Bioanalytical Systems, Inc. Reports First Quarter 2005 Financial Results.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. . -- Bioanalytical Systems, Inc. (Nasdaq:BASI) today reported financial results for its first quarter of fiscal 2005, ended December December: see month. 31, 2004. Revenue increased 10% to $9.7 million compared to $8.8 million for the quarter ended December 31, 2003. Net income for the first quarter of fiscal 2005 was $404,000, or $0.08 per basic and 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. share, compared to a net loss of $130,000, or $0.03 per basic and diluted share for the first quarter of fiscal 2004. Increased sales effort resulted in better capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. and a 22% increase in service revenue in the current year when compared to fiscal 2004. A 14% decrease in product revenues was the result of an unusually large order in the comparable period last year for 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) system. Cost of revenue for the quarter ended December 31, 2004 was $6.1 million, or 63% of revenue, compared to $6.1 million, or 70% of revenue, for the quarter ended December 31, 2003. The margins for the current fiscal quarter reflect improvement as we raise the utilization of services capacity acquired, built and commissioned in fiscal 2003. The Company continues to aggressively market that capacity, anticipating that margin percentages will improve with better utilization. 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. commented, "Our first quarter results were positively impacted by the resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of work on significant contracts which had been deferred last year, and by improved results at our clinical research unit in Baltimore Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. and our laboratory in McMinnville, Oregon McMinnville is the county seat and largest city of Yamhill County, Oregon, United States. According to Oregon Geographic Names, it was named by its founder, William T. Newby, an early immigrant on the Oregon Trail, for his hometown of McMinnville, Tennessee. . Product sales continued to show steady growth if we exclude from last year the impact of one particularly large order, so we are confident we are still doing the right things in those markets." Conference Call Information BASi will host a live conference call and listen-only Webcast to discuss its first quarter of fiscal year 2005 results at 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Monday Monday: see week. , February 14, 2005. To participate in the conference call, please dial 866-322-0620 (domestic) or 1-706-758-0599 (international), conference ID code 33858271. Also, a live Webcast of the conference call will be available at www.bioanalytical.com. For those unable to participate there will be a replay available from Monday, February 14 at 12:00 pm EST, through 11:59 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. on Wednesday, February 16, 2005, by dialing 800-642-1687 (domestic) or 1-706-645-9291 (international) and entering the pin code 3858271 for both telephone numbers. In addition, a replay of the Webcast will be available at www.bioanalytical.com. 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 http://www.bioanalytical.com for more about BASi. 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 OPERATIONS
(Unaudited)
(in thousands, except share and per-share amounts)
Three Months Ended
December 31,
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2004 2003
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Service revenue $ 7,290 $ 5,978
Product revenue 2,404 2,799
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Total revenue 9,694 8,777
Cost of service revenue 5,215 5,059
Cost of product revenue 852 1,083
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Total cost of revenue 6,067 6,142
Gross profit 3,627 2,635
Operating expenses:
Selling 576 626
Research and development 219 246
General and administrative 1,927 1,847
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Total operating expenses 2,722 2,719
Operating income (loss) 905 (84)
Interest income 3 1
Interest expense (275) (207)
Other income (expense) 6 16
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Income (loss) before income taxes 639 (274)
Income taxes/(benefit) 235 (144)
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Net income (loss) $ 404 $ (130)
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Net income (loss) per share:
Basic $ 0.08 $ (0.03)
Diluted $ 0.08 $ (0.03)
Weighted average common and
common equivalent shares outstanding:
Basic 4,869,502 4,831,874
Diluted 4,931,724 4,831,874
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