NEW YORK (AP) -- Shares of Bio-Reference Laboratories Inc. rose Thursday after the clinical laboratory testing services provider said it had a strong fiscal fourth quarter despite business disruptions related to Superstorm Sandy.
The Elmwood Park, N.J., company said net income rose 23 percent even though it believes it lost about $5 million in revenue as a result of the storm, which hit two days before the quarter ended. Bio-Reference Labs said its laboratories remained in operation, but businesses in the area were shut down and it was difficult to transport samples.
Bio-Reference made $12.9 million, or 46 cents per share, over the three months ended Oct. 31. A year earlier the company earned $10.5 million, or 37 cents per share, in the fiscal fourth quarter. If not for the storm, Bio-Reference said it would have earned 52 cents per share. Revenue grew 16 percent to $176.1 million.
Analysts expected net income of 46 cents per share and $175.6 million in revenue, according to FactSet.
For the fiscal year net income rose 16 percent, to $42.2 million, or $1.51 per share. Revenue increased 18 percent, to $661.7 million.
The company expects its net income to grow about 20 percent in fiscal 2013, and revenue is expected to grow about 15 percent. However the lingering effects of Sandy are expected to reduce income by 3 to 5 cents per share in its fiscal first quarter.
Bio-Reference shares rose $1.32, or 4.8 percent, to close at $28.63.
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