BIOANALYTICAL SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
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Indiana
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0-23357
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35-1345024
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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2701 KENT AVENUE
WEST LAFAYETTE, INDIANA
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47906-1382
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(Address of principal executive offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
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Bioanalytical Systems, Inc.
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Date: August 9, 2011
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By:
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/s/ Michael R. Cox
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Michael R. Cox
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Vice President, Finance and Administration, Chief Financial Officer and Treasurer
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Exhibit No.
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Description
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99.1
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Bioanalytical Systems, Inc. press release, issued August 9, 2011.
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Three Months Ended June 30,
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Nine Months Ended June 30,
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2011
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2010
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2011
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2010
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Service revenue
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$ | 6,737 | $ | 6,034 | $ | 19,326 | $ | 16,092 | ||||||||
Product revenue
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1,741 | 2,030 | 5,665 | 5,284 | ||||||||||||
Total revenue
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8,478 | 8,064 | 24,991 | 21,376 | ||||||||||||
Cost of service revenue
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5,043 | 4,538 | 14,544 | 13,863 | ||||||||||||
Cost of product revenue
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690 | 855 | 2,189 | 2,161 | ||||||||||||
Total cost of revenue
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5,733 | 5,393 | 16,733 | 16,024 | ||||||||||||
Gross profit
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2,745 | 2,671 | 8,258 | 5,352 | ||||||||||||
Operating expenses:
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||||||||||||||||
Selling
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816 | 589 | 2,275 | 2,057 | ||||||||||||
Research and development
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127 | 124 | 350 | 434 | ||||||||||||
General and administrative
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1,321 | 1,400 | 3,964 | 4,830 | ||||||||||||
Total operating expenses
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2,264 | 2,113 | 6,589 | 7,321 | ||||||||||||
Operating income (loss)
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481 | 558 | 1,669 | (1,969 | ) | |||||||||||
Interest expense
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(70 | ) | (270 | ) | (473 | ) | (786 | ) | ||||||||
Other income
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7 | — | 15 | — | ||||||||||||
Income (loss) before income taxes
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418 | 288 | 1,211 | (2,755 | ) | |||||||||||
Income tax benefit
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— | — | — | (344 | ) | |||||||||||
Net income (loss)
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$ | 418 | $ | 288 | $ | 1,211 | $ | (2,411 | ) | |||||||
Less: Deemed dividend on Series A preferred shares
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(3,277 | ) | — | (3,277 | ) | — | ||||||||||
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||||||||||||||||
Less: Preferred stock dividends
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(991 | ) | — | (991 | ) | — | ||||||||||
Net income (loss) attributable to common shareholders
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$ | (3,850 | ) | $ | 288 | $ | (3,057 | ) | $ | (2,411 | ) | |||||
Basic net income (loss) per share
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$ | (0.65 | ) | $ | 0.06 | $ | (0.58 | ) | $ | (0.49 | ) | |||||
Diluted net income (loss) per share
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$ | (0.65 | ) | $ | 0.06 | $ | (0.58 | ) | $ | (0.49 | ) | |||||
Weighted common shares outstanding:
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||||||||||||||||
Basic
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5,911 | 4,915 | 5,247 | 4,915 | ||||||||||||
Diluted
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5,911 | 4,915 | 5,247 | 4,915 | ||||||||||||
BIOANALYTICAL SYSTEMS, INC.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(In thousands, except share amounts)
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June 30,
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September 30,
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2011
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2010
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Assets
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(Unaudited)
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Current assets:
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Cash and cash equivalents
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$ | 4,632 | $ | 1,422 | ||||
Accounts receivable
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Trade
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3,712 | 3,670 | ||||||
Unbilled revenues and other
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1,520 | 1,298 | ||||||
Inventories
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1,647 | 1,673 | ||||||
Refundable income taxes
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16 | 16 | ||||||
Prepaid expenses
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652 | 555 | ||||||
Total current assets
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12,179 | 8,634 | ||||||
Property and equipment, net
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20,517 | 19,439 | ||||||
Goodwill
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1,383 | 1,383 | ||||||
Intangible assets, net
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61 | 84 | ||||||
Debt issue costs
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106 | 123 | ||||||
Other assets
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641 | 80 | ||||||
Total assets
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$ | 34,310 | $ | 29,743 | ||||
Liabilities and shareholders' equity
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Current liabilities:
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Accounts payable
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$ | 1,696 | $ | 1,911 | ||||
Accrued expenses
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1,752 | 1,848 | ||||||
Customer advances
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4,432 | 4,582 | ||||||
Income tax accruals
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22 | 30 | ||||||
Revolving line of credit
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1,501 | 1,195 | ||||||
Fair value of interest rate swaps
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— | 31 | ||||||
Current portion of capital lease obligation
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608 | 524 | ||||||
Current portion of long-term debt
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750 | 1,855 | ||||||
Total current liabilities
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10,761 | 11,976 | ||||||
Capital lease obligation, less current portion
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1,286 | 623 | ||||||
Long-term debt, less current portion
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6,010 | 6,477 | ||||||
Shareholders' equity:
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Preferred shares, authorized 1,000,000 shares, no par value:
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2,135 Series A shares at 1,000 stated value issued and
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outstanding at June 30, 2011 and none at September 30, 2010
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2,135 | — | ||||||
Common shares, no par value: Authorized 19,000,000;
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shares issued and outstanding 6,912,511 at
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June 30, 2011 and 4,915,318 at September 30, 2010
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1,690 | 1,191 | ||||||
Additional paid-in capital
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19,370 | 13,357 | ||||||
Accumulated deficit
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(7,038 | ) | (3,981 | ) | ||||
Accumulated other comprehensive income
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96 | 100 | ||||||
Total shareholders' equity
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16,253 | 10,667 | ||||||
Total liabilities and shareholders' equity
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$ | 34,310 | $ | 29,743 |
BIOANALYTICAL SYSTEMS, INC.
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PRO-FORMA NET INCOME PER SHARE
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(In thousands, except share amounts)
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Three Months Ended
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Nine Months Ended
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June 30,
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June 30,
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2011
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2011
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Basic net income (loss):
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Net income
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$ | 418 | $ | 1,211 | ||||
Less: Deemed dividend for Series A Preferred Shares
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(3,277 | ) | (3,277 | ) | ||||
Less: Preferred dividends
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(991 | ) | (991 | ) | ||||
Net loss applicable to common shareholders
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$ | (3,850 | ) | $ | (3,057 | ) | ||
Pro forma basic net income per share:
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GAAP net loss applicable to common shareholders
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$ | (3,850 | ) | $ | (3,057 | ) | ||
Plus: Deemed dividend for Series A Preferred Shares
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3,277 | 3,277 | ||||||
Pro forma net income (loss) applicable to common shareholders
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$ | (573 | ) | $ | 220 | |||
GAAP weighted average common shares outstanding
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5,911 | 5,247 | ||||||
Pro forma basic net income (loss) per share
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$ | (0.10 | ) | $ | 0.04 | |||
Pro forma diluted net income per share:
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Pro forma net income (loss) applicable to common shareholders
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$ | (573 | ) | $ | 220 | |||
Plus: Preferred dividends
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991 | 991 | ||||||
Total
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$ | 418 | $ | 1,211 | ||||
GAAP diluted weighted average common shares outstanding
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5,911 | 5,247 | ||||||
Plus: Incremental shares from assumed conversions
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Series A preferred shares
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841 | 280 | ||||||
Warrants
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124 | — | ||||||
Stock options
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92 | 90 | ||||||
Pro forma diluted weighted average common shares outstanding
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6,968 | 5,617 | ||||||
Pro forma diluted net income per share
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$ | 0.06 | $ | 0.22 |
RUEY8I+