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ELMWOOD PARK, N.J.--([ BUSINESS WIRE ])--(Except for Per Share Data or where otherwise noted, numbers are in thousands) Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) announced that the Company recorded current quarter revenues of $172,302, an increase of 16% over the $148,029 recorded in the third quarter, fiscal year 2011. Net income after taxes in Q3FY11 was $12,596 resulting in fully diluted earnings per share (EPS) of $.45, up 25% and 25% respectively from the prior fiscal year third quarter net income after taxes of $10,081 and EPS of $.36. Gross profit on revenues for the current quarter was $86,049 resulting in a margin for gross profit on revenues of 50%, versus the $73,432, and 50%, reported for the prior fiscal year third quarter. Revenue per patient for the third quarter of the current fiscal year was $85.65, an increase of 2% over the $84.20 reported for the same quarter of the prior fiscal year. The number of patients served increased 14% to 1,997 in the current quarter from the prior year third quarter total of 1,745. The Company further noted that Days Sales Outstanding (DSO) were 79 days compared to the prior fiscal year same period when the DSO were 92 days. Cash flow from operations for the current fiscal quarter was just short of $13,000 compared to approximately $1,300 for the same period in the last fiscal year.

Nine-month revenues increased to $485,609, an increase of 19% over the same period revenues of $407,345 in the prior fiscal year (nine month numbers from 2011 are based on pro forma numbers which exclude non-operating gains and a loss). Net income after taxes for the first nine months of the current year was $29,267 resulting in an EPS of $1.05; this was an increase of 32% from the prior year same period net income after taxes of $22,137 which resulted in an EPS of $.79. The Company reported gross profit on revenues for the current nine month period of $236,772, resulting in a margin for gross profit on revenues of 49% compared to the prior year same period of $195,876 which resulted in a margin of 48%. The number of patients served increased 17% to 5,762 in the first nine months of the current year from the prior year same period total of 4,917. Cash flow from operations for the nine month period was over $36,000 compared to about $11,500 for the same period in the last fiscal year.

Marc D. Grodman, MD, CEO, commented: "BioReference has demonstrated what we believe to be a strong track record of growth and expansion for more than two decades. We are extremely pleased to report another successful quarter of earnings, growth and innovation. During the first half of the current fiscal year we introduced OnkoMatch, Inherigen and GenCerv a" ground breaking new services in oncology and Womenas Health that were several years in development. We believe that these new offerings will pave the way for our continued growth and expansion. Innovation in science, in reporting and in providing information to our customers, have enabled us to maintain steady growth. GeneDx, our genetics laboratory, continues to lead the way for the development and introduction of innovation and pioneering testing services in genetic sequencing."

Dr. Grodman further noted: "This year, we have transitioned by moving innovative new services out of development mode and into implementation mode. We have been able to maintain our focus on additional new services and programs that we will be announcing over the next few months that we believe will further insure our continued growth in the future. In our industry, we face many challenges that will define us in the future. BioReference has positioned itself on the side of preserving a competitive environment for all laboratories, promoting technology and innovation for not only better health care but for providing more information to clinicians for lower costs. The healthcare landscape is evolving and we expect that our actions and initiatives will continue to flourish as these changes to our industry unfold. BioReference is fully engaged and prepared for the changes that are on the horizon."

Dr. Grodman continued: "Make no mistake about BioReference: we are a national laboratory with a national presence. We have a great deal of business in the New York region, but we derive an even greater portion of our revenues from the specialty markets that we serve across the country. We are able to grow because of our national footprint and our ability to introduce our service, support and technology innovation throughout the country. We developed our clinical strategy in the NorthEast, but we have successfully implemented it throughout the country. We understand that we provide a service and our ability to tailor that service to the individual markets we serve has enabled us to re-affirm our guidance that we gave earlier in the year of an increase Iin net revenues by more than 15% and net income by around 20% for Fiscal Year 2012.

The Company's third quarter earnings conference call has been scheduled to take place this morning, August 30, 2012 at 10:30 a.m. Eastern Daylight Time. The live audio cast will be available at the Company's corporate Website, [ www.bioreference.com ] and through [ www.streetevents.com ]. To listen to the call please go to either Website ten minutes before the conference call is scheduled to begin. You will need to register as well as download and install any necessary audio software. The Web cast will be archived, on both Websites, for 30 days following the call.

About BioReference Laboratories, Inc.

BRLI is a clinical testing laboratory offering testing, information and related services to physician offices, clinics, hospitals, employers and governmental units. We believe that we are the fourth largest full-service laboratory in the United States and the largest independent regional laboratory in the Northeastern market. BRLI offers a comprehensive list of laboratory testing services utilized by healthcare providers in the detection, diagnosis, evaluation, monitoring and treatment of diseases. BRLI primarily focuses on esoteric testing, molecular diagnostics, anatomical pathology, womenas health and correctional health care.

***Pro Forma excludes gain from NJ Sales Tax Refund, loss from sale of aircraft and NY State Tax refund.

Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as aforward-looking statementsa. Statements looking forward in time are included in this release pursuant to the asafe harbora provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks and uncertainties that may cause the Companyas actual results in future periods to be materially different from any future performance suggested herein.

[ www.bioreference.com ]