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BASi Reports First Quarter Net Income of $0.02 Per Share versus a Prior Year First Quarter Net Loss of $0.21 Per Share



  BASi Reports First Quarter Net Income of $0.02 Per Share versus a Prior Year
  First Quarter Net Loss of $0.21 Per Share

Business Wire

WEST LAFAYETTE, Ind. -- February 14, 2013

Bioanalytical Systems, Inc. (NASDAQ:BASI) today announced financial results
for the first quarter ended December 31, 2012.

Revenue decreased to $5,803,000, compared to $7,516,000 for the first quarter
of fiscal 2012. Gross margin improved to 32.0% of revenue, compared to 19.7% a
year ago. Operating income for this year’s first quarter increased to
$302,000, versus an operating loss of $1,302,000 for the same period last
year, driven by the increase in gross margin and a 44.2% reduction in
operating expenses. Net income for the first quarter of fiscal 2013 was
$139,000, or $0.02 per basic and diluted share. This compares to a net loss
for the first quarter of fiscal 2012 of $1,491,000, or $0.21 per basic and
diluted share.

EBITDA for this year’s first quarter was $851,000, versus an EBITDA loss of
$704,000 for the first quarter of fiscal 2012. Cash provided by operations was
$702,000 for the first quarter of the current fiscal year, versus $590,000 a
year ago.

President & CEO and CFO Jacqueline Lemke said, "With the notable exception of
revenue, all of our operating metrics moved decisively in the right direction
in the first quarter compared to prior year. We believe these improvements are
sustainable. Now we are implementing a strategy to restore revenue growth that
builds on BASi’s competitive strengths - specialty assay and discovery
capabilities, a long history of regulatory excellence, and our market-changing
Culex NxT system. While it will take time for these initiatives to translate
into higher sales for BASi, we expect to begin seeing positive results later
this fiscal year.

"As we anticipated, our first quarter service revenue comparison was
negatively affected by the consolidation of our Oregon laboratory into our
West Lafayette facility and the closure of our UK lab in last year’s second
half. Service revenue in the current quarter was also impacted by unexpected
delays in the start of certain pharmaceutical analysis contracts. Although
product sales have historically been strongest in the first quarter of the
fiscal year, it appears that customers delayed orders in anticipation of the
launch of our new advanced Culex® NxT in vivo sampling system. Supporting this
view, product orders have picked up in the past few weeks, which is an
encouraging sign for the future.

"On the service side, we recently announced the first of a number of
collaborative research projects and preferred provider partnerships that we
expect to contribute to revenue beginning this fiscal year. Additionally, we
currently are interviewing to hire both a West Coast and an East Coast
bioanalytical services sales representative to improve our reach across the
United States, and have realigned sales compensation to incentivize new sales
and reward winning business based upon referrals and reputation. We remain
optimistic about the outlook for fiscal 2013.”

Balance Sheet Highlights

At December 31, 2012, BASi reported cash and cash equivalents of $670,000,
total long-term obligations of $689,000, and shareholders' equity of
$9,832,000. Current liabilities at December 31, 2012 included mortgage debt of
$5,676,000 that matures in October 2013. The Company continues to explore ways
to deal with this debt, including a sale leaseback transaction on its building
in West Lafayette, Indiana. At September 30, 2012, cash and cash equivalents
were $721,000, total long-term obligations were $5,998,000, and shareholders'
equity was $9,590,000.

Earnings Conference Call

BASi has scheduled a conference call at 11:00 a.m. EST this morning to discuss
its results for the quarter. To participate in the call, dial 866.356.4441,
passcode #56594205 at least five minutes before the start of the call. A
simultaneous webcast may be accessed from the Investors tab at www.BASInc.com.
The webcast will be available for replay after 2:00 p.m. EST at this same
Internet address. For a telephone replay, dial 888.286.8010, passcode
#58125692 after 1:00 p.m. EST.

Non-GAAP to GAAP Reconciliation

This press release contains financial measures that are not calculated in
accordance with accounting principles generally accepted in the United States
(GAAP). The non-GAAP financial measures are EBITDA for the first quarters of
fiscal 2012 and 2013. EBITDA refers to financial performance measures that
exclude certain income statement line items, such as interest, taxes,
depreciation, and amortization and/or exclude certain non-cash expenses as
permitted by our credit agreements, such as stock-based compensation.

The non-GAAP financial information should be considered supplemental to, and
not as a substitute for, or superior to, financial measures calculated in
accordance with GAAP. Management, however, believes that these non-GAAP
financial measures, when used in conjunction with the results presented in
accordance with GAAP, may provide a more complete understanding of the
Company’s results and may facilitate a fuller analysis of the Company’s
results, particularly in evaluating performance from one period to another.
Management has chosen to provide this supplemental information to investors,
analysts, and other interested parties to enable them to perform additional
analyses of results and to illustrate the results giving effect to the
non-GAAP adjustments shown in the reconciliation. Management strongly
encourages investors to review the Company’s consolidated financial statements
and publicly filed reports in their entirety and cautions investors that the
non-GAAP measures used by the Company may differ from similar measures used by
other companies, even when similar terms are used to identify such measures.

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.

 
BIOANALYTICAL SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(In thousands, except per share amounts) (Unaudited)
                                     
                                       
                                      Three Months Ended
                                      December 31,
                                      2012                          2011
Service revenue                       $ 4,670                       $ 5,611
Product revenue                         1,133                         1,905   
                                                                     
Total revenue                           5,803                         7,516
                                                                     
Cost of service revenue                 3,382                         5,256
Cost of product revenue                 566                           778     
                                                                     
Total cost of revenue                   3,948                         6,034
                                                                     
Gross profit                            1,855                         1,482
                                                                     
Operating expenses:
Selling                                 370                           998
Research and development                85                            178
General and administrative              1,098                         1,608   
                                                                     
Total operating expenses                1,553                         2,784   
                                                                     
Operating income (loss)                 302                           (1,302 )
                                                                     
Interest expense                        (165  )                       (189   )
Other income                            2                             --      
                                                                     
Income (loss) before income             139                           (1,491 )
taxes
                                                                     
Income taxes                            --                            --
                                                                     
Net income (loss)                     $ 139                         $ (1,491 )
                                                                     
Other comprehensive income
(loss):
Foreign currency translation            8                             (1     )
adjustment
                                                                     
Comprehensive income (loss)           $ 147                         $ (1,492 )
                                                                     
Basic net income (loss) per           $ 0.02                        $ (0.21  )
share
Diluted net income (loss) per         $ 0.02                        $ (0.21  )
share
                                                                     
Weighted common shares
outstanding:
Basic                                   7,639                         6,946
Diluted                                 8,406                         6,946
                                                                     
                                                                     

 
BIOANALYTICAL SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
                                                                
                                December 31,                     September 30,
                                2012                             2012
Assets                          (Unaudited)
                                                                  
Current assets:
Cash and cash equivalents       $  670                           $  721
Accounts receivable:
Trade                              2,002                            3,366
Unbilled revenues and              898                              921
other
Inventories                        1,703                            1,656
Prepaid expenses                   179                              228       
                                                                  
Total current assets               5,452                            6,892
                                                                  
Property and equipment,            18,167                           18,628
net
Goodwill                           1,383                            1,383
Debt issue costs                   10                               18
Other assets                       52                               54        
                                                                  
Total assets                    $  25,064                        $  26,975    
                                                                  
                                                                  
Liabilities and
shareholders' equity
                                                                  
Current liabilities:
Accounts payable                $  3,996                         $  3,934
Accrued expenses                   1,285                            2,067
Customer advances                  2,327                            3,012
Income tax accruals                17                               17
Revolving line of credit           962                              1,444
Current portion of                 280                              330
capital lease obligation
Current portion of                 5,676                            583       
long-term debt
                                                                  
Total current liabilities          14,543                           11,387
                                                                  
Capital lease obligation,          689                              739
less current portion
Long-term debt, less               --                               5,259
current portion
                                                                  
Shareholders' equity:
Preferred shares, no par
value: Authorized
1,000,000 shares, 1,335
Series A shares at $1,000          1,335                            1,335
stated value issued and
outstanding at Dec. 31,
2012 and at Sep. 30, 2012
Common shares, no par
value: Authorized
19,000,000 shares;
7,656,718 issued and               1,876                            1,871
outstanding at Dec. 31,
2012 and 7,638,738 at
Sep. 30, 2012
Additional paid-in                 20,541                           20,451
capital
Accumulated deficit                (13,957 )                        (14,096  )
Accumulated other                  37                               29        
comprehensive income
                                                                  
Total shareholders'                9,832                            9,590     
equity
                                                                  
Total liabilities and           $  25,064                        $  26,975    
shareholders' equity
                                                                  
                                                                  

 
BIOANALYTICAL SYSTEMS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS
(In thousands) (Unaudited)
 
                           Three Months Ended
                           December 31,
                           2012                                  2011
                                                                  
GAAP Net income            $  139                                $  (1,491  )
(loss)
                                                                  
Addback:
    Interest                  165                                   189
    expense
    Depreciation
    and                       473                                   551
    amortization
    Stock option              74                                    47
    expense
                                                                  
NON-GAAP EBITDA            $  851                                $  (704    )
                                                                  
                                                                  
EBITDA - Earnings before interest, taxes, depreciation, amortization and stock
option expenses.

Contact:

Company Contact:
Jacqueline Lemke
President & CEO and CFO
Phone: 765.497.5829
jlemke@BASinc.com
or
Agency Contact:
Berkman Associates
Neil Berkman
Phone: 310.477.3118
info@berkmanassociates.com
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