ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) (Numbers in Thousands Except Per Share Data or where otherwise noted) released its second quarter, fiscal year 2007 earnings today for the three months ending April 30. The Company recorded current quarter revenues of $60,953, the best ever quarter in corporate history and an increase of 29% over the $47,189 recorded in the second quarter, fiscal year 2006. Operating income for Q2FY07 was $5,859, an increase of 32% over the Q2FY06 operating income of $4,443. The Company’s tax rate in Q2FY06 was 34% while the tax rate in Q2FY07 rose to just under 41%. Despite the increase in tax rate, net income after taxes in Q2FY07 came in at $3,158 resulting in earnings per share (EPS) of $.23, up from the prior fiscal year second quarter net income after taxes of $2,749 and EPS of $.20. Gross profits on revenues for the current quarter were $30,524 resulting in a margin for gross profit on revenues of over 50%, a 28% improvement over the $23,778 reported for the prior fiscal year second quarter. Revenue per patient for the second quarter of the current fiscal year was $65.59, an increase of 8% over the $60.59 reported for the same quarter of the prior fiscal year. The number of patients served increased more than 19% to 921 in the current quarter from the prior year second quarter total of 772. Esoteric business for the Company was 44% of revenues for the second quarter of the current fiscal year. Cash flow for the quarter was almost $1.5 million, over $1 million better than the same period last fiscal year and $2 million better than two years before when cash flow was negative.
