-----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, DfiseM1XUvkznAGCOLMVRjawfD0ml0hwnCn6VR2BF7wQp74t2oMJig0QHWZF9UQr klq2e+x8VxpNy7qVJlN+/Q== 0001144204-08-071144.txt : 20081224 0001144204-08-071144.hdr.sgml : 20081224 20081224161815 ACCESSION NUMBER: 0001144204-08-071144 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081224 DATE AS OF CHANGE: 20081224 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: 081270664 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 v135540_8k.htm Unassociated Document
 
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): December 24, 2008


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 December 24, 2008, Bioanalytical Systems, Inc. issued a press release announcing results for the three and twelve months of fiscal 2008, ending September 30, 2008. The full text of the press release is furnished as Exhibit 99.1 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)  Not applicable.
 
(d)  Exhibits
 
99.1  Bioanalytical Systems, Inc. press release, issued December 24, 2008.

 
 
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: December 24, 2008
By:  
/s/ Michael R. Cox
 
Michael R. Cox
 
Vice President, Finance and Administration, Chief Financial Officer and Treasurer
 
 

Exhibit Index
 
Exhibit No.
                  Description
   
99.1
 Bioanalytical Systems, Inc. press release, issued December 24, 2008.

    

 EX-99.1 2 v135540_ex99-1.htm
FOR MORE INFORMATION:  Michael R. Cox
Phone   765.497.5829
mcox@bioanalytical.com


Bioanalytical Systems, Inc. Reports Earnings from Continuing Operations

WEST LAFAYETTE, Ind., December 24, 2008—  Bioanalytical Systems, Inc. (Nasdaq: BASI) today reported financial results for the three months and  fiscal year ended September 30, 2008.

 The Company had previously announced the June 30, 2008 sale of its clinic in Baltimore, Maryland and the resulting exit from the Phase I clinical trials business.  The presentation of the Company’s financial results reflects the discontinuation of those operations.
 
For continuing operations, revenue in the fourth quarter of fiscal 2008 decreased 2.1% to $9.4 million compared to $9.6 million for the same period in fiscal 2007.  A net loss from continuing operations for the fourth quarter of fiscal 2008 was $1.2 million, or $0.23 per basic and diluted share, compared to net income of $208,000, or $0.04 per basic and diluted share, for the same period in fiscal 2007.
 
For the twelve months of fiscal 2008, revenue from continuing operations in fiscal 2008 increased 4.8% to $41.7 million compared to $39.8 million for fiscal 2007.  Net income from continuing operations for fiscal 2008 was $275,000, or $0.06 per basic and diluted share, compared to net income of $1.6 million, or $0.32 per basic and diluted share for fiscal 2007.
 
The net income from discontinued operations was $121,000, or $0.02 per basic and diluted share, in the quarter ended September 30, 2008 compared to a net loss of $411,000, or $0.08 per basic and diluted share, in the same period last year.  This resulted in a net loss from all operations in the fourth quarter of $1.0 million, or $0.21 per basic and diluted share, compared to a net loss in the same quarter last year of $203,000, or $0.04 per basic and diluted share.

The net loss from discontinued operations was $1.7 million, or $0.35 per basic and diluted share, in fiscal 2008 compared to a net loss of $646,000, or $0.13 per basic and diluted share, in fiscal 2007.  This resulted in a net loss from all operations in the current year of $1.4 million, or $0.29 per basic and diluted share, compared to net income in the prior year of $926,000, or $0.19 per basic and diluted share.

Michael Cox, Chief Financial Officer, stated, “The past fiscal year was one of significant change for us, both in our management team and in our operations.  In the final months of the year, we disposed of a significant operation that had produced consistent losses for us.  We replaced senior managers in two key positions in the organization.  In the fourth quarter, we experienced several delayed projects, which negatively impacted our revenue.  We also made the decision to abandon several patents which had not been incorporated into products and incurred additional marketing costs to improve our recognition with clients. We believe we serve a market that will continue to invest in new product development, employing our services, but we are anxious about the impacts the current economic conditions will have on our customers and our business.”

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 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, marketing and sales 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.

[TURN THE PAGE FOR CONSOLIDATED STATEMENTS OF OPERATIONS]
 
 
 
 
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
(in thousands, except  per share amounts)
  
Three Months Ended September 30,
    
Twelve Months Ended September 30,
  
   
2008
    
2007
    
2008
    
2007
  
Service revenue
   $ 7,268     $ 7,206     $ 32,921     $ 30,559  
Product revenue
     2,116       2,405       8,776       9,194  
             Total revenue
     9,384       9,611       41,697       39,753  
                                 
Cost of service revenue
     5,593       5,039       22,941       21,676  
Cost of product revenue
     819       1,017       3,423       3,909  
             Total cost of revenue
     6,412       6,056       26,364       25,585  
                                 
Gross profit
     2,972       3,555       15,333       14,168  
Operating expenses:
                                
      Selling
     1,271       745       3,912       2,782  
      Research and development
     198       213       781       881  
      General and administrative
     2,198       1,795       7,822       6,855  
      Loss on sale of property and equipment
     17       31       24       165  
              Total operating expenses
     3,684       2,784       12,539       10,683  
                                 
Operating income (loss)
     (712 )     771       2,794       3,485  
                                 
   Interest income
     ---       35       29       87  
   Interest expense
     (304 )     (264 )     (1,006 )     (981 )
   Other income
     1       (1 )     6       3  
Income (loss) from continuing operations before income taxes
     (1,015 )     541       1,823       2,594  
                                 
Income taxes
     136       333       1,548       1,022  
Net income (loss) from continuing operations
   $ (1,151 )   $ 208     $ 275     $ 1,572  
                                 
Discontinued Operations
                                
  Loss from discontinued operations before income taxes
   $ (51 )   $ (689 )   $ (2,811 )   $ (1,095 )
  Loss on disposal
     (43 )     ---       (474 )     ---  
  Tax benefit
     215       278       1,574       449  
Net income (loss) from discontinued operations after    income taxes
   $ 121     $ (411 )   $ (1,711 )   $ (646 )
                                 
Net income (loss)
   $ (1,030 )   $ (203 )   $ (1,436 )   $ 926  
                                 
Basic net income (loss) per share:
                                
  Net income (loss) per share from continuing operations
   $ (0.23 )   $ 0.04     $ 0.06     $ 0.32  
  Net income (loss) per share from discontinued operations
     0.02       (0.08 )     (0.35 )     (0.13 )
       Basic net income (loss) per share
   $ (0.21 )   $ (0.04 )   $ (0.29 )   $ 0.19  
Diluted net income (loss) per share:
                                
  Net income (loss) per share from continuing operations
   $ (0.23 )   $ 0.04     $ 0.06     $ 0.32  
  Net income (loss) per share from discontinued operations
     0.02       (0.08 )     (0.35 )     (0.13 )
       Diluted net income (loss) per share
   $ (0.21 )   $ (0.04 )   $ (0.29 )   $ 0.19  
                                 
Weighted common shares outstanding:
                                
       Basic
     4,914       4,909       4,914       4,909  
       Diluted
     4,914       4,982       4,968       4,960  
 
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