Bioanalytical Systems, Inc. Announces Third Quarter 2002 Results.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)--Aug. 6, 2002 Bioanalytical Systems, Inc. (Nasdaq: BASI) today reported financial results for its third quarter ending June 30, 2002. Revenue for the third quarter ended June 30, 2002 was $6.6 million, an increase of 3 percent compared to $6.4 million for the third quarter ended June 30, 2001. Net income for the third quarter of fiscal 2002 was $280,000, compared to $515,000 for the third 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 $0.06 for the third quarter of fiscal 2002, compared to $0.11 for the same period in fiscal 2001. The Company experienced increased costs due to greater staffing expense, offset in part by 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 BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science analytical and preclinical services groups and growing 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. , and accelerating sales of disposable support products. Revenue for the nine months ended June 30, 2002 increased 7.1% to $20.0 million from $18.7 million for the nine months ended June 30, 2001. Net income for this period was $1,047,000, compared to $1,292,000 for the nine months ended June 30, 2001. Diluted earnings per share for the nine months ended June 30, 2002 were $0.23 per share, compared to diluted earnings of $0.28 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, "We have moved forward with our overall business strategy through two proposed acquisitions announced on June 20, 2002, which will increase BAS capabilities in drug development. The acquisitions, when closed, will extend our capabilities by adding clinical trials research to our portfolio and will expand our presence with key locations on both the East and West Coasts of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . In addition, our existing facility expansion projects, which are now under way in West Lafayette and Evansville, Indiana
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. and in the United Kingdom, will improve our flexibility to schedule new projects in response to our clients' needs." Kissinger concluded, "We recognize that the pharmaceutical industry continues to be under pressure to deliver new drugs at a more rapid pace, while simultaneously needing to meet the more stringent requirements of the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. . We believe this presents an enormous long-term opportunity for BAS as we continue to invest for the future to meet the growing needs of our customer base." In business for 28 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, 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 Three Nine Nine
months months months months
Ended Ended Ended Ended
June 30 June 30 June 30 June 30
2002 2001 2002 2001
----------- ----------- ----------- -----------
Service revenue $4,086,000 $3,693,000 $11,902,000 $11,056,000
Product revenue 2,490,000 2,707,000 8,082,000 7,612,000
----------- ----------- ----------- -----------
Total revenue 6,576,000 6,400,000 19,984,000 18,668,000
Cost of service
revenue 3,050,000 2,414,000 8,463,000 7,167,000
Cost of product
revenue 1,034,000 886,000 3,326,000 2,507,000
----------- ----------- ----------- -----------
Total cost of
revenue 4,084,000 3,300,000 11,789,000 9,674,000
----------- ----------- ----------- -----------
Gross profit 2,492,000 3,100,000 8,195,000 8,994,000
Operating expenses:
Selling 621,000 817,000 2,275,000 2,505,000
Research and
development 393,000 390,000 1,105,000 1,201,000
General and
administrative 1,170,000 925,000 3,275,000 2,710,000
----------- ----------- ----------- -----------
Total operating
expenses 2,184,000 2,132,000 6,655,000 6,416,000
----------- ----------- ----------- -----------
Operating income 308,000 968,000 1,540,000 2,578,000
Other expenses (49,000) (72,000) (123,000) (336,000)
----------- ----------- ----------- -----------
Earnings before
income taxes 259,000 896,000 1,417,000 2,242,000
Income taxes
(benefit) (22,000) 381,000 370,000 950,000
----------- ----------- ----------- -----------
Net income $281,000 $515,000 $1,047,000 $1,292,000
=========== =========== =========== ===========
Diluted net income
per common and
common equivalent
share $0.06 $0.11 $0.23 $0.28
Diluted weighted
average common and
common equivalent
shares outstanding 4,614,622 4,601,040 4,620,150 4,589,095
Working capital $1,425,000 $2,473,000 $1,425,000 $2,473,000
Long-term debt and
capital leases,
less current
portion $3,420,000 $3,285,000 $3,420,000 $3,285,000
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. |
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