27% First Quarter Earnings Increase at Bioanalytical Systems, Inc.Business Editors & Health/Medical Writers BIOWIRE2K WEST LAFAYETTE West Lafayette, city (1990 pop. 25,907), Tippecanoe co., W Ind., a suburb of Lafayette, on the Wabash River; inc. 1924. A primarily residential city, it is the seat of Purdue Univ. , Ind.--(BW HealthWire)--Feb. 5, 2002 Bioanalytical Systems, Inc. (Nasdaq:BASI) today reported financial results for its first quarter ending December 31, 2001. Net income for the quarter increased 27% compared to the same quarter last year. BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science attributes the growth to the implementation of its plan for expansion of pharmaceutical development services and marketing robotic systems robotic system An integrated system of devices that automate production and manufacturing of goods and services Surgery An AI-based surgical assistant system, which processes sensory input from haptic interfaces and/or allows surgeons to act with more accuracy than for early preclinical drug screening. Revenue for the first quarter ended December 31, 2001 was $6,023,000, compared to $5,426,000 for the first quarter ended December 31, 2000. Net income for the first quarter of fiscal 2002 was $247,000, compared to $195,000 for the first quarter of fiscal 2001. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $.05 for the first quarter of fiscal 2002, compared to $.04 for the same period in fiscal 2001. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Peter T. Kissinger, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BAS, "We succeed by sticking to our key objective -- helping pharmaceutical companies prosper by enhancing efficiency in preclinical drug development. We identify soft spots and bottlenecks, and then eliminate them through product innovations and process re-engineering. The quality and the speed of decision-making improve drastically. We are selling ideas that let clients benefit from unrecognized opportunities. Continued growth in our Culex Culex /Cu·lex/ (ku´leks) a genus of mosquitoes found throughout the world, many species of which are vectors of disease-producing organisms. Cu·lex n. (R) automated blood sampling device and contract services through penetration of our existing customer base as well as expansion to a larger number of global customers justify our ongoing expansion and acquisition plan." Mr. Kissinger concluded, "Demand for Culex remains strong both in the U.S. and internationally. The second quarter is already off to a strong start as indicated by the large number of Culex units shipped late in the first quarter and already installed in the second quarter. In addition, we continue to exhibit consistent growth in our contract research business where we are currently on plan with expanding capacity to meet overall demand today and in the future." BAS is a knowledge-based business and its research team has been recognized for its contributions to understanding disease. BAS helps many of the top 25 pharmaceutical companies make people's lives better by bringing to market several billion dollars in new drugs for the treatment of central nervous system disorders Nervous system disorders A satisfactory classification of diseases of the nervous system should include not only the type of reaction (congenital malformation, infection, trauma, neoplasm, vascular diseases, and degenerative, metabolic, toxic, or deficiency , diabetes, osteoporosis, HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. and other diseases. BAS is also an industry leader in systems for monitoring in vivo in vivo /in vi·vo/ (ve´vo) [L.] within the living body. in vi·vo adj. Within a living organism. in vivo adv. biochemistry and physiology. Clients use these systems in new drug development, toxicology toxicology, study of poisons, or toxins, from the standpoint of detection, isolation, identification, and determination of their effects on the human body. Toxicology may be considered the branch of pharmacology devoted to the study of the poisonous effects of drugs. , and in cancer, addiction and behavioral research. Visit www.bioanalytical.com and www.culex.net for more about BAS. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to the development of products and services, changes in technology, industry standards and regulatory standards, and various market and operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. detailed in the company's filings with the Securities and Exchange Commission.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)
Three months Three months
ended Dec. 31 ended Dec. 31
2001 2000
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Service revenue $ 3,569,000 $ 3,096,000
Product revenue 2,454,000 2,330,000
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Total revenue 6,023,000 5,426,000
Cost of service revenue 2,620,000 2,241,000
Cost of product revenue 847,000 763,000
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Total cost of revenue 3,467,000 3,004,000
Gross profit 2,556,000 2,422,000
Operating expenses:
Selling 778,000 776,000
Research and development 323,000 394,000
General and administrative 1,018,000 761,000
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Total operating expenses 2,119,000 1,931,000
Other expenses (25,000) (135,000)
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Earnings before income taxes 412,000 356,000
Income taxes 165,000 161,000
----------- -----------
Net income $ 247,000 $ 195,000
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Diluted net income per
common and common
equivalent share $ .05 $ .04
Diluted weighted average
common and common
equivalent shares
outstanding 4,623,357 4,577,365
Working capital 2,654,000 2,535,000
Long-term debt, less
current portion 3,022,000 3,145,000
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