Bioanalytical Systems, Inc. Reports Fourth Quarter and Year-End 2003 Financial Results.Business Editors/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 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)--Dec. 18, 2003 Bioanalytical Systems, Inc. (Nasdaq:BASI) today reported financial results for its fourth quarter and fiscal year ended September September: see month. 30, 2003. Revenue for the quarter ended September 30, 2003 increased 23% to $8.0 million compared to $6.5 million for the fourth quarter ended September 30, 2002. Net loss for the fourth fiscal quarter of 2003 was ($375,548), or ($0.08) 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 approximately breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations results for the fourth fiscal quarter of 2002. Service revenue increases were primarily the result of the Company's two acquisitions completed in the current year. Product revenues rebounded significantly over the prior year fourth quarter due to strengthening 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. sales. Revenue for the fiscal year ended September 30, 2003 increased 12.5% to $29.8 million from $26.5 million for the fiscal year ended September 30, 2002. Net income for the fiscal year ended September 30, 2003 was $87,306, or $0.02 per diluted share, compared to $1.1million, or $0.23 per diluted share, for the fiscal year ended September 30, 2002. Service revenue increases over the prior year were primarily the result of the Company's acquisitions and bioanalytical services growth. Product revenues declined for the year due to weak capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. among pharmaceutical developers but saw significant gains in the fiscal fourth quarter of 2003. Cost of revenue for the fourth quarter ended September 30, 2003 was $5.7 million, or 71% of revenue, compared to $4.2 million, or 64% of revenue, for the fourth quarter ended September 30, 2002. Cost of revenue for the year ended September 30, 2003 was $19.4 million, or 65% of revenue, compared to $15.9 million, or 60% of revenue, for the year ended September 30, 2002. Integration of the BASi Clinical Research Unit (the former Pharmakinetics Laboratories, Inc, acquired in June June: see month. , 2003) and BASi Northwest Laboratory (the former LC Resources, Inc. acquired in December December: see month. 2002) into BASi adversely impacted the Company's earnings in fiscal 2003. Additionally, underutilization of recently added preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. services capacity, due primarily to the Pfizer Pharmacia merger, had significant negative effects on the Company's results of operations in fiscal 2003. The Company expects revenue and earnings to improve as all of these operations are more fully integrated, and as more aggressive marketing, cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. and productivity improvement measures continue in 2004. 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 our fourth quarter results were lower than planned, we're entering fiscal 2004 with new capacity, new talent and great promise. Bids out on Contract Services and Culex(R) sales are rebounding well from doldrums doldrums (dŏl`drəmz) or equatorial belt of calms, area around the earth centered slightly north of the equator between the two belts of trade winds. following client mergers and weakness in biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. and pharmaceutical development markets." Kissinger went on to say, "We are really pleased with the enthusiasm and physical plant improvement at our new Baltimore New Baltimore is the name of several towns in the United States:
"IT improvements company-wide are critical to a successful future. New software in our Contract Research Services Division and corporate operations has been improving, and will continue to significantly improve, our efficiency in 2004. "We now have the technology, capacity, talent, regional presence, and good client relationships we targeted over the past five years. With our core technologies, infrastructure and systems firmly in place, we can focus on efficient execution to grow profitably." Conference Call Information BASi will host a live conference call and listen-only Webcast to discuss its fourth quarter and fiscal year 2003 results at 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy today, Thursday, December 18, 2003. To participate in the conference call, please dial 800-275-3939 (domestic) or 1-973-409-9259 (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 Thursday, December 18 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 Friday, December 26, 2003, by dialing 877-519-4471 (domestic) or 973-341-3080 (international) and entering the pass code 4343087 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 and medical device companies. 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)
Three Months Ended Twelve Months Ended
September 30, September 30,
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2003 2002 2003 2002
------------ ------------ ------------ ------------
Service revenue $ 5,248,228 $ 4,237,149 $19,986,734 $16,139,602
Product revenue 2,792,960 2,291,608 9,852,220 10,373,444
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Total revenue 8,041,188 6,528,757 29,838,954 26,513,046
Cost of service
revenue 4,784,272 3,093,344 15,624,636 11,556,269
Cost of product
revenue 940,716 1,066,946 3,804,105 4,393,009
---------------------------------------------------
Total cost of
revenue 5,724,988 4,160,290 19,428,741 15,949,278
Gross profit 2,316,200 2,368,467 10,410,213 10,563,768
Operating
expenses:
Selling 654,259 664,826 2,853,229 2,939,929
Research and
development 331,007 416,679 1,326,933 1,521,001
General and
administrative 1,707,027 1,200,857 5,430,051 4,476,105
---------------------------------------------------
Total operating
expenses 2,692,293 2,282,362 9,610,213 8,937,035
Operating income (376,093) 86,105 800,000 1,626,733
Other income
(expense) 34,947 70,563 114,277 135,099
Interest income 870 1,185 3,322 3,492
Interest expense (314,158) (27,695) (709,777) (205,002)
Gain (loss) on
sale of property
and equipment 281,546 (4) 362,755 (12,883)
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3,205 44,049 (229,423) (79,294)
Income (loss)
before income
taxes (372,888) 130,154 570,577 1,547,439
Income taxes 2,660 110,994 483,271 480,994
---------------------------------------------------
Net income (loss) $ (375,548) $ 19,160 $ 87,306 $ 1,066,445
===================================================
Net income (loss)
per share:
Basic $ (0.08) $ 0.00 $ 0.02 $ 0.23
Diluted $ (0.08) $ 0.00 $ 0.02 $ 0.23
Weighted common
and common
equivalent
shares
outstanding:
Basic 4,831,460 4,578,516 4,654,595 4,575,995
Diluted 4,845,314 4,640,903 4,673,448 4,625,381
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