ELMWOOD PARK, N.J.--(BUSINESS WIRE)--BioReference Laboratories, Inc. (NASDAQ: BRLI) (Numbers in Thousands Except Per Share Data or where otherwise noted) released its first quarter, fiscal year 2007 earnings today for the three months ending January 31. The Company had net revenues for the quarter of $53,722, an increase of 25% over the $42,918 of net revenues recorded in the first quarter fiscal year 2006. The net revenue increase was based on patient count of 836, a 15% increase over the prior year quarterly patient count of 730. The remainder of the increase in net revenues is attributable to higher revenue per patient, which rose from $58.26 per patient in the same quarter 2006 to $63.21 in the current quarter. Operating income rose to $3,588 in the current fiscal quarter, an increase of 80% over the prior year, same quarter operating income of $1,997. On a fully taxed basis, the Company reported net income of $1,966, resulting in a fully diluted EPS of $.14 per share compared to the same quarter prior year net income of $1,153 and $.09 per share, increases of 71% and 56% respectively. The Company reported gross profit on revenues for the current quarter of $26,193, resulting in a margin for gross profit on revenues of 49% compared to the prior year $20,334 which resulted in a margin of 47%. Net income before taxes for the current quarter increased 78% to $3,122 from the prior year quarter net income before taxes of $1,755.
