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Bio-Reference Laboratories (BRLI) Announces Record Revenues, Earnings and Cash Flow for Fourth Quarter and Full Fiscal Year
12/8/2011 7:28:05 AM
ELMWOOD PARK, N.J.--(BUSINESS WIRE)--(except for per share data or where otherwise noted, numbers are in thousands) Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) announces best-ever quarterly and annual fiscal year results for revenues, earnings and cash. The Company recorded Q4FY11 revenues of $151,297, the strongest quarterly revenues in corporate history and an increase of 20% over the $126,596 recorded in Q4FY10. Net income before taxes in Q4FY11 totaled $18,854; an increase of 28% compared with net income before taxes of $14,716 in Q4FY10. Net income after tax for Q4FY11 totaled $10,476 or $.37 per share as compared with $8,576 or $.31 per share in the corresponding quarter in FY10. While the Company posted very strong results, the Company estimates that its earnings per share would have been approximately $.02 higher absent the effect of Hurricane Irene in late August and a devastating snowstorm in October. Gross profits on revenues for the current quarter were $74,913 resulting in a margin for gross profit on revenues of 50%, versus the $62,965 reported for the prior fiscal year fourth quarter, also resulting in a margin of 50%. Revenue per patient for Q4FY11 was $82.35, an increase of 1% from the $81.83 reported for the same quarter of the prior fiscal year. The number of patients served increased 19% to 1,822 in the current quarter from the prior year fourth quarter total of 1,534. Esoteric business for the Company was 58% of revenues for the fourth quarter of the current fiscal year and Days Sales Outstanding (DSO) was at 91 days. Cash flow from operations for the current quarter exceeded $19,000, substantially higher than any other quarter in the Company’s history.
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