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 12, 2011

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

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 May 12, 2011, Bioanalytical Systems, Inc. issued a press release announcing results for the first six months of fiscal 2011, ending March 31, 2011. 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 May 12, 2011.

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: May 16, 2011	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 May 12, 2011.

EX-99.1

FOR MORE INFORMATION:

Company Contact

Michael R. Cox

Chief Financial Officer

Phone:  765.497.5829

mcox@BASInc.com

Agency Contact

Neil Berkman

Berkman Associates

Phone:  310.477.3118

info@berkmanassociates.com

Bioanalytical Systems, Inc. Reports Second Quarter Net Income

of $0.10 Per Share Versus A Loss of $0.25 Per Share

As Revenue Increased 21% to $8.4 Million

WEST LAFAYETTE, Indiana – May 12, 2011 – Bioanalytical Systems, Inc. (Nasdaq: BASI) today reported financial results for the second quarter and first six months of fiscal 2011, highlighted by sharply higher revenue and net income versus the comparable periods of fiscal 2010.

 For the second quarter ended March 31, 2011, revenue increased 21% to $8.4 million compared to $6.9 million for the second quarter of fiscal 2010.  Service revenue increased 23% to $6.4 million and Products revenue increased 17% to $2.0 million. Net income for the second quarter was $483,000, or $0.10 per basic and diluted share.  This compares to a net loss for the second quarter of fiscal 2010 of $1,212,000, or $0.25 per basic and diluted share.

For the first six months of fiscal 2011, revenue increased 24% to $16.5 million compared to $13.3 million for the comparable period of fiscal 2010. Service revenue increased 25% to $12.6 million and Products revenue increased 21% to $3.9 million.  Net income for the first six months of fiscal 2011 was $793,000, or $0.16 per basic and diluted share.  This compares to a net loss for the first six months of fiscal 2010 of $2.7 million, or $0.55 per basic and diluted share.

On May 11, 2011, BASi announced the closing of a registered public offering of units, consisting of convertible preferred stock and warrants.  Net proceeds of approximately $4.7 million will be used for the purchase of laboratory equipment and for working capital and general corporate purposes.

Anthony Chilton, President and Chief Executive Officer, said, "The dramatic improvement in BASi's financial performance is compelling evidence that we have the right strategy for growth and are implementing our plan effectively.  The increase in revenue reflects the success of our efforts to build business with existing clients and expand our client base, as we leverage BASi's well-established reputation for providing innovative, high quality services and products that increase efficiency and reduce the cost of taking a new drug to market.  Start-ups, biotechs, generics and other new sectors of the drug development industry are especially attractive targets for our services.  Our decision to offer our proprietary Culex® automated in vivo sampling and dosing system on a fee-for-service basis also is generating real interest among current and potential clients.

"Also encouraging is the improvement in gross margin, which increased to 33% for this year’s first half compared to just 20% for the prior year, reflecting the beneficial impact of higher revenue on laboratory utilization and operating efficiency, as well as the company-wide cost control initiatives we introduced a year ago.  In addition to their contribution to the improvement in gross margin, our cost control initiatives drove a 23% reduction in general and administrative expenses for this year’s first six months versus the same period last year.

"Reinforcing our commitment to long-term growth, yesterday we announced the closing of our first equity offering since the Company’s IPO in 1997.  The offering strengthens our balance sheet and positions the Company to continue aggressively pursuing our growth plan.  We are pleased by what we have accomplished so far, and look forward to continued success in the years ahead."

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 changes in the market and demand for our products and services, 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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS]

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

	ThreeMonthsEnded March31,						SixMonthsEnded March31,
	2011			2010			2011			2010
Service revenue	$	6,446		$	5,247		$	12,589		$	10,058
Product revenue		1,977			1,688			3,924			3,254
Total revenue		8,423			6,935			16,513			13,312
Cost of service revenue		4,833			4,754			9,501			9,325
Cost of product revenue		793			696			1,499			1,306
Total cost of revenue		5,626			5,450			11,000			10,631
Gross profit		2,797			1,485			5,513			2,681
Operating expenses:
Selling		774			683			1,459			1,468
Research and development		111			138			223			310
General and administrative		1,262			1,944			2,643			3,431
Total operating expenses		2,147			2,765			4,325			5,209
Operating income (loss)		650			(1,281	)		1,188			(2,528	)
Interest expense		(168	)		(275	)		(403	)		(516	)
Other income		1			—			8			—
Income (loss) before income taxes		483			(1,556	)		793			(3,044	)
Income tax benefit		—			(344	)		—			(344	)
Net income (loss)	$	483		$	(1,212	)	$	793		$	(2,700	)
Basic net income (loss) per share	$	0.10		$	(0.25	)	$	0.16		$	(0.55	)
Diluted net income (loss) per share	$	0.10		$	(0.25	)	$	0.16		$	(0.55	)
Weighted common shares outstanding:
Basic		4,915			4,915			4,915			4,915
Diluted		5,080			4,915			5,025			4,915

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