8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 20, 2003

BIOANALYTICAL SYSTEMS, INC.
(Exact name of registrant as specified in its charter)

Indiana	0-23357	35-1345024
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)
2701 Kent Avenue West Lafayette, IN		47906-1382
(Address of principal executive offices)		(Zip Code)
	(765) 463-4527
	(Registrant's telephone number, including area code)

Item 7.    Financial Statements and Exhibits.

        The following exhibits are filed as a part of this report:

        (c)         Exhibits

        99.1         Press release, dated May 20, 2003, announcing second quarter fiscal 2003 results.

Item 12.    Results of Operations and Financial Condition.

        On May 20, 2003, Bioanalytical Systems, Inc. (the “Company”) issued a press release announcing its results for the quarter ended March 31, 2003. A copy of the press release is filed herewith as Exhibit 99.1 and incorporated herein by reference.

        The information under this caption is intended to be furnished by the Company under Item 12 of Form 8-K but is identified in the submission header for this report as furnished under Item 9 instead of Item 12 in accordance with the interim guidance provided by the Securities and Exchange Commission in Release No. 33-8216 issued March 27, 2003. The information contained in this Item 12 or incorporated by reference herein (whether or not furnished pursuant to Item 12) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  May 21, 2003 BIOANALYTICAL SYSTEMS, INC.
(Registrant)



By:  /s/  Peter T. Kissinger, Ph.D. Peter T. Kissinger, Ph.D.
President and Chief Executive Officer

Exhibit Index

Item Number
assigned in
Regulation S-K
Item 601 Exhibit Description of Exhibits

99 (99.1) Press release dated May 20, 2003.

EX-99.1

Exhibit 99.1

Bioanalytical Systems, Inc. Announces Second Quarter 2003 Results

WEST LAFAYETTE, Ind., May 20, 2003 — Bioanalytical Systems, Inc. (Nasdaq: BASI) today reported financial results for its second quarter ending March 31, 2003. Revenue for the quarter decreased 6% compared to the same quarter last year.

Revenue for the second quarter ended March 31, 2003 was $6,950,000, compared to $7,385,000 for the second quarter ended March 31, 2002. Net income (loss) for the second quarter of fiscal 2003 was ($167,000), compared to $519,000 for the second quarter of fiscal 2002. Diluted earnings per share were $(0.04) for the second quarter of fiscal 2003, compared to $0.11 for the same period in fiscal 2002. The current quarter’s results were impacted by weak instrument sales, costs associated with gearing up to use newly added capacity, and personnel changes. 

Revenue for the six months ended March 31, 2003 was $13,924,000 compared to $13,408,000 for the six months ended March 31, 2002. Net income for this period was $108,000, compared to $766,000 for the six months ended March 31, 2002. Diluted earnings per share for the six months ended March 31, 2003 were $0.02 per share, compared to diluted earnings of $0.17 per share for the same period during the previous year.

“Although our services business remained steady throughout the quarter and the prior six months, our product revenue continues to be impacted by the reduction in capital expenditures within our core market,” stated BASi Chairman and CEO, Peter T. Kissinger.  “We continued to work diligently to strengthen our portfolio of services and products while we commissioned the last phase of expansion of our preclinical site. In addition, we successfully completed and integrated our recent acquisition in Oregon and we launched a new Empis infusion pump for our Culex system. We are confident that all of these initiatives, combined with the impending acquisition of PKLB, will provide the company with a stronger platform for growth in the future. World market unrest and domestic uncertainties are affecting everyone. Once we move past these near term hurdles, we see a bright future.”

In business for nearly 30 years, Bioanalytical Systems, Inc. is a pharmaceutical development company who provides contract research services and analytical systems to the world’s leading pharmaceutical, drug development and medical device companies. The company focuses on developing innovative services and products that increase efficiency and reduce costs associated with taking new drugs to market. They have contributed to over $15 billion in annual sales of drugs for the treatment of central nervous system disorders such as Alzheimer’s and Parkinson’s diseases, diabetes, osteoporosis, HIV and other diseases. Visit www.bioanalytical.com and www.culex.net 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 Commission.