Bioanalytical Systems, Inc. Reports 38% Earnings Growth for 1999.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 IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BW HealthWire)--Nov. 10, 1999-- Bioanalytical Systems, Inc. (BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science ) today reported an earnings increase of 38% over the prior fiscal year. Revenue for the fourth quarter ended September September: see month. 30, 1999, was $5,223,000, compared to $4,924,000 for the same period in fiscal 1998. Net income (loss) available to common shareholders for the fourth quarter of fiscal 1999 was $309,000, compared to ($145,000) for the fourth quarter of fiscal 1998. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings (loss) per share were $.07 for the fourth quarter of fiscal 1999, as compared to diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of ($.03) for the same period in fiscal 1998. Revenue for the fiscal year ended September 30, 1999, was $19,851,000, compared to $18,225,000 for fiscal 1998. Net income available to common shareholders for the fiscal year ended September 30, 1999 was $570,000, compared to $412,000 for fiscal 1998. Diluted earnings per share were $.12 for the fiscal year ended September 30, 1999, as compared to diluted earnings per share of $.09 for fiscal 1998. BAS continued to hit record revenue levels despite declining orders from Asia. Earnings climbed with revenue and were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. influenced by reduced R&D expenditures, as BAS nears the launch of several new products, and significant earnings improvement from UK operations. Earnings were also partially offset by increased expenses incurred to position the company for future growth. "We've positioned ourselves as one of the strongest providers of technical services and products to pharmaceutical researchers," said Peter T. Kissinger, President and Chief Executive Officer. "Revenue is rising steadily. Our people and new products are our future. We hope that continuing growth will delight shareholders in 2000." "Helping Scientists Do Science" has been the mission of BAS since its inception. Scientific development in health care and the trend toward outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. in the pharmaceutical industry continue to contribute to the company's growth. Bioanalytical Systems, Inc. is a contract research organization providing research and development resources to many of the leading pharmaceutical, medical device, and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. in the world. BAS offers an efficient, variable-cost alternative to its clients' internal product development, compliance, and quality control programs. Founded in 1974, BAS focused on providing new products and procedures to facilitate research progress at client sites. The company derives its revenues from both the sale of instruments and contract research services. BAS provides a broad array of both value-added products and services focused on chemical analysis, allowing its clients to perform their R&D functions either "in house" or at 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. -0-
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three months Three months Year ended Year ended
ended Sept. 30 ended Sept. 30 Sept. 30 Sept. 30
1999 1998 1999 1998
---- ---- ---- ----
Total revenue $ 5,223,000 $ 4,924,000 $19,851,000 $18,225,000
Gross profit $ 2,499,000 $ 2,171,000 $ 9,409,000 $ 9,716,000
Earnings (losses)
before income
taxes $ 412,000 ($ 286,000) $ 848,000 $ 666,000
Income taxes $ 103,000 ($ 141,000) $ 278,000 $ 254,000
Net income (losses)
available to common
shareholders $ 309,000 ($ 145,000) $ 570,000 $ 412,000
Diluted net income
(losses) per common
and common equivalent
share $ .07 ($ .03) $ .12 $ .09
Diluted weighted
average common
and common equivalent
shares outstanding 4,684,607 4,634,708 4,675,850 4,402,755
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