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Bio-Reference Laboratories, Inc. Announces Strong Growth Resulting in Record First Quarter Revenue and Earnings



Bio-Reference Laboratories, Inc. Announces Strong Growth Resulting in Record
First Quarter Revenue and Earnings

Q1FY13 Results Reported in Accordance With Update 954 Reclassifications

ELMWOOD PARK, N.J., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Bio-Reference
Laboratories, Inc. (Nasdaq:BRLI) announces record first quarter results for
revenues and earnings. Except for per share data or where otherwise noted,
numbers are in thousands and all comparisons to prior periods are adjusted in
accordance with the Accounting Standards Update 2011-7 under Topic 954 of FASB
codification. The appended table reflects the adjustments for the prior
period.

The Company recorded Q1FY13 revenues of $161,256 (despite Management's
estimate that revenues were diminished by more than $2,500 due to the effects
of the Hurricane Sandy in the quarter), an increase of 16% over the $138,793
recorded in Q1FY12. Net income before taxes in Q1FY13 totaled $15,373 (despite
Management's estimate that net income was diminished by more than $1,600 due
to the effects of the Hurricane Sandy in the quarter), an increase of 19%
compared with net income before taxes of $12,966 in Q1FY12. Net income after
tax for Q1FY13 totaled $8,665, or $.31 per share (despite Management's
estimate that Net Income after tax was reduced by more than $930 and EPS was
reduced by $.03 per share due to the effects of Hurricane Sandy), as compared
with $7,365, or $.26 per share, in Q1FY12. Gross profits on revenues for
Q1FY13 were $70,922, resulting in a margin for gross profit on revenues of
44%, versus $60,117 for Q1FY12, which resulted in a margin of 43%. Revenue per
patient for Q1FY13 was $81.13, an increase of 7% from the $75.87 for Q1FY12.
The number of patients served increased 9% to 1,973 in Q1FY13 from the Q1FY12
of 1,814. Esoteric business for the Company was 62% of revenues for Q1FY13 as
compared to 59% of revenues for Q1FY12 and Days Sales Outstanding (DSO) were
92 days compared to Q1FY12 DSO of 98 days. Cash flow from operations for the
current quarter was slightly more than $7,500, the second best first quarter
in the Company's history.

Marc D. Grodman, MD, CEO, commented: "Despite the effects of Hurricane Sandy
at the beginning of the current quarter, we have seen continued growth and
expansion of our business, especially in the areas of Women's Health and
genetics. Since growth in these areas has historically brought attached
routine business, we continued to see positive results in all of our lines of
business. There have been well-reported changes in the reimbursement
landscape, particularly by Medicare and the Blues; we believe these changes
will continue to have, minimal impact on our business. In particular, with
regard to the Blues, we are one of the largest laboratories in the country
with contracts with numerous Blues plans and we are in negotiation with
others. While we cannot discuss on-going negotiations at this time, we believe
the change in the Blue Card program will not have a material effect on our
business this year. We have introduced new programs such as our StormPath
program, a form of telepathology, OnkoMatch and Inherigen, which will propel
us through a changing reimbursement environment. We have designed marketing
programs and comprehensive support solutions that we believe have protected
our franchises and enabled us to maintain our growth. Earlier this week, we
re-affirmed our guidance for the year and we believe our current quarter
financials present the most powerful statement we can make in this regard,
even notwithstanding the drag on the quarter caused by Hurricane Sandy earlier
in the quarter."

Dr. Grodman further noted: "During the current quarter we acquired two small
laboratories in Florida. Our philosophy regarding acquisitions is: we buy
laboratories we consider to be synergistic. As we have explained in the past,
we offer one stop shopping to physicians as a specialty lab. When we buy
laboratories in other geographic areas that do not bring in specific technical
expertise, we do so to better service our clients and to add growth in the
area. We already have an extensive presence in Florida. The smaller
acquisition will be our Florida presence for Laboratorio Buena Salud, our new
Spanish-first presence, and the second acquisition provides us with a strong
local capacity that we can use to continue our growth in the Southeast of the
country. We also announced yesterday that we will be offering NonInvasive
PreNatal Testing through the Natera Panorama program. This too will provide
growth opportunities."

Dr. Grodman concluded, "We re-affirm our guidance for our current fiscal year
as announced in our Q4FY12 earnings call. We remain focused on being the
technology leader, the marketing leader as well as the service leader in a
service-dominated industry. We believe we grow because we are able to identify
the needs of the clinical diagnostic market and provide solutions to the needs
of the healthcare providers. We are committed to the disruptive technology and
reporting advancements that have been the hallmark of our sustained growth and
remain dedicated to continuing that model as we move forward."

The Company's Q1FY13 earnings conference call has been scheduled to take place
this morning, February 28, 2013 at 10:30 a.m. Eastern Standard Time. The live
audio Web cast will be available at the Company's corporate Web site,
www.bioreference.com and through www.streetevents.com. To listen to the call
please go to either Web site ten minutes before the conference call is
scheduled to begin. You will need to register as well as download and install
any necessary audio software. The Web cast will be archived, on both Web
sites, for 30 days following the call.

Bio-Reference Laboratories, Inc.
Statements of Operations
(Dollars in Thousands Except Share and Per Share Data)
(Unaudited)
Three Months Ended
January 31,
 
                                      (As Adjusted   (As Previously
                                      for Topic 954) Reported)
                           2013       2012           2012
Net Revenues               $161,256   $138,793       $149,919
Cost of Sales              90,334     78,676         78,676
Gross Profit on Revenues   70,922     60,117         71,243
General and Administrative 55,163     46,835         57,961
Operating Income           15,759     13,282         13,282
Other Expense, Net         386        316            316
Income Before Taxes        15,373     12,966         12,966
Taxes                      6,708      5,601          5,601
Net Income                 8,665      7,365          7,365
Income Per Share           $0.31      $0.26          $0.26
Number of Shares           27,716,336 27,887,717     27,887,717
Income Per Share (Diluted) $0.31      $0.26          $0.26
Number of Shares (Diluted) 27,912,327 28,041,022     28,041,022

 
Bio-Reference Laboratories, Inc.
Balance Sheets
(Dollars in Thousands)
(Unaudited)
 
                                  January 31, October 31,
                                  2013        2012
Cash & Cash Equivalents           $26,316     $25,143
Accounts Receivable (Net)         161,289     153,247
Plant, Property & Equipment (Net) 51,569      50,440
Intangible Assets (Net)           36,235      29,731
Other Assets                      55,236      54,264
Total                             $330,645    $312,825
                                               
Accounts Payable                  $42,656     $41,288
Revolving Note                    6,684        --
Long-Term Debt                    17,500      18,047
Other Liabilities                 27,595      26,243
Shareholder's Equity              236,210     227,247
Total                             $330,645    $312,825

About Bio-Reference Laboratories, Inc.

BRLI is a clinical testing laboratory offering testing, information and
related services to physician offices, clinics, hospitals, employers and
governmental units. We believe that we are the fourth largest full-service
laboratory in the United States and the largest independent regional
laboratory in the Northeastern market. BRLI offers a comprehensive list of
laboratory testing services utilized by healthcare providers in the detection,
diagnosis, evaluation, monitoring and treatment of diseases. BRLI primarily
focuses on esoteric testing, molecular diagnostics, anatomical pathology,
women's health and correctional health care. 

Statements included in this release that are not historical in nature, are
intended to be, and are hereby identified as "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995,
many of which are beyond our ability to control or predict. Forward-looking
statements may be identified by words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," "will" or words of
similar meaning and include, but are not limited to, statements about the
expected future business and financial performance of Bio-Reference
Laboratories, Inc. and its subsidiaries. Statements looking forward in time
are included in this release pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. Such statements involve
known and unknown risks and uncertainties that may cause the Company's actual
results in future periods to be materially different from any future
performance suggested herein. Risks and uncertainties that may affect the
future results of the company include, but are not limited to, adverse results
from pending or future government investigations, lawsuits or private actions,
the competitive environment, changes in government regulations, changing
relationships with customers, payers, suppliers and strategic partners and
other and other risks and uncertainties detailed from time to time in our
filings with the Securities and Exchange Commission. We undertake no
obligation to publicly update or review any forward-looking information,
whether as a result of new information, future developments or otherwise.

                             www.bioreference.com

CONTACT: Tara Mackay, Investor Relations
         (201) 791-2600
         (201) 791-1941 (fax)
         tmackay@bioreference.com
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