-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N25S8dlBNZUjCu7gk6+r5P2xl7D67a6T4pIEjUk1ix0yu5n7cBbRhDMzWJOp6S57 9A8/V4/paRmPXNj1fh24ig== 0000927946-06-000008.txt : 20060118 0000927946-06-000008.hdr.sgml : 20060118 20060118172124 ACCESSION NUMBER: 0000927946-06-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060116 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060118 DATE AS OF CHANGE: 20060118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIOANALYTICAL SYSTEMS INC CENTRAL INDEX KEY: 0000720154 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 351345024 STATE OF INCORPORATION: IN FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23357 FILM NUMBER: 06536273 BUSINESS ADDRESS: STREET 1: 2701 KENT AVE CITY: WEST LAFAYETT STATE: IN ZIP: 47906-1382 BUSINESS PHONE: 3174634527 MAIL ADDRESS: STREET 1: 2701 KENT AVENUE CITY: WEST LAFAYETTE STATE: IN ZIP: 47906-1382 8-K 1 bas8k.htm FORM 8K

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): January 16, 2006

 

 

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)

 

(I.R.S. Employer
Identification No.)

 

 

 

2701 KENT AVENUE

WEST LAFAYETTE, INDIANA

 

 

47906-1382


 


(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code: (765) 463-4527

 

 

 

 

The information in this Form 8-K is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

 

Item 2.02.

Results of Operations and Financial Condition.

 

On December 22, 2005, Bioanalytical Systems, Inc. (the "Company") issued a press release announcing results for the fourth quarter ended September 30, 2005 and the twelve months ended September 30, 2005. The full text of the press release is furnished as exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

On January 16, 2006, the Company issued a new press release announcing revised financial results for its fourth quarter and fiscal year ended September 30, 2005. The revision was necessary as a result of adjustments at the Company’s foreign subsidiaries. These adjustments resulted in decreasing revenues by $37,000 and increasing cost of revenue by $22,000. General and administrative expenses were increased by $25,000, and income taxes were increased by $22,000. As a result, net results of operations for the quarter and fiscal year ended September 30, 2005 were reduced by $106,000. Revised net earnings for the quarter were $36,000 ($0.01 per share) compared to previously announced net earnings of $142,000 ($0.03 per share). For the fiscal year, results of operations were revised to a loss of $101,000 (loss of $0.02 per share) from a profit of $5,000 ($0.00 per share). The full text of the press release is furnished as exhibit 99.2 to this Form 8-K and is incorporated herein by reference.

Item 9.01.

Financial Statements and Exhibits.

 

(a)

Not applicable.

 

 

(b)

Not applicable.

 

 

(c)

Exhibits

 

99.1     Bioanalytical Systems, Inc. press release, issued December 22, 2005 (incorporated by reference to Exhibit 99.1 to Form 8-K filed December 22, 2005).

 

 

99.2

Bioanalytical Systems, Inc. press release, issued January 16, 2006.

 

 

 

 

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:  January 16, 2006 Bioanalytical Systems, Inc.



By: /s/ Michael R. Cox
Michael R. Cox
Vice President, Finance and Chief Financial Officer

 

 

Exhibit Index

 

Exhibit No.

Description

 

99.1

Bioanalytical Systems, Inc. press release, issued December 22, 2005 (incorporated by reference to Exhibit 99.1 to Form 8-K filed December 22, 2005).

 

99.2

Bioanalytical Systems, Inc. press release, issued January 16, 2006.

 

 

 

 

 

EX-99 2 exhibit992.htm EXHIBIT 99.2

 

EXHIBIT 99.2

 

FOR MORE INFORMATION: Michael R Cox

Phone 765.497.5829
mcox@bioanalytical.com

 

Bioanalytical Systems, Inc. Issues Revised Fourth Quarter and Year-End 2005 Financial Results

- - -

 

WEST LAFAYETTE, Ind., January 16, 2006 -- Bioanalytical Systems, Inc. (Nasdaq: BASI) today issued revised financial results for its fourth quarter and fiscal year ended September 30, 2005. The revision was necessary as a result of adjustments at the Company’s foreign subsidiaries. These adjustments resulted in decreasing revenues by $37,000 and increasing cost of revenue by $22,000. General and administrative expenses were increased by $25,000, and income taxes were increased by $22,000. As a result, net results of operations for the quarter and fiscal year ended September 30, 2005 were reduced by $106,000. Revised net earnings for the quarter were $36,000 ($0.01 per share) compared to previously announced net earnings of $142,000 ($0.03 per share). For the fiscal year, results of operations were revised to a loss of $101,000 (loss of $0.02 per share) from a profit of $5,000 ($0.00 per share).

 

The Company’s revised quarterly and fiscal year end results for the periods ended September 30, 2005 are attached.

 

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 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 Commission.

 

[SEE NEXT PAGE]

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

Three Months Ended

September 30,

 

Years Ended

September 30,

 

 

 


 


 

 

 

 

2005

 

 

2004

 

 

2005

 

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue

 

$

9,041,000

 

$

5,658,000

 

$

32,951,000

 

$

24,928,000

 

Product revenue

 

 

3,218,000

 

 

3,436,000

 

 

9,444,000

 

 

12,224,000

 

 

 



 



 



 



 

Total revenue

 

 

12,259,000

 

 

9,094,000

 

 

42,395,000

 

 

37,152,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service revenue

 

 

7,019,000

 

 

5,854,000

 

 

23,589,000

 

 

21,348,000

 

Cost of product revenue

 

 

1,110,000

 

 

768,000

 

 

3,462,000

 

 

4,270,000

 

 

 



 



 



 



 

Total cost of revenue

 

 

8,129,000

 

 

6,622,000

 

 

27,051,000

 

 

25,618,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

4,130,000

 

 

2,472,000

 

 

15,344,000

 

 

11,534,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

673,000

 

 

740,000

 

 

2,592,000

 

 

2,703,000

 

Research and development

 

 

673,000

 

 

299,000

 

 

1,326,000

 

 

1,100,000

 

General and administrative

 

 

2,407,000

 

 

1,792,000

 

 

10,188,000

 

 

7,477,000

 

 

 



 



 



 



 

Total operating expenses

 

 

3,753,000

 

 

2,831,000

 

 

14,106,000

 

 

11,280,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

377,000

 

 

(359,000

)

 

1,238,000

 

 

254,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

(55,000

)

 

64,000

 

 

1,000

 

 

103,000

 

Interest income

 

 

12,000

 

 

3,000

 

 

19,000

 

 

8,000

 

Interest expense

 

 

(206,000

)

 

(222,000

)

 

(988,000

)

 

(943,000

)

Gain (loss) on sale of property and equipment

 

 

 

 

(19,000

)

 

21,000

 

 

(29,000

)

 

 



 



 



 



 

 

 

 

(249,000

)

 

(174,000

)

 

(947,000

)

 

(861,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

128,000

 

 

(533,000

)

 

291,000

 

 

(607,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes/(benefit)

 

 

92,000

 

 

(328,000

)

 

392,000

 

 

(404,000

)

 

 



 



 



 



 

Net income (loss)

 

$

36,000

 

$

(205,000

)

$

(101,000

)

$

(203,000

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

$

(0.04

)

$

(0.02

)

$

(0.04

)

Diluted

 

$

0.01

 

$

(0.04

)

$

(0.02

)

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common and common equivalent shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,871,127

 

 

4,869,502

 

 

4,870,370

 

 

4,860,095

 

Diluted

 

 

4,964,775

 

 

4,869,502

 

 

4,946,674

 

 

4,860,095

 

 

 

# # # # #

 

 

 

 

 

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