BioReference Laboratories Inc. (BRLI, Financial) filed Quarterly Report for the period ended 2011-01-31.
Bioreference Laboratories Inc. has a market cap of $651.9 million; its shares were traded at around $23.41 with a P/E ratio of 23.9 and P/S ratio of 1.5. Bioreference Laboratories Inc. had an annual average earning growth of 25.2% over the past 10 years. GuruFocus rated Bioreference Laboratories Inc. the business predictability rank of 4.5-star.
General and administrative expenses for the three month period ended January 31, 2011 were $48,088 compared to $40,049 for the three month period ended January 31, 2010. This represents an increase of $8,038 or 20% which is in line with the increase in net revenues. This is effectively three percent less then the increase in net revenues and is less affected by the extreme weather we experienced during the current quarter.
Interest expense increased from $290 for the three month period ended January 31, 2010 to $345 for the three month period ended January 31, 2011, an increase of $55 (19%). This increase is due in its entirety to an increase in the utilization rate of our credit facilities.
We realized net income of $7,986 for the three month period ended January 31, 2011 as compared to $4,005 for the three month period ended January 31, 2010, an increase of $3,981 or 99%. We received a sales tax refund of approximately $6,480 from the state of New Jersey and it is shown after expenses incurred in the collection of said refund. This item is shown in the Other Income line. After tax this item equated to approximately $3,981 or $.13 EPS. In addition we sold our corporate aircraft and acquired a more efficient and faster aircraft and recorded in the same line of our statement of operations the loss of said aircraft of approximately $911 or $.02 EPS. Furthermore, we believe that we lost approximately an additional $.03 EPS due to the severe weather during the current quarter.
Pre-tax income for the period ended January 31, 2011 was $13,980 as compared to $7,205 for the period ended January 31, 2010, an increase of $6,775 (94%). The provision for income taxes increased from $3,200 for the period ended January 31, 2010, to $5,994 (87%) for the current three month period. Our effective tax rate decreased from 44% to 43%. This does not include any adjustments for the items referred above that are not in the ordinary course of our operations.
Our working capital at January 31, 2011 was $95,562 as compared to $79,017 at October 31, 2010, an increase of $16,545. Our cash position decreased by approximately $739 during the current period. We increased our short term debt by $1,699 and repaid $243 in existing debt. We had current liabilities of $86,387 at January 31, 2011. We generated $5,181 in cash from operations, compared to utilizing $5,359 for the quarter ended January 31, 2010, an overall increase of $10,540 in cash generated from operations year over year.
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Bioreference Laboratories Inc. has a market cap of $651.9 million; its shares were traded at around $23.41 with a P/E ratio of 23.9 and P/S ratio of 1.5. Bioreference Laboratories Inc. had an annual average earning growth of 25.2% over the past 10 years. GuruFocus rated Bioreference Laboratories Inc. the business predictability rank of 4.5-star.
Highlight of Business Operations:
Cost of services increased from $51,754 for the three month period ended January 31, 2010 to $64,854 for the three month period ended January 31, 2011, an increase of $13,100 or 25%. The increase in the cost of services is 2% greater then the increase in net revenues. This increase was caused by a 1% increase in both employee and reagent and laboratory expense as compared to the increase in net revenues.General and administrative expenses for the three month period ended January 31, 2011 were $48,088 compared to $40,049 for the three month period ended January 31, 2010. This represents an increase of $8,038 or 20% which is in line with the increase in net revenues. This is effectively three percent less then the increase in net revenues and is less affected by the extreme weather we experienced during the current quarter.
Interest expense increased from $290 for the three month period ended January 31, 2010 to $345 for the three month period ended January 31, 2011, an increase of $55 (19%). This increase is due in its entirety to an increase in the utilization rate of our credit facilities.
We realized net income of $7,986 for the three month period ended January 31, 2011 as compared to $4,005 for the three month period ended January 31, 2010, an increase of $3,981 or 99%. We received a sales tax refund of approximately $6,480 from the state of New Jersey and it is shown after expenses incurred in the collection of said refund. This item is shown in the Other Income line. After tax this item equated to approximately $3,981 or $.13 EPS. In addition we sold our corporate aircraft and acquired a more efficient and faster aircraft and recorded in the same line of our statement of operations the loss of said aircraft of approximately $911 or $.02 EPS. Furthermore, we believe that we lost approximately an additional $.03 EPS due to the severe weather during the current quarter.
Pre-tax income for the period ended January 31, 2011 was $13,980 as compared to $7,205 for the period ended January 31, 2010, an increase of $6,775 (94%). The provision for income taxes increased from $3,200 for the period ended January 31, 2010, to $5,994 (87%) for the current three month period. Our effective tax rate decreased from 44% to 43%. This does not include any adjustments for the items referred above that are not in the ordinary course of our operations.
Our working capital at January 31, 2011 was $95,562 as compared to $79,017 at October 31, 2010, an increase of $16,545. Our cash position decreased by approximately $739 during the current period. We increased our short term debt by $1,699 and repaid $243 in existing debt. We had current liabilities of $86,387 at January 31, 2011. We generated $5,181 in cash from operations, compared to utilizing $5,359 for the quarter ended January 31, 2010, an overall increase of $10,540 in cash generated from operations year over year.
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