Bioanalytical Systems, Inc. Announces Second Quarter 2002 Results; Revenue Increases 8%.Business Editors and Health/Medical Writers 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)--May 8, 2002 Bioanalytical Systems, Inc. (Nasdaq:BASI) today reported financial results for its second quarter ending March 31, 2002. Revenue for the quarter increased 8% compared to the same quarter last year, which was the previous best in BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science history. The company is seeing increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of BAS analytical and preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. services groups and enthusiastic acceptance of the company's 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 Sampler sampler, sample piece of needlework or embroidery, of silk, cotton, or worsted, for the preservation of some pattern or as an example of the ability of a child or a beginner. In museums and private collections there are samplers dating from as early as 1643. , with accelerating sales of disposable support products. Revenue for the second quarter ended March 31, 2002 was $7.4 million, compared to $6.8 million for the second quarter ended March 31, 2001. Net income for the second quarter of fiscal 2002 was $519,000, compared to $582,000 for the second 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 $0.11 for the second quarter of fiscal 2002, compared to $0.13 for the same period in fiscal 2001. Revenue for the six months ended March 31, 2002 increased 9.3% to $13.4 million from $12.3 million for the six months ended March 31, 2001. Net income for this period was $766,000, compared to $777,000 for the six months ended March 31, 2001. Diluted earnings per share for the six months ended March 31, 2002 were $0.17 per share, compared to diluted earnings of $0.17 per share for the same period during the previous year. 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, commented, "I am especially pleased to note that we again demonstrated sustainable growth in this difficult business climate. We continue to invest heavily in order to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the current opportunity to build market share and are making significant investments in laboratory space, instruments and IT infrastructure. Our previously announced construction projects are well under way and on track to make a substantial impact on growth in FY 2003." Kissinger went on to say, " I would like to reiterate re·it·er·ate tr.v. re·it·er·at·ed, re·it·er·at·ing, re·it·er·ates To say or do again or repeatedly. See Synonyms at repeat. re·it that the focus at BAS is on years, not quarters." In business for over 27 years, Bioanalytical Systems, Inc. is a pharmaceutical development company who provides contract research services and analytical systems to the world's leading pharmaceutical, drug development and medical device companies. The company focuses on developing innovative services and products that increase efficiency and reduce costs associated with taking new drugs to market. They have contributed to over $15 billion in annual sales of 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 such as Alzheimer's and Parkinson's diseases Parkinson's disease or Parkinsonism, degenerative brain disorder first described by the English surgeon James Parkinson in 1817. When there is no known cause, the disease usually appears after age 40 and is referred to as Parkinson's disease. , diabetes, osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia , 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. Visit www.bioanalytical.com and www.culex.net for more about BAS.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months Three months Six months Six months
Ended Ended Ended Ended
March 31 March 31 March 31 March. 31
2002 2001 2002 2001
------------ ------------ ------------ ------------
Service revenue $ 4,196,000 $ 4,267,000 $ 7,816,000 $ 7,363,000
Product revenue 3,189,000 2,575,000 5,592,000 4,905,000
------------ ------------ ------------ ------------
Total revenue 7,385,000 6,842,000 13,408,000 12,268,000
Cost of service
revenue 2,793,000 2,512,000 5,413,000 4,753,000
Cost of product
revenue 1,445,000 858,000 2,292,000 1,621,000
------------ ------------ ------------ ------------
Total cost
of revenue 4,238,000 3,370,000 7,705,000 6,374,000
Gross profit 3,147,000 3,472,000 5,703,000 5,894,000
Operating expenses:
Selling 876,000 912,000 1,654,000 1,688,000
Research and
development 389,000 417,000 712,000 811,000
General and
administrative 1,087,000 1,024,000 2,105,000 1,785,000
------------ ------------ ------------ ------------
Total operating
expenses 2,352,000 2,353,000 4,471,000 4,284,000
------------ ------------ ------------ ------------
Operating Income 795,000 1,119,000 1,232,000 1,610,000
Other expenses (49,000) (129,000) (74,000) (264,000)
------------ ------------ ------------ ------------
Earnings before
income taxes 746,000 990,000 1,158,000 1,346,000
Income taxes 227,000 408,000 392,000 569,000
------------ ------------ ------------ ------------
Net income $ 519,000 $ 582,000 $ 766,000 $ 777,000
============ ============ ============ ============
Diluted net
income per
common and
common equivalent
share $ 0.11 $ 0.13 $ 0.17 $ 0.17
Diluted weighted
average common
and common
equivalent shares
outstanding 4,622,462 4,589,009 4,622,914 4,583,123
Working capital $ 3,149,000 $ 2,092,000 $ 3,149,000 $ 2,092,000
Long-term debt,
less current
portion $ 2,898,000 $ 3,404,000 $ 2,898,000 $ 3,404,000
This release contains forward-looking statements 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 detailed in the company's
filings with the Securities and Exchange Commission.
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