BASi Files Form 12b-25
Postpones Third Quarter Earnings Release and Conference Call
WEST LAFAYETTE, Ind. -- August 14, 2013
Bioanalytical Systems, Inc. (NASDAQ:BASI) announced today that it is unable to
file its Form 10-Q for the three and nine months ended June 30, 2013, as it
works to resolve a complex accounting issue relating to the accounting
treatment for its outstanding warrants. As a result, the announcement of
BASi's third quarter and nine month financial results and the conference call
scheduled for today have been postponed.
In the Form 12b-25 filed today with the SEC, BASi said that results of
operations for the three and nine months of fiscal 2013 ended June 30, 2013 to
be included on Form 10-Q are expected to include a decline in revenues to $5.6
and $16.6 million for the three and nine months ended June 30, 2013,
respectively, from $7.2 and $21.7 million for the three and nine months ended
June 30, 2012, respectively. The Company also expects to report an improvement
in the gross profit percentage for the third fiscal quarter of 2013 as
compared to the third fiscal quarter of 2012, from 28.7% to 36.3%, and for the
nine months of 2013 as compared to the same period in 2012, from 21.6% to
31.1%. Likewise, the Company expects to report net operating income in the
three and nine months of fiscal 2013 as compared to net operating loss for
comparable periods of fiscal 2012. The Company is unable to reasonably
estimate any changes in net income due to the potential impact of the warrant
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
This press release contains statements that constitute forward looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Those statementsinclude our expectations regarding changes in our
results of operations from prior periods to be reported in the Form 10-Q when
filed. Readers are cautioned that any such forward looking statements are not
guarantees of future results and involve risks and uncertainties.In addition,
we have based these forward-looking statements on our current expectations and
projections about our third quarter results. Our work to address the warrant
accounting issue is ongoing and the results discussed above may change as we
complete our analysis.
Bioanalytical Systems, Inc.
President, CEO and CFO
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