BioReference Laboratories Inc. (BRLI, Financial) filed Quarterly Report for the period ended 2009-04-30.
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 $422.2 million; its shares were traded at around $30.6 with a P/E ratio of 24.7 and P/S ratio of 1.4. BioReference Laboratories Inc. had an annual average earning growth of 19.8% over the past 5 years.
2008, an increase of $1,203 or 35%. Pre-tax income for the period ended April 30, 2009 was $7,982, compared to $5,698 for the three month period ended April 30, 2008, an increase of $2,284 or 40%. The provision for income taxes increased from $2,271 for the three month period ended April 30, 2008 to $3,352 for the period ended April 30, 2009.
General and administrative expenses for the six month period ended April 30, 2008 were $57,354 as compared to $64,664 for the six month period ended April 30, 2009. This represents an increase of $7,310 or 13%. This increase is in line with the increase in net revenues.
Pre-tax income for the period ended April 30, 2009 was $14,162 as compared to $9,441 for the period ended April 30, 2008, an increase of $4,721 (50%). The provision for income taxes increased from $3,806 for the period ended April 30, 2008, to $5,934 (56%) for the current six month period. Our tax rate increased from 40% to 42%. However, on a pro-forma basis our pretax income for the period ended April 30, 2009 would have been $12,562 an increase of $3,121 (33%). Our tax provision would have been $5,263 or 42%.
Our working capital at April 30, 2009 was $65,994 as compared to $58,561 at October 31, 2008 an increase of $7,433. Our cash position increased by $579 during the current period. We increased our short term debt by $7,008 and repaid $1,832 in existing debt. We had current liabilities of $61,835 at April 30, 2009. We generated $1,055 in cash from operations, compared to $6,936 in cash from operations for the quarter ended April 30, 2008, an overall decrease of $5,881 in cash generated from operations year over year.
Effective as of October 31, 2007, we executed a fifth amendment to the Loan Agreement formalizing the repayment terms of the $5 million term loan from PNC Bank used by our wholly-owned BRLI No. 2 Acquisition Corp. subsidiary to fund the $5 million acquisition cash payment in connection with its purchase of the operating assets of GeneDx, Inc. The term loan is evidenced by a secured promissory note payable over a six year term in equal monthly principal payments of approximately $69, plus interest at an annual rate of 6.85%. The balance on this note as of April 30, 2009 is approximately $2,917.
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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 $422.2 million; its shares were traded at around $30.6 with a P/E ratio of 24.7 and P/S ratio of 1.4. 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 $38,998 for the three month period ended April 30, 2008 to $44,886 for the three month period ended April 30, 2009, an increase of $5,888 or 15%. This increase in Cost of Services is basically in line with the increase in sales.2008, an increase of $1,203 or 35%. Pre-tax income for the period ended April 30, 2009 was $7,982, compared to $5,698 for the three month period ended April 30, 2008, an increase of $2,284 or 40%. The provision for income taxes increased from $2,271 for the three month period ended April 30, 2008 to $3,352 for the period ended April 30, 2009.
General and administrative expenses for the six month period ended April 30, 2008 were $57,354 as compared to $64,664 for the six month period ended April 30, 2009. This represents an increase of $7,310 or 13%. This increase is in line with the increase in net revenues.
Pre-tax income for the period ended April 30, 2009 was $14,162 as compared to $9,441 for the period ended April 30, 2008, an increase of $4,721 (50%). The provision for income taxes increased from $3,806 for the period ended April 30, 2008, to $5,934 (56%) for the current six month period. Our tax rate increased from 40% to 42%. However, on a pro-forma basis our pretax income for the period ended April 30, 2009 would have been $12,562 an increase of $3,121 (33%). Our tax provision would have been $5,263 or 42%.
Our working capital at April 30, 2009 was $65,994 as compared to $58,561 at October 31, 2008 an increase of $7,433. Our cash position increased by $579 during the current period. We increased our short term debt by $7,008 and repaid $1,832 in existing debt. We had current liabilities of $61,835 at April 30, 2009. We generated $1,055 in cash from operations, compared to $6,936 in cash from operations for the quarter ended April 30, 2008, an overall decrease of $5,881 in cash generated from operations year over year.
Effective as of October 31, 2007, we executed a fifth amendment to the Loan Agreement formalizing the repayment terms of the $5 million term loan from PNC Bank used by our wholly-owned BRLI No. 2 Acquisition Corp. subsidiary to fund the $5 million acquisition cash payment in connection with its purchase of the operating assets of GeneDx, Inc. The term loan is evidenced by a secured promissory note payable over a six year term in equal monthly principal payments of approximately $69, plus interest at an annual rate of 6.85%. The balance on this note as of April 30, 2009 is approximately $2,917.
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