REFERENCE LABORATORIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended July 31, Nine Months Ended July 31,
1999 1998 1999 1998
-------------------------------------------------------
Net Revenues $ 13,577,696 $ 13,638,812 $ 39,637,682 $ 33,383,740
Cost of Services 7,764,934 7,687,700 22,917,434 17,716,708
Gross Profit on $ 5,812,762 $ 5,951,112 $ 16,720,248 $ 15,667,032
Revenues Expense of
Abandoned Asset -- -- 2,924,371 --
General and
Administrative 5,897,993 5,558,570 16,918,838 14,797,039
Operating
Income $ (85,231) $ 392,542 $ (3,122,961) $ 869,993
Other Expenses,
net 313,690 336,186 908,362 609,930
Net Income
Before Taxes $ (398,921) $ 56,356 $ (4,031,323) $ 260,063
Provision for
Income Taxes 9,581 (3,694) 7,726 (45,411)
Net Income $ (389,340) $ 52,662 $ (4,023,597) $ 214,652
Net Income
(Loss) Per
Share $ (.05) $ .01 $ (.51) $ .03
Number of
Shares: 7,222,910 6,943,448 7,219,576 6,943,448
Net Income
(loss) Per
Share
Assuming
Dilution: $ (.05) $ .01 $ (.51) $ .03
Number of
Shares 7,977,004 7,697,542 7,973,670 7,661,542
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