And, the news!!!!!!!!!!
>>>>>>>>Monday June 16 2:20 PM EDT
Company Press Release
Bio-Reference Laboratories announces record quarterly
profits and revenues
ELMWOOD PARK, N.J.--(BUSINESS WIRE)--June 16 1997--Bio-Reference Laboratories,
Inc. (NASDAQ:BRLI), 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,
diagnostic immunology, microbiology, rheumatology, parasitology, cellular immunology, radio
immunoassay, hematology, immunohematology, cytology, 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.''
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 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 Janashvili
MALLORY FACTOR INC
212/350-0000
or
Marc Grodman/Sam Singer
BIO-REFERENCE LABORATORIES, INC.
201/791-2600 |
