Monday September 15 6:59 AM EDT Company Press Release
Bio-Reference Announces 30% Increase In Net Income
For Period
ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Sept. 15, 1997 --Bio-Reference
Laboratories, Inc. (Nasdaq:BRLI), one of the largest independent clinical laboratories in the
northeastern United States, announced record net income of $366,867 on record revenues of
$9,814,415 for the quarter ended July 31, 1997. This represents an increase of 10% in revenues
and a 30% increase in net income as compared to the corresponding quarter in the preceding fiscal
year. The company's revenues of $29,064,409 for the nine months represents an 12% increase in
revenues, compared to the first nine months of the preceding fiscal year, and is the highest nine
month revenue the Company has ever posted. The Company recorded net income of $890,366 in
the nine month period of fiscal 1997 compared to net income of $327,240 for the same period last
year.
Dr. Marc Grodman, President and Chief Executive Officer, stated ``The services we provide are
critical in today's health care marketplace. However, factors which affect the clinical laboratory
market including changes in reimbursements and consolidation, continue to evolve. Although we
are pleased with our continued profitability, we must constantly be aware of these changes while
still providing quality service.''
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,
radioimmunoassay, hematology, immunochematology, 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 July 31,
1997 1996
Net Revenues $9,814,415 $8,928,529
Cost of Services 4,818,799 4,619,630
Gross Profit on Revenues $4,995,616 $4,308,899
General and Administrative 4,375,849 3,896,870
Operating Income $619,767 $412,029
Other Expense, net 207,051 131,611
Net Income Before Tax $412,716 $280,418
Provision for Income Taxes 45,849 --
Net Income $366,867 $280,418
Net Income Per Share $.05 $.05
Weighted Average Number
of Shares Outstanding 7,115,280 6,094,259
-0-
BIO-REFERENCE LABORATORIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended July 31,
1997 1996
Net Revenues $29,064,409 $25,912,800
Cost of Services 14,448,216 13,469,723
Gross Profit on Revenues $14,616,193 $12,443,077
General and Administrative 13,041,241 11,697,714
Operating Income $1,574,952 $745,363
Other Expense, net 631,954 369,622
Net Income Before Tax $942,998 $375,741
Provision for Income Taxes 52,632 48,501
Net Income $890,366 $327,240
Net Income Per Share $.14 $.06
Weighted Average Number
of Shares Outstanding 6,571,941 6,093,205
Contact:
Bio-Reference Laboratories, Inc.
Marc Grodman, 201/791-2600 |
