Attached files
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| 8-K - Inotiv, Inc. | v193761_8-k.htm |
FOR MORE
INFORMATION: Michael R. Cox
Phone 765.497.5829
mcox@BASInc.com
Bioanalytical
Systems, Inc. Reports Profit for Third Quarter of Fiscal 2010
WEST
LAFAYETTE, Ind., August 13, 2010— Bioanalytical Systems, Inc.
(Nasdaq: BASI) today reported financial results for the third quarter and nine
months ended June 30, 2010.
For the
quarter ended June 30, 2010, the Company reported net earnings of $288,000
($0.06 per share, basic and diluted) on revenues of $8,064,000. This
compares to a loss of $632,000 ($0.13 per share, basic and diluted) on revenues
of $8,121,000 in the corresponding quarter of the prior
year. Revenues in both the Company’s service and product segments
were essentially the same in both periods; however, gross profit increased by
$536,000 in the current quarter over the corresponding quarter due primarily to
cost reductions initiated within the past twelve months. Operating expenses,
excluding one-time charges, were reduced by $89,000 in the comparable
periods. Included in the net loss for the prior year quarter
was an impairment charge of $472,000 eliminating the goodwill of the Company’s
UK subsidiary.
For the
nine months ended June 30, 2010, revenue decreased 8% to $21.4 million compared
to revenue of $23.3 million for the comparable period in fiscal 2009. Service
revenue declined 7.6% and Product revenue declined 9.5%. The net loss for the
nine months ended June 30, 2010 was $2,411,000, or $0.49 per basic and diluted
share, compared to a net loss of $4,047,000, or $0.82 per basic and diluted
share for the comparable period in fiscal 2009. One time charges in the current
fiscal period totaled $740,000 ($0.15 per share) for termination benefits and
settlement of a contingent lease liability, compared to $472,000 ($0.10 per
share) for the write-off of goodwill in the comparable period in fiscal
2009. In the current year, the Company benefited from the favorable
settlement of tax litigation which resulted in a net tax benefit of
$344,000.
Revenues
for the current fiscal quarter ended June 30, 2010 were the highest of the three
quarters to date in the current fiscal year. The resulting net income
for the quarter was the first quarterly net income since the quarter ended June
30, 2007.
The Company has named Alberto Hidalgo as Vice President - Business
Development and Marketing effective August 18, 2010. Mr. Hidalgo has over 15
years of senior-level sales experience in both domestic and international
markets including 13 years in the CRO market. Most recently he consulted with
companies to develop and implement new sales and marketing strategies. Prior to
that he served as Area Director of Sales with Covance Central Laboratory
Services and held varios positions including Director of Sales, for Eli Lilly
Export, Puerto Rico. He has a strong history of developing new business
relationships and sales strategies resulting in exceptional sales growth.
Anthony
Chilton, PhD., President and Chief Executive Officer, stated, “It is very
encouraging for our organization to return to profitability after the losses we
have experienced in this recession. While revenues have not returned
to pre-recession levels, the activity in our markets continues to be
promising. We have reduced our expense levels so that we continue to
be competitive in the current environment, while maintaining our commitment to
quality scientific and professional performance. We are hopeful that returning
to profitability will be beneficial in our efforts to refinance $2.5 million of
debt maturing in the next twelve months.”
About
Bioanalytical Systems, Inc.
BASi is a
pharmaceutical development company providing contract research services and
research instruments and supplies 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
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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS]
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in
thousands, except per share amounts)
|
Three
Months Ended June 30,
|
Nine
Months Ended June 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Service
revenue
|
$ | 6,034 | $ | 6,113 | $ | 16,092 | $ | 17,423 | ||||||||
|
Product
revenue
|
2,030 | 2,008 | 5,284 | 5,841 | ||||||||||||
|
Total
revenue
|
8,064 | 8,121 | 21,376 | 23,264 | ||||||||||||
|
Cost
of service revenue
|
4,538 | 5,212 | 13,863 | 15,777 | ||||||||||||
|
Cost
of product revenue
|
855 | 774 | 2,161 | 2,433 | ||||||||||||
|
Total
cost of revenue
|
5,393 | 5,986 | 16,024 | 18,210 | ||||||||||||
|
Gross
profit
|
2,671 | 2,135 | 5,352 | 5,054 | ||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Selling
|
589 | 734 | 2,057 | 2,569 | ||||||||||||
|
Research
and development
|
124 | 174 | 434 | 592 | ||||||||||||
|
General
and administrative
|
1,400 | 1,325 | 4,830 | 5,765 | ||||||||||||
|
Impairment
loss
|
--- | 472 | --- | 472 | ||||||||||||
|
Total
operating expenses
|
2,113 | 2,705 | 7,321 | 9,398 | ||||||||||||
|
Operating
income (loss)
|
558 | (571 | ) | (1,969 | ) | (4,344 | ) | |||||||||
|
Interest
expense
|
(270 | ) | (228 | ) | (786 | ) | (870 | ) | ||||||||
|
Other
income
|
--- | --- | --- | 3 | ||||||||||||
|
Income
(loss) before income taxes
|
288 | (799 | ) | (2,755 | ) | (5,211 | ) | |||||||||
|
Income
tax benefit
|
--- | (167 | ) | (344 | ) | (1,164 | ) | |||||||||
|
Net
income (loss)
|
$ | 288 | $ | (632 | ) | $ | (2,411 | ) | $ | (4,047 | ) | |||||
|
Basic
net income (loss) per share
|
$ | 0.06 | $ | (0.13 | ) | $ | (0.49 | ) | $ | (0.82 | ) | |||||
|
Diluted
net income (loss) per share
|
$ | 0.06 | $ | (0.13 | ) | $ | (0.49 | ) | $ | (0.82 | ) | |||||
|
Weighted
common shares outstanding:
|
||||||||||||||||
|
Basic
|
4,915 | 4,915 | 4,915 | 4,915 | ||||||||||||
|
Diluted
|
4,915 | 4,915 | 4,915 | 4,915 | ||||||||||||
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