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 January 31, 2004
Commission File Number 0-15266
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BIO-REFERENCE LABORATORIES, INC. |
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481
Edward H. Ross Drive, Elmwood Park, NJ 07407 |
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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.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes o No ý
State the number of shares outstanding of each of the issuer’s common stock, as of the latest practicable date: 11,665,773 shares of Common Stock ($.01 par value) at March 10, 2004.
BIO-REFERENCE LABORATORIES, INC.
FORM 10-Q
JANUARY 31, 2004
INDEX
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PART I. |
FINANCIAL INFORMATION |
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Item 1. |
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Financial Statements |
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Balance
Sheets as of January 31, 2004 (unaudited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Certifications |
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BIO-REFERENCE LABORATORIES, INC.
[Dollars In Thousands Except Per Share Data]
ASSETS
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January
31, |
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October
31, |
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(Unaudited) |
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CURRENT ASSETS: |
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Cash and Cash Equivalents |
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$ |
5,254 |
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$ |
3,966 |
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Accounts Receivable (Net) |
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33,558 |
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32,913 |
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Inventory |
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1,241 |
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1,088 |
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Other Current Assets |
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450 |
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763 |
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TOTAL CURRENT ASSETS |
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$ |
40,503 |
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$ |
38,730 |
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PROPERTY, PLANT AND EQUIPMENT |
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$ |
8,456 |
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$ |
7,485 |
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LESS: Accumulated Depreciation |
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3,125 |
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2,722 |
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TOTAL PROPERTY, |
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PLANT AND EQUIPMENT - NET |
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$ |
5,331 |
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$ |
4,763 |
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OTHER ASSETS: |
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Deposits |
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325 |
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314 |
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Goodwill (Net of Accumulated Amortization of $2,401) |
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5,843 |
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5,843 |
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Deferred Charges (Net of Accumulated Amortization of $2,781 and $2,654 respectively) |
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2,172 |
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2,299 |
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Other Assets |
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922 |
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1,270 |
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TOTAL OTHER ASSETS |
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$ |
9,262 |
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$ |
9,726 |
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TOTAL ASSETS |
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$ |
55,096 |
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$ |
53,219 |
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The Accompanying Notes are an Integral Part of These Financial Statements.
1
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January
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October
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(Unaudited) |
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CURRENT LIABILITIES: |
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Accounts Payable |
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$ |
7,791 |
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$ |
7,900 |
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Salaries and Commissions Payable |
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1,700 |
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1,719 |
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Accrued Taxes and Expenses |
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1,555 |
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1,789 |
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Current Portion of Capital Leases Payable |
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1,015 |
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933 |
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Notes Payable |
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8,998 |
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8,718 |
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TOTAL CURRENT LIABILITIES |
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$ |
21,059 |
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$ |
21,059 |
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LONG-TERM LIABILITIES: |
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Long-Term Portion of Capital Leases Payable |
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2,277 |
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2,127 |
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Other Long-Term Liabilities |
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75 |
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75 |
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TOTAL LONG-TERM LIABILITIES |
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$ |
2,352 |
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$ |
2,202 |
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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 $.10 Par Value; |
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Authorized 1,059,589 shares, None Issued |
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$ |
— |
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$ |
— |
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Series A Senior Preferred Stock, $.10 Par Value; |
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Authorized Issued and Outstanding 604,078 shares |
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60 |
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60 |
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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, $.01 Par Value; |
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Authorized shares, 35,000,000 |
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Issued and Outstanding shares 11,665,773 at January 31, 2004 and 11,451,023 shares at October 31, 2003 |
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117 |
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115 |
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Additional Paid-In Capital |
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28,803 |
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27,907 |
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Retained Earnings |
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3,234 |
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$ |
2,315 |
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Totals |
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$ |
32,214 |
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30,397 |
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Deferred Compensation |
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(529 |
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(439 |
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