Bioanalytical Systems, Inc. Reports Sales Increase in Third Quarter.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)--Aug. 5, 1999-- Bioanalytical Systems, Inc. (BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science ) (Nasdaq:BASI) today reported a third quarter revenue increase of 10% over the same quarter last year. Revenue for the third quarter ended June June: see month. 30, 1999, was $4,973,000, compared to $4,521,000 for the same period in fiscal 1998. Net income available to common shareholders for the third quarter of fiscal 1999 was $67,000, compared to $130,000 for the third quarter of fiscal 1998. 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 $.01 for the third quarter of fiscal 1999, as compared to diluted earnings per share of $.03 for the same period in fiscal 1998. BAS Analytics, the company's contract services group, continued to grow, posting a 26% revenue increase over the third quarter of the previous fiscal year despite the cancellation of several large contracts. Increased capacity and new, specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. services in pharmaceutical analysis continue to attract commitments from top-tier pharmaceutical companies. BAS also continues to focus on innovative research and development. New products are expected to strengthen the company's share in two key market sectors in the near future. The addition of new equipment and staff in the Americas and Europe continues. These investments are expected to position BAS to maintain its rate of growth in 2000 and beyond. "Helping Scientists Do Science" has been the mission of BAS since its inception. Scientific development in health care and the growing 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 are major contributors 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 focuses 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. BAS stock is traded on the NASDAQ National Market under the symbol 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. -0-
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months Three months Nine months Nine months
ended ended ended ended
June 30 June 30 June 30 June 30
1999 1998 1999 1998
----------- ----------- ----------- -----------
Total revenue $ 4,973,000 $ 4,521,000 $14,628,000 $13,301,000
Gross profit $ 2,277,000 $ 2,511,000 $ 6,910,000 $ 7,545,000
Earnings before
income taxes $ 92,000 $ 254,000 $ 436,000 $ 952,000
Income taxes $ 25,000 $ 124,000 $ 175,000 $ 395,000
Net income $ 67,000 $ 130,000 $ 261,000 $ 557,000
Diluted net income per
common and common
equivalent share $ .01 $ .03 $ .06 $ .13
Diluted weighted average
common and common
equivalent shares
outstanding 4,693,878 4,637,521 4,672,914 4,324,587
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