Bioanalytical Systems Inc. Announces 18 Percent Increase in Third Quarter Revenue.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, 1998-- Bioanalytical Systems Inc. (BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science ) today reported a third quarter increase of 18 percent in revenue over last year. Revenue for the third quarter ended June June: see month. 30, 1998, was $4,521,000, compared to $3,840,000 for the same period in fiscal 1997. Net income available to common shareholders for the third quarter of fiscal 1998 was $130,000, compared to $218,000 for the third quarter of fiscal 1997. 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 3 cents for the third quarter of fiscal 1998, as compared to diluted earnings per share of 7 cents for the same period in fiscal 1997. Revenue for the nine months ended June 30, 1998, was $13,301,000, compared to $11,004,000 for the same period in fiscal 1997. Net income available to common shareholders for the nine months ended June 30, 1998, was $557,000, compared to $644,000 for the same period in fiscal 1997. Diluted earnings per share were 13 cents for the nine months ended June 30, 1998, as compared to diluted earnings per share of 21 cents for the same period in fiscal 1997. BAS continued to achieve record revenue levels in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a decline in orders from Asia. Improvements in revenue were offset by increased expenses incurred to position the company for future growth. Reflecting its commitment to develop new products and enhance existing product lines, BAS reported higher research and development expenses for the third quarter of fiscal 1998. The third quarter saw a rise in technical staff focused on contract research services to the pharmaceutical industry. The company also purchased new equipment and commissioned laboratories during the third quarter of fiscal 1998. "We are now well positioned for expansion in 1999," said Peter T. Kissinger, president and chief executive officer of BAS. "Revenue continues to rise steadily, and we expect that our commitment to investing in people and new products will establish a foundation for future growth. As we enter our new fiscal year October October: see month. 1st, we will have doubled the size of our headquarters facility and added more than 50 technical people in one year. We are ready to see a return on these investments in the fall." "Helping Scientists Do Science" has been the mission of BAS since its inception. The pace of scientific development in health care, coupled with the 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, continue to contribute 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 focused 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 val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: products and services 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 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-
BIOANALYTICAL SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three months Three months Nine months Nine months
ended June 30 ended June 30 ended June 30 ended June 30
1998 1997 1998 1997
------------- ------------- ------------- -------------
Total revenue $4,521,000 $3,840,000 $13,301,000 $11,004,000
Gross profit $2,511,000 $2,272,000 $ 7,545,000 $ 6,579,000
Earnings before
income taxes $ 254,000 $ 371,000 $ 952,000 $ 1,141,000
Income taxes $ 124,000 $ 153,000 $ 395,000 $ 470,000
Net income
available to
common
shareholders $ 130,000 $ 218,000 $ 557,000 $ 644,000
Diluted net
income per
common and
common equivalent
share $.03 $.07 $.13 $.21
Diluted weighted
average common and
common equivalent
shares outstanding 4,637,521 3,107,946 4,324,587 3,097,478
CONTACT: Bioanalytical Systems Inc., West Lafayette
Michael P. Silvon, 765/497-5831
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