Attached files
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| 8-K - 8-K - Inotiv, Inc. | v210218_8k.htm |
FOR MORE
INFORMATION: Michael R. Cox
Phone 765.497.5829
mcox@BASInc.com
Bioanalytical
Systems, Inc. Reports Profit for First Quarter of Fiscal 2011
WEST
LAFAYETTE, Ind., February 7, 2011— Bioanalytical Systems, Inc.
(Nasdaq: BASI) today reported financial results for the first three months of
fiscal 2011, ending December 31, 2010.
For
the quarter ended December 31, 2010, the Company reported net earnings of
$310,000 ($0.06 per share, basic and diluted) on revenues of $8.1 million.
This compares to a loss of $1.5 million ($0.30 per share, basic and diluted) on
revenues of $6.4 million in the corresponding quarter of the prior year.
The improvement in earnings for the current fiscal quarter is mainly due to
higher revenues in both our service and product segments as well as reductions
in operating expenses. Revenues increased 27.7% in our services segment
and 24.3% in our products segment from the prior year period. Revenues for
the first fiscal quarter of 2011 were higher than any of the four quarters of
fiscal 2010. Increased proposal opportunities, new orders accepted and
increased research and development spending from our products clients have
contributed to the revenue improvement. Operating expenses were reduced
$265,000 from the first quarter of the prior year mainly due to cost containment
initiatives implemented throughout the Company.
The
Company negotiated an amendment to two of its loan agreements with Regions Bank
(“Regions”), on November 29, 2010. Regions agreed to accept a $500,000
principal payment on a note with $1.1 million of principal maturing on December
18, 2010 and a $500,000 principal payment on another note with $1.3 million of
principal maturing on February 11, 2011. The unpaid principal on the notes
will be incorporated into a replacement note maturing in November, 2012. The
first payment of $500,000 was made on December 17, 2010. The Company
expects to make the second $500,000 payment on schedule.
“It is very encouraging for our
organization to start our current fiscal year with a profitable quarter on
stronger revenues,” said President and Chief Executive Officer Anthony S.
Chilton, Ph.D. “We believe we have positioned BAS to take advantage of our
recovering markets, with an expanded sales force, strong professional teams
throughout our organization, and a cost structure that is very
competitive. We are committed to building on this solid start for our
current year.”
About
Bioanalytical Systems, Inc.
BASi is a
pharmaceutical development company providing contract research services and
monitoring instruments to the world’s leading drug development companies and
medical research organizations. The company focuses on developing innovative
services and products that increase efficiency and reduce the cost of taking a
new drug to market. Visit www.BASInc.com for
more about BASi.
This
release contains forward-looking statements that are subject to risks and
uncertainties including, but not limited to, risks and uncertainties related to changes
in the market and demand for our products and services, the
development, marketing and sales of products and services, changes in
technology, industry standards and regulatory standards, and various market and
operating risks detailed in the company’s filings with the Securities and
Exchange Commission.
[TURN
THE PAGE FOR CONSOLIDATED STATEMENTS OF OPERATIONS]
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in
thousands, except per share amounts)
|
Three
Months Ended
December
31,
|
||||||||
|
2010
|
2009
|
|||||||
|
Service
revenue
|
$ | 6,143 | $ | 4,811 | ||||
|
Product
revenue
|
1,947 | 1,566 | ||||||
|
Total
revenue
|
8,090 | 6,377 | ||||||
|
Cost
of service revenue
|
4,668 | 4,570 | ||||||
|
Cost
of product revenue
|
706 | 611 | ||||||
|
Total
cost of revenue
|
5,374 | 5,181 | ||||||
|
Gross
profit
|
2,716 | 1,196 | ||||||
|
Operating
expenses:
|
||||||||
|
Selling
|
685 | 785 | ||||||
|
Research
and development
|
112 | 171 | ||||||
|
General
and administrative
|
1,381 | 1,487 | ||||||
|
Total
operating expenses
|
2,178 | 2,443 | ||||||
|
Operating
income (loss)
|
538 | (1,247 | ) | |||||
|
Interest
income
|
— | — | ||||||
|
Interest
expense
|
(235 | ) | (241 | ) | ||||
|
Other
income
|
7 | — | ||||||
|
Income
(loss) before income taxes
|
310 | (1,488 | ) | |||||
|
Income
taxes
|
— | — | ||||||
|
Net
income (loss)
|
$ | 310 | $ | (1,488 | ) | |||
|
Basic
net income (loss) per share
|
$ | 0.06 | $ | (0.30 | ) | |||
|
Diluted
net income (loss) per share
|
$ | 0.06 | $ | (0.30 | ) | |||
|
Weighted
common shares outstanding:
|
||||||||
|
Basic
|
4,915 | 4,915 | ||||||
|
Diluted
|
4,981 | 4,915 | ||||||
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