Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) (Except for Per Share Data or where otherwise noted, numbers are in thousands) announced that the Company recorded current quarter revenues of $97,424, the best ever quarter in terms of revenues in corporate history and an increase of more than 25% over the $77,776 recorded in the third quarter, fiscal year 2008. Net income after taxes in Q3FY09 was $6,439 resulting in fully diluted earnings per share (EPS) of $.46, up 36% each from the prior fiscal year third quarter net income after taxes of $4,737 and EPS of $.34. Gross profit on revenues for the current quarter was $49,261 resulting in a margin for gross profit on revenues of 51%, versus the $38,606, or 50%, reported for the prior fiscal year third quarter. Revenue per patient for the third quarter of the current fiscal year was $77.61, an increase of 5% over the $74.11 reported for the same quarter of the prior fiscal year. The number of patients served increased 20% to 1,246 in the current quarter from the prior year third quarter total of 1,042. Esoteric business for the Company was 53% of revenues for the third quarter of the current fiscal year. Cash flow from operations for the current fiscal year quarter was more than $11 million. The Company further noted that Days Sales Outstanding (DSO) were 95 days compared to the prior fiscal year same period when the DSO were 108 days.
Nine month revenues increased to $260,342 (all nine month numbers exclusive of a one-time restitution amount recorded in the first quarter of the current year), an increase of 18% over the same period revenues of $219,834 in the prior fiscal year. Net income after taxes for the first nine months of the current year was $13,758 resulting in an EPS of $.99; this was an increase of 33% from the prior year same period net income after taxes of $10,372 which resulted in an EPS of $.74. The Company reported gross profit on revenues for the current nine month period of $127,252, resulting in a margin for gross profit on revenues of 49% compared to the prior year same period of $106,438 which resulted in a margin of 48%. The number of patients served increased 9% to 3,339 in the first nine months of the current year from the prior year same period total of 3,055.