Full Press Release Details
Systems, Inc. Reports Earnings
from Continuing Operations
LAFAYETTE, Ind., August 11, 2008- Bioanalytical Systems, Inc. (Nasdaq: BASI)
today reported financial results for its third quarter and nine months of fiscal
2008, ending June 30, 2008. The Company had previously announced the June 30,
2008 sale of its clinic in Baltimore Maryland and the resulting discontinuance
of its Phase I clinical trials business.
continuing operations, revenue in the third quarter increased 5.4% to $11.4
million compared to $10.9 million for the quarter ended June 30, 2007. Net
income from continuing operations for the third quarter was $407,000, or $0.08
per basic and diluted share, compared to net income of $567,000, or $0.12 and
$0.11 per basic and diluted share, respectively, for the third quarter of fiscal
nine months ended June 30, 2008, revenue increased 7.2% to $32.3 million
compared to $30.1 million for the nine months ended June 30, 2007. Net income
from continuing operations for the nine months of fiscal 2008 was $1.4 million,
or $0.29 per basic and diluted share, compared to net income from continuing
operations of $1.4 million, or $0.28 per basic and diluted share for fiscal
loss from discontinued operations was $661,000, or $0.13 per basic and diluted
share, in the quarter ended June 30, 2008 compared to a net loss of $118,000,
$0.03 and $0.02 per basic and diluted share, respectively, in the same period
last year. This resulted in a net loss from all operations in the current
quarter of $254,000, or $0.05 per basic and diluted share, compared to net
income in the same quarter last year of $449,000, or $0.09 per basic and diluted
share. For the nine months ended June 30, 2008, net loss was $406,000, or $0.08
per basic and diluted share, compared to net income of $1.1 million in the
comparable period of the prior year, or $0.23 per basic and diluted
Cox, Chief Financial Officer, stated, "With the strategic decision to sell our
only Phase I clinic in June, we will be able to focus on our continuing
operations and stress profitable operations. While the current quarter had
slight decrease in net income from continuing operations compared to a very
strong quarter in the same period last year, our nine month results showed
increase in pre-tax income from continuing operations compared to last year.
also increased our cash flow from continuing operations for the nine month
period from $3.4 million to $4.1 million. We are very encouraged by these
results from our continuing operations."
Bioanalytical Systems, Inc.
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
new drug to market. Visit www.bioanalytical.com
release contains forward-looking statements that are subject to risks and
uncertainties including, but not limited to, risks and uncertainties
to the development, marketing and sales of products and services, changes in
technology, industry standards and regulatory standards, and various market
operating risks detailed in the company's filings with the Securities and
Exchange Commission.
THE PAGE FOR CONSOLIDATED STATEMENTS OF OPERATIONS]
CONSOLIDATED STATEMENTS OF OPERATIONS
thousands, except per share amounts)
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||
| 2008 | 2007 | 2008 | 2007 | ||||||||||
| Service revenue | $ | 9,068 | $ | 8,937 | $ | 25,653 | $ | 23,353 | |||||
| Product revenue | 2,379 | 1,928 | 6,660 | 6,789 | |||||||||
| Total revenue | 11,447 | 10,865 | 32,313 | 30,142 | |||||||||
| Cost of service revenue | 6,240 | 5,930 | 17,348 | 16,637 | |||||||||
| Cost of product revenue | 891 | 852 | 2,604 | 2,892 | |||||||||
| Total cost of revenue | 7,131 | 6,782 | 19,952 | 19,529 | |||||||||
| Gross profit | 4,316 | 4,083 | 12,361 | 10,613 | |||||||||
| Operating expenses: | |||||||||||||
| Selling | 975 | 687 | 2,641 | 2,037 | |||||||||
| Research and development | 212 | 212 | 583 | 668 | |||||||||
| General and administrative | 1,953 | 1,781 | 5,624 | 5,060 | |||||||||
| (Gain) loss on sale of property and equipment | (1 | ) | 134 | 7 | 134 | ||||||||
| Total operating expenses | 3,139 | 2,814 | 8,855 | 7,899 | |||||||||
| Operating income | 1,177 | 1,269 | 3,506 | 2,714 | |||||||||
| Interest income | - | 28 | 29 | 52 | |||||||||
| Interest expense | (251 | ) | (245 | ) | (702 | ) | (717 | ) | |||||
| Other income | 1 | - | 5 | 4 | |||||||||
| Income from continuing operations before income taxes | 927 | 1,052 | 2,838 | 2,053 | |||||||||
| Income taxes | 520 | 485 | 1,412 | 689 | |||||||||
| Net income from continuing operations | $ | 407 | $ | 567 | $ | 1,426 | $ | 1,364 | |||||
| Discontinued Operations | |||||||||||||
| Loss from discontinued operations before income taxes | $ | (829 | ) | $ | (144 | ) | $ | (2,760 | ) | $ | (406 | ) | |
| Loss on disposal | (431 | ) | - | (431 | ) | - | |||||||
| Tax benefit | 599 | 26 | 1,359 | 171 | |||||||||
| Net loss from discontinued operations after income taxes | $ | (661 | ) | $ | (118 | ) | $ | (1,832 | ) | $ | (235 | ) | |
| Net income (loss) | $ | (254 | ) | $ | 449 | $ | (406 | ) | $ | 1,129 | |||
| Basic net income (loss) per share: | |||||||||||||
| Net income per share from continuing operations | $ | 0.08 | $ | 0.12 | $ | 0.29 | $ | 0.28 | |||||
| Net loss per share from discontinued operations | (0.13 | ) | (0.03 | ) | (0.37 | ) | (0.05 | ) | |||||
| Basic net income (loss) per share | $ | (0.05 | ) | $ | 0.09 | $ | (0.08 | ) | $ | 0.23 | |||
| Diluted net income (loss) per share: | |||||||||||||
| Net income per share from continuing operations | $ | 0.08 | $ | 0.11 | $ | 0.29 | $ | 0.28 | |||||
| Net loss per share from discontinued operations | (0.13 | ) | (0.02 | ) | (0.37 | ) | (0.05 | ) | |||||
| Diluted net income (loss) per share | $ | (0.05 | ) | $ | 0.09 | $ | (0.08 | ) | $ | 0.23 | |||
| Weighted common shares outstanding: | |||||||||||||
| Basic | 4,914 | 4,909 | 4,913 | 4,908 | |||||||||
| Diluted | 4,939 | 4,976 | 4,979 | 4,952 |