Bioanalytical Systems Announces Fourth Quarter Financial Results; 2001 Revenue Increases 31% Over Prior Year.Business Editors and 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. .--(BW HealthWire)--Nov. 13, 2001 Bioanalytical Systems, Inc. (Nasdaq:BASI), an industry leader in systems and services used for new drug development and preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. research, today announced financial results for its fourth quarter ended September September: see month. 30, 2001. The company reported a fourth quarter revenue increase of 26% versus the prior year's comparable period, continuing a strong upward trend for both the contract services and the instruments groups. Revenue for the fourth quarter ended September 30, 2001 was $6,607,000, compared to $5,235,000 for the three months ended September 30, 2000. Net income for the fourth quarter of fiscal 2001 was $475,000, compared to a net loss of $444,000 for the fourth quarter of fiscal 2000. Gross margins for the fourth quarter were 47.3%, compared with gross margins of 38.9% for the fourth quarter of 2000. 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 $.10 for the fourth quarter of fiscal 2001, compared to a 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. loss per share of $.10 for the same period in fiscal 2000. Revenue for the fiscal year ended September 30, 2001 increased 31% to $25,275,000 from $19,223,000 for the fiscal year ended September 30, 2000. Net income for this period was $1,767,000, compared to a net loss of $1,382,000 for the year ended September 30, 2000. Gross margins for fiscal year 2001 were 48%, compared with gross margins of 36.4% for the prior year. Diluted earnings for the fiscal year ended September 30, 2001 were $.38 per share, compared to a diluted loss of $.30 per share for the fiscal year ended September 30, 2000. Dr. Peter T. Kissinger, BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science Chairman, President 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, "We have met all of the major goals we set out to achieve in FY2001. These included diversifying our client portfolio to include small and mid-size pharmaceutical and drug development companies, increasing our market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of the 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) 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. to both existing and new customers, and increasing our capacity for contract research services. We have also achieved our revenue growth targets while improving overall productivity as evidenced by our FY2001 operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 13.8% versus an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in the prior year." The company's accomplishments for FY2001 included: -- Expanded Capacity. Installed additional robotic sample-handling systems and mass spectrometers at the West Lafayette Technical Center, expanding the company's bioanalytical capacity to support clinical trials. -- Increased Market Penetration. Culex sales improved as early adopters purchased multiple follow-on units and new clients purchased units. -- Expanded European Presence. Signed a strategic alliance with Biotec Centre in Orleans, France to further expand sales of Culex, and BAS presence, in Europe. -- Appointed Preclinical Scientific Director. James H. McGee, DVM, MS, DABT joined BAS-Evansville Preclinical Research Division as Scientific Director. Prior to joining Bioanalytical Systems he worked for Carter Wallace as Director of Biological and Computing Services. Dr. Kissinger concluded, "Customer demand for our services and instruments, including Culex, remains strong. With the addition of Biotec Centre in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and improved capabilities at our existing
locations in Europe we can now fully support our effort to advance Culex
sales overseas. Early indications from a recent conference in Europe
where we highlighted Culex are positive. We are confident that we can
achieve strong results in the coming year as pharmaceutical companies
continue to outsource outsource verb To assign specific work to a 3rd party for a specific length of time at an set price and service level Managed care To use outside labor to perform functions–billing and collections, accounting, janitorial services, ER contract research and look for tools like Culex to
improve the preclinical research process."In business for over 27 years, BAS is a pharmaceutical development company whose research team has been recognized for its contributions to understanding disease and accelerating preclinical drug screening. BAS helps many of the top 25 pharmaceutical companies make people's lives better by bringing to market several billion dollars in new drugs for the 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 diabetes or diabetes mellitus (məlī`təs), chronic disorder of glucose (sugar) metabolism caused by inadequate production or use of insulin, a hormone produced in specialized cells (beta cells in the islets of , osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia , 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. and other diseases. The company is an industry leader in systems used for new drug development, 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. , and in cancer, addiction addiction: see drug addiction and drug abuse. and behavioral behavioral pertaining to behavior. behavioral disorders see vice. behavioral seizure see psychomotor seizure. research. Visit www.bioanalytical.com and www.culex.net for more about 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 technology, industry standards and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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. (See attached financial statements.)
BIOANALYTICAL SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
(in thousands Sept. 30, As a Sept. 30, As a
except per share data) 2001 percent 2000 percent
of sales of sales
-----------------------------------
Net sales:
Services $ 4,146 62.8% 3,088 59.0%
Products 2,461 37.2% 2,147 41.0%
-----------------------------------
Total net sales 6,607 100.0% 5,235 100.0%
Cost of sales:
Services 2,493 37.7% 2,382 45.5%
Products 987 14.9% 817 15.6%
-----------------------------------
Total cost of sales 3,480 52.7% 3,199 61.1%
Gross profit 3,127 47.3% 2,036 38.9%
Operating expenses:
Distribution 699 10.6% 861 16.4%
Administration 1,105 16.7% 842 16.1%
Research & development 410 6.2% 440 8.4%
-----------------------------------
Total operating
expenses 2,214 33.5% 2,143 40.9%
-----------------------------------
Operating income (loss) 913 13.8% (107) -2.0%
Interest (expense), net (55) -0.8% (182) -3.5%
Other income
(expense), net 7 0.1% (81) -1.5%
-----------------------------------
Income (loss)
before income taxes 865 13.1% (370) -7.1%
Income taxes 390 5.9% 74 1.4%
-----------------------------------
Net income (loss) 475 7.2% (444) -8.5%
===================================
Income (loss)
per share:
Basic $ 0.10 $ (0.10)
Diluted $ 0.10 $ (0.10)
Weighted average
common shares
outstanding:
Basic 4,568 4,563
Diluted 4,634 4,667
BIOANALYTICAL SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve Months Ended
(in thousands Sept. 30, As a Sept. 30, As a
except per share data) 2001 percent 2000 percent
of sales of sales
-----------------------------------
Net sales:
Services $15,202 60.1% 10,999 57.2%
Products 10,073 39.9% 8,224 42.8%
-----------------------------------
Total net sales 25,275 100.0% 19,223 100.0%
Cost of sales:
Services 9,660 38.2% 9,245 48.1%
Products 3,494 13.8% 2,974 15.5%
-----------------------------------
Total cost of sales 13,154 52.0% 12,219 63.6%
Gross profit 12,121 48.0% 7,004 36.4%
Operating expenses:
Distribution 3,204 12.7% 3,400 17.7%
Administration 3,815 15.1% 2,990 15.6%
Research & development 1,611 6.4% 1,806 9.4%
-----------------------------------
Total operating expenses 8,630 34.1% 8,196 42.6%
-----------------------------------
Operating income (loss) 3,491 13.8% (1,192) -6.2%
Interest (expense), net (411) -1.6% (538) -2.8%
Other income (expense), net 27 0.1% (83) -0.4%
-----------------------------------
Income (loss) before
income taxes 3,107 12.3% (1,813) -9.4%
Income taxes (benefit) 1,340 5.3% (431) -2.2%
-----------------------------------
Net income (loss) 1,767 7.0% (1,382) -7.2%
===================================
Income (loss) per share:
Basic $ 0.39 $ (0.30)
Diluted $ 0.38 $ (0.30)
Weighted average common
shares outstanding:
Basic 4,565 4,550
Diluted 4,600 4,550
BIOANALYTICAL SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands) Sept. 30, Sept. 30,
2001 2000
----------------
ASSETS:
Current assets:
Cash & cash equivalents $ 374 478
Accounts receivable 4,266 3,362
Inventories 2,391 2,235
Prepaid expenses 839 780
-----------------
Total current assets 7,870 6,855
Property & equipment, net 18,922 18,913
Intangible assets, net 963 990
Other assets, net 222 139
-----------------
Total assets $27,977 $26,897
=================
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 2,619 1,398
Accrued expenses 923 621
Customer advances 1,063 1,163
Current portion long term debt 730 2,742
-----------------
Total current liabilities 5,335 5,924
Long term debt 3,144 3,638
Deferred income taxes 1,667 1,273
Stockholders' equity:
Common stock 1,012 1,011
Additional paid in capital 10,506 10,497
Retained earnings 6,313 4,554
-----------------
17,831 16,062
-----------------
Total liabilities & stockholders' equity $27,977 $26,897
=================
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