8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

AMENDMENT NO.1 TO

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 14, 2009 (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

Explanatory Note:  This Amendment No. 1 amends the Current Report on Form 8-K of Bioanalytical Systems Inc. (the “Company”) dated December 24, 2008, reporting under Item 2.02 that the Registrant had issued a press release announcing results for the three and twelve months of fiscal 2008 ending on September 30, 2008 (the “Press Release”).  This Amendment No. 1 amends the Current Report on Form 8-K dated December 24, 2008 by correcting the unaudited summary financial information included in Exhibit 99.1.  As originally filed, Exhibit 99.1 incorrectly stated the Company’s Income tax provision (benefit).  This affected the Company’s Net income (loss) from continuing operations, Net loss from discontinued operations, Net income (loss) and Basic and Diluted earnings per share from continuing and discontinued operations.  The Company has subsequently issued a new press release containing adjusted unaudited summary financial information, a copy of which is included as Exhibit 99.2, hereof.

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. 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, or otherwise subject to the liabilities of that Section.

Item 2.02. Results of Operations and Financial Condition.

As previously disclosed, on December 24, 2008, Bioanalytical Systems Inc. (the “Company”) issued a press release (the “December 24 Press Release”) announcing results for the three and twelve months of fiscal 2008, ending September 30, 2008.  The December 24 Press Release incorrectly stated the Company’s income tax provision for the fourth quarter and fiscal year 2008. On January 14, 2009, the Company issued a second press release (the “January 14 Press Release”) adjusting the income tax provision (benefit) for the fourth quarter and fiscal year 2008.  This adjustment affected Net income (loss) from continuing operations, Net loss from discontinued operations, Net income (loss) and Basic and Diluted earnings per share from continuing and discontinued operations, all of which have been revised in the second press release.  The Company is filing this Amendment to Current Report on Form 8-K to include the January 14 Press Release.

The January 14 Press Release is attached to this Current Report as Exhibit 99.2 and is incorporated into this Item 2.02 by reference. The information contained in this Item 2.02, including the information set forth in the press releases filed as Exhibits 99.1 and 99.2 to, and incorporated in, this Current Report is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in Exhibits 99.1 and 99.2 furnished pursuant to this Item 2.02 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits
99.1	Bioanalytical Systems, Inc. press release, issued December 24, 2008 (incorporated by reference to Exhibit 99.1 to Form 8-K filed December 24, 2008).
99.2	Bioanalytical Systems Inc. press release, issued January 14, 2009.

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: January 14, 2009	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(incorporated by reference to Exhibit 99.1 to Form 8-K filed December 24, 2008).
99.2	Bioanalytical Systems Inc. press release, issued January 14, 2009.

EX-99.2

FOR MORE INFORMATION:  Michael R. Cox

Phone   765.497.5829

mcox@BASInc.com

Bioanalytical Systems, Inc. Adjusts Earnings from Continuing Operations

WEST LAFAYETTE, Ind., January 14, 2009—  On December 24, 2008, Bioanalytical Systems, Inc. (Nasdaq: BASI) reported financial results for the three months and  fiscal year ended September 30, 2008 that incorrectly stated the tax provision for the fourth quarter and fiscal year of 2008.  The adjusted provision is included in the Consolidated Statements of Operations below.  Net income and Earnings per Share for the fourth quarter and fiscal year 2008 for both continuing and discontinued operations have been amended to reflect this change.

For continuing operations, a net loss for the fourth quarter of fiscal 2008 was $931,000, or $0.19 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, net income from continuing operations was $495,000, or $0.10 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 loss from discontinued operations was $152,000, or $0.03 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 $1.1 million, or $0.22 per basic and diluted share, compared to a net loss in the same quarter of the prior fiscal year of $203,000, or $0.04 per basic and diluted share.

The net loss from discontinued operations was $2.0 million, or $0.40 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 $1.5 million, or $0.30 per basic and diluted share, compared to net income in the prior year of $926,000, or $0.19 per basic and diluted share.

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.BASInc.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 (benefit)		(84	)		333			1,328			1,022
Net income (loss) from continuing operations	$	(931	)	$	208		$	495		$	1,572
Discontinued Operations
Loss from discontinued operations before income taxes	$	(51	)	$	(689	)	$	(2,811	)	$	(1,095	)
Loss on disposal		(43	)		---			(474	)		---
Income taxes benefit (expense)		(58	)		278			1,301			449
Net income (loss) from discontinued operations after    income taxes	$	(152	)	$	(411	)	$	(1,984	)	$	(646	)
Net income (loss)	$	(1,083	)	$	(203	)	$	(1,489	)	$	926
Basic net income (loss) per share:
Net income (loss) per share from continuing operations	$	(0.19	)	$	0.04		$	0.10		$	0.32
Net income (loss) per share from discontinued operations		(0.03	)		(0.08	)		(0.40	)		(0.13	)
Basic net income (loss) per share	$	(0.22	)	$	(0.04	)	$	(0.30	)	$	0.19
Diluted net income (loss) per share:
Net income (loss) per share from continuing operations	$	(0.19	)	$	0.04		$	0.10		$	0.32
Net income (loss) per share from discontinued operations		(0.03	)		(0.08	)		(0.40	)		(0.13	)
Diluted net income (loss) per share	$	(0.22	)	$	(0.04	)	$	(0.30	)	$	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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