Time to wipe off the dust here. Start with this last qs earninngs:
Dow Jones Newswires -- March 17, 1997
Bio-Reference Labs Earnings -2: 1Q Financial
Table
AP-Dow Jones News Service
Bio-Reference Laboratories Inc. - Elmwood Park, N.J.
1st Quar Jan. 31:
1996 1995
Revenues $9,275,155 $8,122,702
Net income 26,735 (373,022)
Avg shrs 6,300,280 6,091,096
Shr earns
Net income .... (.06)
Figures in parentheses are losses.
Bio-Reference Laboratories Inc. (BRLI) said it was disappointed with its 1996
results, and attributed part of the less-than-expected earnings in 1996 ot its
inability to transition a greater number of clients from a customer list obtained
from its purchase of SmithKline Beecham PLC's (SBH) SmithKline Beecham
Clinical Laboratories' dialysis testing business and related good will.
Bio-Reference Laboratories also said it filed a suit against SmithKline Beecham
Clinical Laboratories in December 1996 alleging breach of contract,
misrepresentation and fraud with regard to its sale of the customer list.
The lawsuit alleges that the SmithKline unit fraudulently concealed the nature
and extent of U.S. Justice Department investigations, and 'that the actual
focus and magnitude of the inquiry caused many of the potential accounts to
select other testing laboratories which were not connected with SmithKline
Beecham.'
As reported Feb. 24, SmithKline Beecham reached a settlement with the
Department of Justice and the Department of Health and Human services to
pay $325 million to resolve claims made by Medicare and other governmental
agencies against the company's clinical laboratory unit during a seven-year
period from 1989 to 1996.
A SmithKline Beecham spokesman could not immediately comment on the
release. |
