BioReference Laboratories Inc. (BRLI) filed Quarterly Report for the period ended 2009-07-31.
BioReference Laboratories Inc. is the largest independent regional clinical laboratory in the Northeast & has major market positions in physician offices nursing homes & correctional institutions. The Company is a full service clinical laboratory with specialty capability especially in the areas of genomics oncology correctional health & complimentary medicine. PSIMedica a business unit of the Company is a clinical knowledge management organization offering an array of information solutions for reducing healthcare costs & improving quality performance that are based on a flexible scalable software analytical engine that utilizes all available source information including claims data enrollment data prescription data & laboratory data. They provides a comprehensive connectivity solution to physicians as well as other laboratories which includes laboratory reporting & ordering as well as laboratory to physician communications & cumulative reporting through CareEvolve its Bioreference Laboratories Inc. has a market cap of $483.73 million; its shares were traded at around $35.04 with a P/E ratio of 25.76 and P/S ratio of 1.61. Bioreference Laboratories Inc. had an annual average earning growth of 19.8% over the past 5 years.
Highlight of Business Operations:
Cost of Services increased from $39,170 for the three month period ended July 31, 2008 to $48,163 for the three month period ended July 31, 2009, an increase of $8,993 or 23% as compared to a 25% increase in net revenues. This increase in Cost of Services is fundamentally in line with the increase in Net Revenues.
36%. Pre-tax income for the period ended July 31, 2008 was $7,915 compared to $11,671 for the period ended July 31, 2009, an increase of 47%. The provision for income taxes increased from $3,178 for the three month period ended July 31, 2008 to $5,232 for the three month period ended July 31, 2009.
Cost of Services increased to $133,089 for the nine month period ended July 31, 2009 from $113,396 for the nine month period ended July 31, 2008. This amounts to a $19,693, or a 17% increase in direct operating costs. This increase in Cost of Services is in line with the increase in net revenues.
General and administrative expenses for the nine month period ended July 31, 2009 were $101,947 as compared to $87,643 for the nine month period ended July 31, 2008, an increase of $14,304 or 16%. This increase is in line with the increase in net revenues.
We realized net income of $10,372 for the nine months ended July 31, 2008 as compared to $14,667 for the nine month period ended July 31, 2009, an increase of $4,296 or 41%. Pre-tax income for the period ended July 31, 2008 was $17,356, as compared to $25,833 for the period ended July 31, 2009, an increase of $8,447 (49%). The provision for income taxes increased from $6,984 for the period ended July 31, 2008, to $11,166 for the current nine month period.
Our working capital at July 31, 2009 was $72,489 as compared to $58,561 at October 31, 2008; an increase of $13,928. Our cash position increased by $2,182 during the current period. We had current liabilities of $59,161 at July 31, 2009. We generated $12,225 in cash from operations at July 31, 2009, compared to $14,282 in cash from operations for the nine month period ended July 31, 2008, an overall decrease of $2,057 in cash generated from operations year over year. This decrease is largely attributable to increased cash tax payments made by the Company.
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