Bioanalytical Systems, Inc. Reports Steady Sales in Fourth Quarter.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.--(BW HealthWire)--Nov. 6, 2000 Bioanalytical Systems, Inc. (BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science ) today reported steady sales compared to the same quarter last year. Revenue for the fourth quarter ended September 30, 2000, was $5,235,000, compared to $5,223,000 for the same period in fiscal 1999. Net loss for the fourth quarter of fiscal 2000 was $444,000, compared to net income of $309,000 for the fourth quarter of fiscal 1999. Diluted loss per share was $.10 for the fourth quarter of fiscal 2000, 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 $.07 for the same period in fiscal 1999. Revenue for the fiscal year ended September 30, 2000, was $19,223,000, compared to $19,851,000 for fiscal 1999. Net loss for the fiscal year ended September 30, 2000 was $1,382,000, compared to net income of $570,000 for fiscal 1999. Diluted loss per share was $.30 for the fiscal year ended September 30, 2000, as compared to diluted earnings per share of $.12 for fiscal 1999. Peter T. Kissinger commented, "Clearly, fiscal year 2000 was disappointing to us from a financial perspective. There were several factors that contributed to our loss. The software concerns of our clients regarding the Millennium transition seriously slowed sales in the first half of the fiscal year. At the same time, clients engaged in merger activities delayed clinical trials while they reassessed the strength of their research programs postponing our related revenue. We believe these factors are temporary in nature and they should not significantly affect our financial results for 2001. "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. (TM), our new, fully automated blood sampling system, launched into an enthusiastic pharmaceutical research audience. Our fully networkable Epsilon 1. (language) EPSILON - A macro language with high level features including strings and lists, developed by A.P. Ershov at Novosibirsk in 1967. EPSILON was used to implement ALGOL 68 on the M-220. electroanalytical and chromatography workstations were launched after four years in development. We project $6 million in sales from new products in 2001. We invested heavily in new, sophisticated mass spectrometry mass spectrometry or mass spectroscopy Analytic technique by which chemical substances are identified by sorting gaseous ions by mass using electric and magnetic fields. instruments in our Bioanalytical Services groups in both the UK and the US. The acquisition of Toxicology toxicology, study of poisons, or toxins, from the standpoint of detection, isolation, identification, and determination of their effects on the human body. Toxicology may be considered the branch of pharmacology devoted to the study of the poisonous effects of drugs. Pathology Systems led to the creation of our Preclinical Services group in Evansville, Indiana
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. allowing us to broaden the scope of our offerings to pharmaceutical clients. "We have also joined an alliance with companies that offer complimentary services to pharmaceutical firms. By analogy to airline partnerships, this alliance is a group of high quality, life science firms working together to support drug development. Our new partner companies in the Pharmaceutical Contract Research Alliance (PCRA PCRA Petroleum Conservation Research Association PCRA Personal Choice Retirement Account (Schwab) PCRA Post-Conviction Relief Act (Pennsylvania) pcrA pyrroline-5-carboxylate reductase ) are a superb team, extending both the reach and depth of our services. "BAS has been doing science for better health for 25 years. Our contributions to drug research for treatment of central nervous system disorders Nervous system disorders A satisfactory classification of diseases of the nervous system should include not only the type of reaction (congenital malformation, infection, trauma, neoplasm, vascular diseases, and degenerative, metabolic, toxic, or deficiency , diabetes, osteoporosis, HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. , impotence and other diseases have established BAS as a leading life science development company. In many ways though, we are a 25 year old start up, aggressively investing in a new future. We anticipate a strong, growing 2001 and a return to profitability." Bioanalytical Systems, Inc. is a life science company providing research and development resources to many global 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. . 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 contract research services and of instruments. BAS provides a broad array of both value-added services and products 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 market demand for the Company's products, 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 STATEMENT OF OPERATIONS
(Unaudited)
Three Three Twelve Twelve
months months months months
ended ended ended ended
Sept 30 Sept 30 Sept 30 Sept 30
2000 1999 2000 1999
---- ---- ---- ----
Total revenue $5,235,000 $5,223,000 $19,223,000 $19,851,000
Gross profit $2,036,000 $2,499,000 $ 7,004,000 $ 9,409,000
Earnings (loss)
before income
taxes ($ 370,000) $ 412,000 ($ 1,813,000) $ 848,000
Income taxes 74,000 $ 103,000 ($ 431,000) $ 278,000
Net income (loss) ($ 444,000) $ 309,000 ($ 1,382,000) $ 570,000
Diluted net income
(loss) per common
and common
equivalent share ($ .10) $ .07 ($ .30) $ .12
Diluted weighted
average common
and common
equivalent shares
outstanding 4,562,645 4,684,607 4,550,336 4,675,850
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