FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
ý QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended July 31, 2003
AND
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 0-15266
BIO-REFERENCE LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
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NEW JERSEY |
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22-2405059 |
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(State or other jurisdiction of |
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(IRS Employer Identification No.) |
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481 Edward H. Ross Drive, Elmwood Park, NJ |
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07407 |
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(Address of principal executive offices) |
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(Zip Code) |
(Registrant’s telephone number, including area code) (201) 791-2600
(Former name, former address and former fiscal year, if changed since last report)
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.
Yes ý No o
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities and Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court.
Yes o 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: 11,410,883 shares of common stock ($.01 par value) at September 5, 2003.
BIO-REFERENCE, LABORATORIES, INC.
FORM 10-Q
JULY 31, 2003
INDEX
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PART I. FINANCIAL INFORMATION |
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Item 1. |
Financial Statements |
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Consolidated Balance Sheets as of July 31, 2003 (unaudited) and October 31, 2002 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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PART II. OTHER INFORMATION |
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Certifications |
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BIO-REFERENCE LABORATORIES, INC.
ASSETS
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July 31, |
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October 31, |
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(Unaudited) |
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CURRENT ASSETS: |
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Cash and Cash Equivalents |
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$ |
3,534,074 |
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$ |
3,403,365 |
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Accounts Receivable (Net) |
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31,201,106 |
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28,698,931 |
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Inventory |
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1,148,938 |
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1,080,768 |
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Other Current Assets |
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252,155 |
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1,183,403 |
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TOTAL CURRENT ASSETS |
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$ |
36,136,273 |
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$ |
34,366,467 |
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PROPERTY, PLANT AND EQUIPMENT |
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$ |
6,230,941 |
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$ |
4,881,572 |
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LESS: Accumulated Depreciation |
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2,646,402 |
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1,877,185 |
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TOTAL PROPERTY, |
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PLANT AND EQUIPMENT - NET |
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$ |
3,584,539 |
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$ |
3,004,387 |
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OTHER ASSETS: |
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Deposits |
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340,951 |
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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 $2,511,305 and $2,084,614 respectively) |
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2,441,532 |
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2,868,222 |
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Other Assets |
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1,039,572 |
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1,066,658 |
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TOTAL OTHER ASSETS |
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$ |
9,665,292 |
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$ |
10,071,320 |
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TOTAL ASSETS |
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$ |
49,386,104 |
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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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July 31, |
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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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$ |
7,653,970 |
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$ |
6,871,331 |
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Salaries and Commissions Payable |
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2,429,436 |
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2,420,274 |
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Accrued Taxes and Expenses |
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213,360 |
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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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700,057 |
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582,751 |
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Notes Payable |
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9,286,547 |
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10,546,010 |
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TOTAL CURRENT LIABILITIES |
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$ |
20,283,370 |
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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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1,427,368 |
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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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$ |
1,498,108 |
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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 $.10 Par Value; Authorized 1,059,589 shares, None Issued |
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$ |
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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, $.01 Par Value; Authorized 35,000,000 shares, Issued, and Outstanding 11,410,883 shares at July 31, 2003, and 11,588,583 shares at October 31, 2002 |
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114,109 |
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115,886 |
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Additional Paid-In Capital |
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27,546,154 |
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28,543,576 |
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Retained Earnings [Deficit] |
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68,353 |
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(4,224,990 |
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Totals |
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$ |
27,789,024 |
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$ |
24,494,880 |
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Deferred Compensation |
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(184,398 |
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(287,811 |
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TOTAL SHAREHOLDERS’ EQUITY |
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$ |
27,604,626 |
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$ |
24,207,069 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
49,386,104 |
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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.
CONSOLIDATED STATEMENTS OF OPERATIONS
[UNAUDITED]
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Three months
ended |
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Nine months
ended |
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2003 |
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2002 |
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2003 |
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2002 |
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NET REVENUES: |
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$ |
28,919,575 |
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$ |
24,893,138 |
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$ |
78,629,465 |
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$ |
71,051,327 |
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