BIO REFERENCE LABORATORIES INC

CIK:0000792641|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUES:	$ 223,986us-gaap_SalesRevenueServicesNet	$ 201,366us-gaap_SalesRevenueServicesNet	$ 432,820us-gaap_SalesRevenueServicesNet	$ 382,635us-gaap_SalesRevenueServicesNet
COST OF SERVICES:
Depreciation and Amortization	5,091	4,659	10,057	9,234
Employee Related Expenses	56,491us-gaap_LaborAndRelatedExpense	51,566us-gaap_LaborAndRelatedExpense	110,176us-gaap_LaborAndRelatedExpense	100,676us-gaap_LaborAndRelatedExpense
Reagents and Laboratory Supplies	42,977us-gaap_CostOfServicesDirectMaterials	38,352us-gaap_CostOfServicesDirectMaterials	83,559us-gaap_CostOfServicesDirectMaterials	75,583us-gaap_CostOfServicesDirectMaterials
Other Cost of Services	20,444us-gaap_OtherCostOfServices	18,240us-gaap_OtherCostOfServices	40,290us-gaap_OtherCostOfServices	36,439us-gaap_OtherCostOfServices
TOTAL COST OF SERVICES	125,003us-gaap_CostOfServices	112,817us-gaap_CostOfServices	244,082us-gaap_CostOfServices	221,932us-gaap_CostOfServices
GROSS PROFIT ON REVENUES	98,983us-gaap_GrossProfit	88,549us-gaap_GrossProfit	188,738us-gaap_GrossProfit	160,703us-gaap_GrossProfit
General and Administrative Expenses:
Depreciation and Amortization	1,606us-gaap_DepreciationAndAmortization	1,586us-gaap_DepreciationAndAmortization	3,174us-gaap_DepreciationAndAmortization	2,700us-gaap_DepreciationAndAmortization
General and Administrative Expenses	58,797us-gaap_GeneralAndAdministrativeExpense	50,992us-gaap_GeneralAndAdministrativeExpense	117,056us-gaap_GeneralAndAdministrativeExpense	100,578us-gaap_GeneralAndAdministrativeExpense
Bad Debt Expense	19,654brli_BadDebtExpense	17,092brli_BadDebtExpense	37,654brli_BadDebtExpense	32,665brli_BadDebtExpense
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES	80,057	69,670	157,884	135,943
INCOME FROM OPERATIONS	18,926us-gaap_OperatingIncomeLoss	18,879us-gaap_OperatingIncomeLoss	30,854us-gaap_OperatingIncomeLoss	24,760us-gaap_OperatingIncomeLoss
OTHER (INCOME) EXPENSE:
Interest Expense	666us-gaap_InterestExpense	597us-gaap_InterestExpense	1,226us-gaap_InterestExpense	1,206us-gaap_InterestExpense
Interest Income	(23)us-gaap_OtherNonoperatingExpense	(12)us-gaap_OtherNonoperatingExpense	(45)us-gaap_OtherNonoperatingExpense	(26)us-gaap_OtherNonoperatingExpense
Other (Income) Expense	2us-gaap_OtherNonoperatingIncomeExpense	56us-gaap_OtherNonoperatingIncomeExpense	(112)us-gaap_OtherNonoperatingIncomeExpense	86us-gaap_OtherNonoperatingIncomeExpense
TOTAL OTHER (INCOME) EXPENSES - NET	645us-gaap_NonoperatingIncomeExpense	641us-gaap_NonoperatingIncomeExpense	1,069us-gaap_NonoperatingIncomeExpense	1,266us-gaap_NonoperatingIncomeExpense
INCOME BEFORE INCOME TAXES	18,281	18,238	29,785	23,494
Provision for Income Taxes	7,820us-gaap_IncomeTaxExpenseBenefit	7,965us-gaap_IncomeTaxExpenseBenefit	12,691us-gaap_IncomeTaxExpenseBenefit	10,267us-gaap_IncomeTaxExpenseBenefit
NET INCOME	$ 10,461	$ 10,273	$ 17,094	$ 13,227
NET INCOME PER COMMON SHARE - BASIC: (in dollars per share)	$ 0.38us-gaap_EarningsPerShareBasic	$ 0.37us-gaap_EarningsPerShareBasic	$ 0.62us-gaap_EarningsPerShareBasic	$ 0.48us-gaap_EarningsPerShareBasic
WEIGHTED AVERAGE NUMBER OF SHARES BASIC: (in shares)	27,786,309	27,716,644	27,781,143	27,712,525
NET INCOME PER COMMON SHARE - DILUTED: (in dollars per share)	$ 0.38us-gaap_EarningsPerShareDiluted	$ 0.37us-gaap_EarningsPerShareDiluted	$ 0.61us-gaap_EarningsPerShareDiluted	$ 0.47us-gaap_EarningsPerShareDiluted
WEIGHTED AVERAGE NUMBER OF SHARES - DILUTED: (in shares)	27,881,908	27,857,467	27,874,074	27,855,141

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
OPERATING ACTIVITIES:
Net Income	$ 17,094	$ 13,227
Adjustments to Reconcile Net Income to Cash Provided by (Used for) Operating Activities:
Depreciation and Amortization	13,231	11,934
Deferred Income Tax (Benefit) Expense	(440)us-gaap_DeferredIncomeTaxExpenseBenefit	5,976us-gaap_DeferredIncomeTaxExpenseBenefit
Stock Based Compensation	40us-gaap_ShareBasedCompensation	290us-gaap_ShareBasedCompensation
(Gain) Loss on Disposal of Fixed Assets	173	109
Undistributed Equity Method (Income) Loss	(112)	86
Change in Assets and Liabilities, (Increase) Decrease in:
Accounts Receivable	(20,244)	(13,227)
Provision for Doubtful Accounts	(1,771)us-gaap_ProvisionForDoubtfulAccounts	(14,480)us-gaap_ProvisionForDoubtfulAccounts
Inventory	8us-gaap_IncreaseDecreaseInInventories	(855)us-gaap_IncreaseDecreaseInInventories
Other Current Assets	941	87
Other Assets	(200)	(200)
Deposits	(71)	(38)
Increase (Decrease) in:
Accounts Payable and Accrued Liabilities	1,908	(3,097)
NET CASH - OPERATING ACTIVITIES	10,557	(188)
INVESTING ACTIVITIES:
Acquisition of Equipment and Leasehold Improvements	(15,739)	(7,048)
Business Acquisitions and Related Costs	(254)	(258)
NET CASH - INVESTING ACTIVITIES	(15,993)	(7,306)
FINANCING ACTIVITIES:
Payments of Long-Term Debt	(257)us-gaap_RepaymentsOfLongTermDebt	(243)us-gaap_RepaymentsOfLongTermDebt
Payments of Capital Lease Obligations	(3,225)	(2,933)
Increase (Decrease) in Revolving Line of Credit	15,935	17,021
Proceeds from Exercise of Options	622	177
NET CASH - FINANCING ACTIVITIES	13,075	14,022
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	7,639	6,528
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIODS	17,507	17,952
CASH AND CASH EQUIVALENTS AT END OF PERIODS	25,146	24,480
Cash paid during the period for:
Interest	1,189us-gaap_InterestPaid	1,166us-gaap_InterestPaid
Income Taxes	16,538us-gaap_IncomeTaxesPaid	9,867us-gaap_IncomeTaxesPaid
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital Leases	1,967us-gaap_CapitalLeaseObligationsIncurred	5,905us-gaap_CapitalLeaseObligationsIncurred
Write-off of property and equipment	$ 1,155brli_WriteOffOfPropertyAndEquipment	$ 920brli_WriteOffOfPropertyAndEquipment

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Oct. 31, 2014
CURRENT ASSETS:
Cash and Cash Equivalents	$ 25,146	$ 17,507
Accounts Receivable - Net	285,361us-gaap_AccountsReceivableNetCurrent	263,346us-gaap_AccountsReceivableNetCurrent
Inventory	20,783us-gaap_InventoryNet	20,791us-gaap_InventoryNet
Other Current Assets	9,224us-gaap_OtherAssetsCurrent	10,165us-gaap_OtherAssetsCurrent
Deferred Tax Assets	39,456us-gaap_DeferredTaxAssetsNetCurrent	40,040us-gaap_DeferredTaxAssetsNetCurrent
TOTAL CURRENT ASSETS	379,970us-gaap_AssetsCurrent	351,849us-gaap_AssetsCurrent
PROPERTY AND EQUIPMENT - AT COST	172,893us-gaap_PropertyPlantAndEquipmentGross	156,342us-gaap_PropertyPlantAndEquipmentGross
LESS: Accumulated Depreciation	(101,250)	(89,954)
PROPERTY AND EQUIPMENT - NET	71,643us-gaap_PropertyPlantAndEquipmentNet	66,388us-gaap_PropertyPlantAndEquipmentNet
OTHER ASSETS:
Investments in Unconsolidated Affiliate	5,290us-gaap_EquityMethodInvestments	5,153us-gaap_EquityMethodInvestments
Deposits	1,127us-gaap_DepositsAssetsNoncurrent	1,056us-gaap_DepositsAssetsNoncurrent
Goodwill - Net	35,185us-gaap_Goodwill	35,185us-gaap_Goodwill
Intangible Assets - Net	13,450	14,403
Other Assets	1,615us-gaap_OtherAssetsNoncurrent	1,415us-gaap_OtherAssetsNoncurrent
Deferred Tax Asset	4,438us-gaap_DeferredTaxAssetsNetNoncurrent	3,414us-gaap_DeferredTaxAssetsNetNoncurrent
TOTAL OTHER ASSETS	61,105us-gaap_AssetsNoncurrent	60,626us-gaap_AssetsNoncurrent
TOTAL ASSETS	512,718us-gaap_Assets	478,863us-gaap_Assets
CURRENT LIABILITIES:
Accounts Payable	66,073us-gaap_AccountsPayableCurrent	71,166us-gaap_AccountsPayableCurrent
Accrued Salaries and Commissions Payable	26,950	15,822
Accrued Taxes and Expenses	11,493us-gaap_AccruedIncomeTaxesCurrent	15,620us-gaap_AccruedIncomeTaxesCurrent
Other Short Term Acquisition Payable	1,695us-gaap_OtherLoansPayableCurrent	1,924us-gaap_OtherLoansPayableCurrent
Revolving Note Payable - Bank	49,315us-gaap_LinesOfCreditCurrent	33,380us-gaap_LinesOfCreditCurrent
Current Maturities of Long-Term Debt	541us-gaap_LongTermDebtCurrent	524us-gaap_LongTermDebtCurrent
Capital Lease Obligations - Short-Term Portion	6,259us-gaap_CapitalLeaseObligationsCurrent	6,128us-gaap_CapitalLeaseObligationsCurrent
TOTAL CURRENT LIABILITIES	162,326us-gaap_LiabilitiesCurrent	144,564us-gaap_LiabilitiesCurrent
LONG-TERM LIABILITIES:
Capital Lease Obligations - Long-Term Portion	10,863	12,252
Long-Term Debt -- Net of Current Portion	2,871us-gaap_LongTermDebtNoncurrent	3,145us-gaap_LongTermDebtNoncurrent
TOTAL LONG-TERM LIABILITIES	13,734us-gaap_LiabilitiesNoncurrent	15,397us-gaap_LiabilitiesNoncurrent
SHAREHOLDERS' EQUITY:
Preferred Stock $.10 Par Value; Authorized 1,666,667 shares, including 3,000 shares of Series A Junior Preferred Stock None Issued
Common Stock, $.01 Par Value; Authorized 35,000,000 shares: Issued and Outstanding 27,798,976 and 27,272,644 at April 30, 2015 and at October 31, 2014, respectively	278us-gaap_CommonStockValue	277us-gaap_CommonStockValue
Additional Paid-In Capital	40,640us-gaap_AdditionalPaidInCapital	39,979us-gaap_AdditionalPaidInCapital
Retained Earnings	295,740	278,646
TOTAL SHAREHOLDERS' EQUITY	336,658us-gaap_StockholdersEquity	318,902us-gaap_StockholdersEquity
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 512,718	$ 478,863