FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
QUARTERLY REPORT
UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended April 30, 2003
Commission File Number 0-15266
BIO-REFERENCE LABORATORIES, INC.
481 Edward H. Ross Drive, Elmwood Park, NJ 07407
(201) 791-2600
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NEW JERSEY |
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22-2405059 |
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(State of incorporation) |
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(IRS Employer Identification No.) |
Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes |
ý |
No |
o |
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 11,429,783 shares of Common Stock ($.01 par value) at May 30, 2003.
BIO-REFERENCE LABORATORIES, INC.
FORM 10-Q
APRIL 30, 2003
I N D E X
BIO-REFERENCE LABORATORIES, INC.
ASSETS
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April 30, |
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October 31, |
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(Unaudited) |
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CURRENT ASSETS: |
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Cash and Cash Equivalents |
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$ |
3,684,361 |
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$ |
3,403,365 |
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Accounts Receivable (Net) |
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30,663,513 |
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28,698,931 |
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Inventory |
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1,034,872 |
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1,080,768 |
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Other Current Assets |
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923,809 |
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1,183,403 |
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TOTAL CURRENT ASSETS |
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$ |
36,306,555 |
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$ |
34,366,467 |
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PROPERTY, PLANT AND EQUIPMENT |
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$ |
5,796,417 |
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$ |
4,881,572 |
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LESS: Accumulated Depreciation |
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2,369,783 |
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1,877,185 |
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TOTAL PROPERTY, PLANT AND EQUIPMENT - NET |
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$ |
3,426,634 |
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$ |
3,004,387 |
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OTHER ASSETS: |
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Deposits |
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297,307 |
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293,203 |
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Goodwill (Net of Accumulated Amortization of $2,401,393) |
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5,843,237 |
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5,843,237 |
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Deferred Charges (Net of Accumulated Amortization of $2,369,066 and $2,084,614 respectively) |
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2,583,770 |
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2,868,222 |
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Other Assets |
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1,039,573 |
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1,066,658 |
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TOTAL OTHER ASSETS |
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$ |
9,763,887 |
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$ |
10,071,320 |
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TOTAL ASSETS |
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$ |
49,497,076 |
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$ |
47,442,174 |
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The Accompanying Notes are an Integral Part of These Financial Statements.
1
BIO-REFERENCE LABORATORIES, INC.
BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS’ EQUITY
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April 30, |
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October 31, |
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(Unaudited) |
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CURRENT LIABILITIES: |
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Accounts Payable |
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$ |
6,826,185 |
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$ |
6,871,331 |
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Salaries and Commissions Payable |
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2,340,869 |
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2,420,274 |
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Accrued Taxes and Expenses |
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512,852 |
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895,340 |
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Current Portion of Long-Term Debt |
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— |
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400,000 |
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Current Portion of Leases Payable |
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687,687 |
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582,751 |
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Notes Payable |
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12,184,864 |
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10,546,010 |
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TOTAL CURRENT LIABILITIES |
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$ |
22,552,457 |
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$ |
21,715,706 |
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LONG-TERM LIABILITIES: |
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Long-Term Portion of Leases Payable |
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1,471,367 |
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1,423,659 |
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Other Long-Term Liabilities |
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70,740 |
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95,740 |
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TOTAL LONG-TERM LIABILITIES |
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$ |
1,542,107 |
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$ |
1,519,399 |
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COMMITMENTS AND CONTINGENCIES |
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— |
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— |
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SHAREHOLDERS’ EQUITY: |
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Preferred Stock $.10 Par Value; Authorized 1,062,589 shares, None Issued |
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$ |
— |
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$ |
— |
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Series A Senior Preferred Stock, $.10 Par Value; Authorized Issued and Outstanding 604,078 shares |
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60,408 |
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60,408 |
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Series A - Junior Participating Preferred Stock, $.10 Par Value, Authorized 3,000 Shares. |
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$ |
— |
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$ |
— |
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Common Stock, $.01 Par Value; Authorized 18,333,333 shares, Issued, and Outstanding 11,429,783 shares at April 30, 2003, and 11,588,583 shares at October 31, 2002 |
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114,298 |
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115,886 |
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Additional Paid-In Capital |
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27,672,177 |
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28,543,576 |
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Accumulated [Deficit] |
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(2,232,110 |
) |
(4,224,990 |
) |
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Totals |
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$ |
25,614,773 |
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$ |
24,494,880 |
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Deferred Compensation |
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(212,261 |
) |
(287,811 |
) |
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TOTAL SHAREHOLDERS’ EQUITY |
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$ |
25,402,512 |
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$ |
24,207,069 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
49,497,076 |
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$ |
47,442,174 |
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The Accompanying Notes are an Integral Part of These Financial Statements.
2
BIO-REFERENCE LABORATORIES, INC.
[UNAUDITED]
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Three months
ended |
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