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 2010 earnings today for the three months ending January 31. The Company had net revenues for the quarter of $99,261, an increase of 31% over the $75,735 of net revenues recorded in the first quarter fiscal year 2009. The net revenue increase was based on patient count of 1,242, an increase of 29% over the prior year quarterly patient count of 965. Revenue per patient rose 2% from $77.79 per patient in the same quarter 2009 to $79.21 in the current quarter. Operating income rose to $7,458 in the current fiscal quarter, an increase of 50% over the prior year, same quarter operating income of $4,970. On a fully taxed basis, the Company reported net income of $4,005, resulting in a fully diluted EPS of $.29 per share compared to the same quarter prior year net income on a pro forma operating results basis of $2,663 and $.19 per share, increases of 50% and 53% respectively. The Company reported gross profit for the current quarter of $47,507, resulting in a margin for gross profit on revenues of 48% compared to the prior year based on pro forma operating results of $35,695, which resulted in a margin of 47%. Net income before taxes for the current quarter increased 57% to $7,205 from the prior year quarter net income before taxes based on pro forma operating results of $4,580. (2009 numbers are based on a pro forma computation, which excludes a one-time restitution amount resulting from an agreement with a discharged employee that occurred in Q1FY09).
