Full Press Release Details
FOR MORE INFORMATION: Michael R Cox
Bioanalytical Systems, Inc. Reports Fourth Quarter and Year-End 2004 Financial
WEST LAFAYETTE, Ind., December
16, 2004 Bioanalytical Systems, Inc. (Nasdaq: BASI) today reported
financial results for its fourth quarter and fiscal year ended September 30,
2004. Revenue for the quarter ended September 30, 2004 increased 13% to $9.1
million compared to $8.0 million for the quarter ended September 30, 2003. Net
loss for the fourth quarter of fiscal 2004 was $205,000, or $0.04 loss per basic
and diluted share, compared to a net loss of $376,000, or $0.08 loss per basic
and diluted share for the fourth quarter of fiscal 2003. The net loss in the
fourth quarter of fiscal 2004 is after an income tax benefit of $328,000 ($0.07
per share). Increased sales efforts resulted in better capacity utilization and
an 8% increase in service revenue in the current year. The 23% increase in
product revenues was the result of the continued success of the Company s
Revenue for the fiscal year
ended September 30, 2004 increased 25% to $37.2 million from $29.8 million for
the fiscal year ended September 30, 2003. Net loss for the fiscal year ended
September 30, 2004 was $203,000, or $0.04 per basic and diluted share, compared
to net income of $87,000, or $0.02 per basic and diluted share, for the fiscal
year ended September 30, 2003. The net loss for the 2004 fiscal year is after an
income tax benefit of $404,000 ($0.08 per share). Service revenue increased 25%
over the prior year as a result of including revenue from two companies acquired
by BASi in fiscal 2003 for the full year in the current period (approximately 9%
increase over the prior year), and bioanalytical services growth. Product
revenues for the current year rebounded after a decline in the prior year,
showing 24% growth. This increase for the year was attributable to sales of the
Cost of revenue for the fourth
quarter ended September 30, 2004 was $6.6 million, or 73% of revenue, compared
to $5.7 million, or 71% of revenue, for the fourth quarter ended September 30,
2003. Cost of revenue for the year ended September 30, 2004 was $25.6 million,
or 69% of revenue, compared to $19.4 million, or 65% of revenue, for the year
ended September 30, 2003. The fourth quarters of both 2004 and 2003 included the
operations of two companies acquired by BASi in fiscal 2003, and therefore
reflect similar margin percentages. For the full fiscal year ended September 30,
2003, those costs were included only from the dates of acquisition. The margins
for fiscal 2004 are therefore lower than those for fiscal 2003. The Company
continues to aggressively market the additional capacity acquired in fiscal
2003, with the anticipation that margin percentages will improve with better
Peter T. Kissinger, Chairman and
CEO commented, Our fourth quarter results were negatively impacted by a
delay in the initiation of a significant contract, with the result that we were
not able to fill that capacity. Our efforts to improve operations at our
Baltimore clinical research unit are showing positive signs, with increased
revenues, lower personnel turnover, and a physically more attractive site. Our
UK operations also made good progress over the past year, and Culex sales
were very robust in fiscal 2004, indicating continued market acceptance of this
unique product line.
Conference Call Information
BASi will host a live conference
call and listen-only Webcast to discuss its fourth quarter and fiscal year 2004
results at 9:00 a.m. EST tomorrow, Friday, December 17, 2004. To participate in
the conference call, please dial 800-275-3939 (domestic) or 1-973-409-9259
(international). Also, a live Webcast of the conference call will be available
For those unable to participate
there will be a replay available from Friday, December 17 at 2:00 pm EST,
through 11:50 p.m. EST on Friday, December 24, 2004, by dialing 877-519-4471
(domestic) or 973-341-3080 (international) and entering the pin code 5496000 for
both telephone numbers. In addition, a replay of the Webcast will be available
About Bioanalytical Systems, Inc.
BASi is a pharmaceutical
development company providing contract research services and monitoring
instruments to the world s leading drug development and medical device
companies. The company focuses on developing innovative services and products
that increase efficiency and reduce the cost of taking a new drug to market.
Visit http://www.bioanalytical.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 the development 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
[SEE ATTACHMENT FOR CONSOLIDATED STATEMENTS OF OPERATIONS]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Twelve Months Ended September 30, | |||||||||||||
| 2004 | 2003 | 2004 | 2003 | |||||||||||
| Service revenue | $ | 5,658,000 | $ | 5,248,000 | $ | 24,928,000 | $ | 19,987,000 | ||||||
| Product revenue | 3,436,000 | 2,793,000 | 12,224,000 | 9,852,000 | ||||||||||
| Total revenue | 9,094,000 | 8,041,000 | 37,152,000 | 29,839,000 | ||||||||||
| Cost of service revenue | 5,854,000 | 4,784,000 | 21,348,000 | 15,625,000 | ||||||||||
| Cost of product revenue | 768,000 | 941,000 | 4,270,000 | 3,804,000 | ||||||||||
| Total cost of revenue | 6,622,000 | 5,725,000 | 25,618,000 | 19,429,000 | ||||||||||
| Gross profit | 2,472,000 | 2,316,000 | 11,534,000 | 10,410,000 | ||||||||||
| Operating expenses: | ||||||||||||||
| Selling | 740,000 | 654,000 | 2,703,000 | 2,853,000 | ||||||||||
| Research and development | 299,000 | 331,000 | 1,100,000 | 1,327,000 | ||||||||||
| General and administrative | 1,792,000 | 1,707,000 | 7,477,000 | 5,430,000 | ||||||||||
| Total operating expenses | 2,831,000 | 2,692,000 | 11,280,000 | 9,610,000 | ||||||||||
| Operating income | (359,000 | ) | (376,000 | ) | 254,000 | 800,000 | ||||||||
| Other income (expense) | 64,000 | 35,000 | 103,000 | 114,000 | ||||||||||
| Interest income | 3,000 | 1,000 | 8,000 | 3,000 | ||||||||||
| Interest expense | (222,000 | ) | (314,000 | ) | (943,000 | ) | (710,000 | ) | ||||||
| Gain (loss) on sale of property and | ||||||||||||||
| equipment | (19,000 | ) | 281,000 | (29,000 | ) | 363,000 | ||||||||
| (174,000 | ) | 3,000 | (861,000 | ) | (230,000 | ) | ||||||||
| Income (loss) before income taxes | (533,000 | ) | (373,000 | ) | (607,000 | ) | 570,000 | |||||||
| Income taxes/(benefit) | (328,000 | ) | 3,000 | (404,000 | ) | 483,000 | ||||||||
| Net income (loss) | $ | (205,000 | ) | $ | (376,000 | ) | $ | (203,000 | ) | $ | 87,000 | |||
| Net income (loss) per share: | ||||||||||||||
| Basic | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.04 | ) | $ | 0.02 | |||
| Diluted | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.04 | ) | $ | 0.02 | |||
| Weighted common and common equivalent | ||||||||||||||
| shares outstanding: | ||||||||||||||
| Basic | 4,869,502 | 4,831,460 | 4,860,095 | 4,654,595 | ||||||||||
| Diluted | 4,869,502 | 4,845,314 | 4,860,095 | 4,673,448 |