Bioanalytical Systems, Inc. Reports Fourth Quarter and Year-End 2002 Financial Results; Company Secures Funding to Further Growth Initiatives.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 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. .--(BUSINESS WIRE)--Nov. 12, 2002 Bioanalytical Systems, Inc. (Nasdaq:BASI) today reported financial results for its fourth quarter ended September 30, 2002. Revenue for the quarter decreased 1% compared to the same quarter last year. Revenue for the fourth quarter ended September 30, 2002 was $6.5 million, compared to $6.6 million for the fourth quarter ended September 30, 2001. Net income for the fourth quarter of fiscal 2002 was $19,000, or less than $0.01 per 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 $475,000, or $0.10 per diluted share, for the fourth quarter of fiscal 2001. Revenue for the fiscal year ended September 30, 2002 increased 4.9% to $26.5 million from $25.3 million for the fiscal year ended September 30, 2001. Net income for this period was $1,066,000, or $0.23 per diluted share, compared to $1,767,000, or $0.38 per diluted share for the fiscal year ended September 30, 2001. Cost of revenue for the fourth quarter ended September 30, 2002 was $4.2 million, compared to $3.5 million for the fourth quarter ended September 30, 2001. This increase of approximately $0.7 million was primarily due to the increase in staffing and corresponding costs in the services area. Cost of revenue for the year ended September 30, 2002 was $15.9 million, compared to $13.2 million for the year ended September 30, 2001. This increase of approximately $2.7 million was primarily due to the increase in staffing and corresponding costs in the services area. During the fourth quarter of 2002, earnings were impacted by lackluster lack·lus·ter adj. Lacking brightness, luster, or vitality; dull. See Synonyms at dull. Adj. 1. lackluster - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" instrument sales, particularly 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. automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. 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. deliveries, and increasing costs associated with expanding preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. capacity and employee benefit costs. In the current quarter, the Company is seeing growing market interest in Culex for 2003 and increasing orders for disposable accessories for Culex. BASi has secured new financing of up to $16 million which replaces $8.5 million in current financing. Union Planters Planters is an American snack food company under Kraft Foods manufacturing, best known for its nuts and the Mr. Peanut icon that symbolizes them. Started by Italian immigrants Amedeo Obici and Mario Peruzzi in Wilkes-Barre, Pennsylvania, in 1906, it was incorporated in 1908 Bank is providing real estate lending and acquisition financing. Provident prov·i·dent adj. 1. Providing for future needs or events. 2. Frugal; economical. [Middle English, from Latin pr Bank, with participation from Fifth/Third Bank, will lead in providing a working capital and acquisition financing facility. The Company occupied Phase 1 of its new preclinical research unit and will complete Phase 2 in January, nearly doubling capacity in Evansville, Indiana
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. . In addition, construction began on the new West Lafayette, Indiana West Lafayette (IPA: [wɛst ˈlɑ.fəˌjɛt]) is a city in Tippecanoe County, Indiana, United States, 65 miles (105km) northwest of Indianapolis. The population was 28,778 at the 2000 census. preclinical laboratory for pharmacokinetic services based on Culex technology. Construction is expected to be complete later in 2003. The acquisition of PharmaKinetics Laboratories, Inc. (Baltimore) is subject to final SEC approval and vote by PharmaKinetics shareholders. Essentially, all activity associated with the acquisition of LC Resources, Inc. (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. ) is complete and is scheduled for closing at the end of November, subject to certain closing conditions. 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, "Although we are disappointed with the quarterly results, we are confident that the initiatives in place, including the acquisitions, facility expansions, and cost controls, will provide the Company significant growth and deliver increased shareholder value over the coming years. Reluctance among pharmaceutical clients to commit to big-ticket capital items, like Culex, clearly impacted this quarter and throughout 2002, but we are seeing promise of an upturn. In addition, capacity constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. coupled with uneven service contract flow emphasized our need to expand. We believe the combination of our key initiatives combined with the strength of our new banking relationships, will enable us to meet the demand, manage the flow of business more effectively and create more opportunity as we sell expanded capabilities to a broader potential customer base." Kissinger went on to say, "Construction and acquisitions are quickly moving us toward our goal of establishing BASi as a mid-size provider of tools and services for drug development. Complementing those moves, we have implemented aggressive cost controls, redirected off-target effort and are shedding non-strategic real estate. Integration teams from all our sites and acquisitions have established standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. , company-wide operating policies. In addition, we're restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). our client relationship effort and enhancing lab management software, further improving efficiency. "Upon the closing of the previously announced acquisitions, BASi in 2003 will offer a broader range of services and products bridging first-in-animal testing through human clinical trials, with a physical presence near the center of drug development activities on both coasts and in the UK. To support the anticipated growth from existing and potential new customers, we continue to add capacity in preclinical, bioanalytical and clinical facilities at all our sites and are still evaluating complementary acquisition candidates to further expand our reach. Additionally, we believe strong management will be a key driver for the successful completion and integration of acquisitions. We have recently added a few highly talented professionals to our team and will also gain experienced management from both of our announced acquisitions. We also expect to add to our Board of Directors in the near future. Overall, we are confident that we will complete the two acquisitions and deliver on our next growth target of $40 million in revenue for 2003." Conference Call Information BASi will host a live conference call and listen-only Webcast to discuss its fourth quarter and fiscal year 2002 results at 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy today, Tuesday, November 12, 2002. To participate in the conference call, please dial 800-275-3939 (Domestic) or 1-973-321-2000 (International). 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 Tuesday, November 12 at 11:00 a.m. EST, through 11:50 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. on Thursday, November 14, 2002, by dialing 877-519-4471 (Domestic) or 973-341-3080 (International) and entering the pass code: 559159 for both telephone numbers. In addition, a replay of the Webcast will be available at www.bioanalytical.com. About Bioanalytical Systems, Inc. In business for over 28 years, Bioanalytical Systems, Inc. is a pharmaceutical development company who provides contract research services and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. 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. Visit www.bioanalytical.com and www.culex.net for more about BASi.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2002 2001 2002 2001
---------- ---------- ----------- -----------
Service revenue $4,238,000 $4,146,000 $16,140,000 $15,202,000
Product revenue 2,291,000 2,461,000 10,373,000 10,073,000
---------- ---------- ----------- -----------
Total revenue 6,529,000 6,607,000 26,513,000 25,275,000
Cost of service
revenue 3,093,000 2,493,000 11,556,000 9,660,000
Cost of product
revenue 1,067,000 987,000 4,393,000 3,494,000
---------- ---------- ----------- -----------
Total cost
of revenue 4,160,000 3,480,000 15,949,000 13,154,000
Gross profit 2,369,000 3,127,000 10,564,000 12,121,000
Operating
expenses:
Selling 665,000 699,000 2,940,000 3,204,000
Research and
development 416,000 410,000 1,521,000 1,611,000
General and
administrative 1,201,000 1,105,000 4,476,000 3,815,000
---------- ---------- ----------- -----------
Total
operating
expenses 2,282,000 2,214,000 8,937,000 8,630,000
---------- ---------- ----------- -----------
Operating income 87,000 913,000 1,627,000 3,491,000
Other expenses 43,000 (48,000) (80,000) (384,000)
---------- ---------- ----------- -----------
Earnings before
income taxes 130,000 865,000 1,547,000 3,107,000
Income taxes 111,000 390,000 481,000 1,340,000
---------- ---------- ----------- -----------
Net income $ 19,000 $ 475,000 $1,066,000 $1,767,000
========== ========== =========== ===========
Diluted net
income per
common and
common
equivalent
share $ 0.00 $ 0.10 $ 0.23 $ 0.38
Diluted weighted
average common
and common
equivalent
shares
outstanding 4,640,903 4,634,335 4,625,381 4,600,498
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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