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): August 23, 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 provided in Item 2.02 and Item 9.01 of 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 Item 2.02 and Item 9.01 of 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 August 14, 2005, Bioanalytical Systems, Inc. (the "Company") issued a press release announcing results for the third quarter ended June 30, 2006 and the nine months ended June 30, 2006. 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 August 29, 2006, the Company issued a new press release announcing revised financial results for the three and nine months ended June 30, 2006. The revision was necessary as a result of adjustments made in connection with the completion of the review of the Company's financial statements by the Company's independent accountant, which resulted in changes in the reported impairment of Company assets and changes to tax benefits as a result of these changes. The Company recorded an amended impairment loss of $1.1 million and a related tax benefit of $385,000, compared to an originally reported impairment loss $968,000 with tax benefit of $251,000. Revised net loss for the quarter was $1,756,000 (loss of $0.36 per share) compared to previously announced net loss of $1,675,000 (loss of $0.34 per share), an increase of $81,000. For the nine months ended June 30, 2006, results of operations were revised to a loss of $1,934,000 (loss of $0.40 per share) from a loss of $1,853,000 ($0.38 per share). All other reported operating results remained the same. 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 3.01.    Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

The Company received a Nasdaq Staff Determination on August 23, 2006 indicating that the Company failed to comply with filing requirements for continued listing set forth in Marketplace Rule 4310(c)(14) as a result of its failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2006 (the "Form 10-Q"), and that the Company's securities were subject to delisting as a result. The Company's independent accountant has completed its review of the Form 10-Q, and the Company has filed an amended form 10-Q reflecting the completion of the independent accountant's review. The Company believes it is now in compliance with Nasdaq requirements and is awaiting confirmation from Nasdaq.

Item 9.01    Financial Statements and Exhibits.

(a)	Not applicable.
(b)	Not applicable.
(c)	Exhibits

99.1	Bioanalytical Systems, Inc. press release issued August 14, 2006 (furnished via incorporation by reference to Exhibit 99.2 to Form 8-K filed August 16, 2006).
99.2	Bioanalytical Systems, Inc. press release, issued August 29, 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.

	Bioanalytical Systems, Inc.
Date: August 29, 2006	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 August 14, 2006 (incorporated by reference to Exhibit 99.2 to Form 8-K filed August 16, 2006).
99.2	Bioanalytical Systems, Inc. press release, issued August 29, 2006.

EX-99

FOR MORE INFORMATION:  Michael R. Cox
Phone 765.497.5829
mcox@bioanalytical.com

Bioanalytical Systems, Inc. Revises Impairment Loss, Files amended 10Q for Third Quarter Fiscal 2006,
and Receives Notice of Delisting from Nasdaq

WEST LAFAYETTE, Ind., August 29, 2006 — Bioanalytical Systems, Inc. (Nasdaq:BASI) today reported that it had revised its estimate of its impairment loss on its clinical research unit and filed an amended quarterly report on Form 10-Q reflecting adjustments made in connection with the completion of the review of the Company's financial statements by the Company's independent accountant.

The Company recorded an amended impairment loss of $1.1 million and a related tax benefit of $385,000, compared to an originally reported impairment loss of $968,000 with a tax benefit of $251,000. Net loss for the quarter was revised to $1,756,000 ($0.36 per share) from $1,675,000 ($0.34 per share). The loss for the nine months ended June 30, 2006 was revised to $1,934,000 ($0.40 per share) from $1,853,000 ($0.38 per share). All other reported operating results remained the same.

The Company also announced that it had received a Nasdaq Staff Determination letter on August 23, 2006 indicating that the Company failed to comply with filing requirements for continued listing set forth in Marketplace Rule 4310(c)(14) because it had not timely filed its quarterly report on Form 10-Q for the period ended June 30, 2006 in accordance with SEC and NASDAQ requirements, and that the Company's securities were subject to delisting as a result. The Company announced that it had today filed a revised 10-Q in connection with the completion of its independent accountant's review. The Company believes it is now in compliance with Nasdaq requirements and is awaiting confirmation from Nasdaq.

A revised statement of operations for the three and nine months ended June 30, 2006 is attached.

Bioanalytical Systems, Inc. is a pharmaceutical development company providing contract research services and monitoring instruments to the world’s leading drug development companies. BASi focuses on developing innovative services and products that increase efficiency and reduce costs associated with taking new drugs to market. Visit 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.

PLEASE SEE FOLLOWING PAGE FOR CONSOLIDATED STATEMENTS OF OPERATIONS

Bioanalytical Systems, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
		2006			2005			2006			2005
Service revenue	$	7,956		$	9,078		$	25,548		$	23,910
Product revenue		2,082			2,226			6,751			6,226
Total revenue		10,038			11,304			32,299			30,136
Cost of service revenue		6,343			5,434			18,965			16,570
Cost of product revenue		1,165			844			2,725			2,352
Total cost of revenue		7,508			6,278			21,690			18,922
Gross profit		2,530			5,026			10,609			11,214
Operating expenses:
Selling		625			718			2,038			1,919
Research and development		350			261			989			653
General and administrative		3,966			3,115			9,737			7,781
Total operating expenses		4,941			4,094			12,763			10,353
Operating income		(2,411	)		932			(2,155	)		861
Interest income		2			2			6			7
Interest expense		(272	)		(250	)		(780	)		(782	)
Other income		—			78			—			56
Gain on sale of property and equipment		—			34			—			21
Income (loss) before income taxes		(2,681	)		796			(2,929	)		163
Income taxes		(925	)		(440	)		(995	)		(300	)
Net income (loss)	$	(1,756	)	$	356		$	(1,934	)	$	(137	)
Net income (loss) per share:
Basic	$	(0.36	)	$	0.07		$	(0.40	)	$	(0.03	)
Diluted	$	(0.36	)	$	0.07		$	(0.40	)	$	(0.03	)
Weighted common and common equivalent
shares outstanding:
Basic		4,892			4,871			4,879			4,870
Diluted		4,892			5,020			4,879			4,870