Click here to close now.

Welcome!

.NET Authors: Andy Jonak, Greg O'Connor, Jayaram Krishnaswamy, Adine Deford, Peter Silva

News Feed Item

BASi Reports Further Improvement in Profitability Before Restructuring Charges for the Fourth Quarter of Fiscal 2012

WEST LAFAYETTE, IN -- (Marketwire) -- 12/27/12 -- Bioanalytical Systems, Inc. (NASDAQ: BASI) today announced financial results for the fourth quarter and year ended September 30, 2012.

Interim President & CEO and CFO Jacqueline Lemke said, "The restructuring we implemented during the second half of fiscal 2012 allowed us to deliver the significant improvements in profitability before restructuring charges we anticipated. Consider that in the first half of fiscal 2012, we operated four facilities that generated combined revenue of about $14.5 million and an EBITDAR loss of $1.7 million. In the year's second half, we operated two facilities that generated combined revenue of $13.7 million and positive EBITDAR of $1.6 million. That's a $3.3 million improvement despite the reduction in revenue, which was of course the planned consequence of the consolidation of our Oregon laboratory into our West Lafayette facility and the closure of our UK lab.

"Also worth noting is that our cash position increased to $721,000 at fiscal year end versus $409,000 at the end of the third quarter of fiscal 2012, and we recently received a further extension of the maturity of our mortgage debt to October 31, 2013 from May 4, 2013.

"Capacity utilization and gross margins are up. With our costs in line and systems in place to keep them in line, we now have a healthy and sustainable business model for the future.

"We built this strong foundation for growth while maintaining the high quality services BASi has long been known for and completing development of the advanced new Culex® NxT in vivo sampling system we formally launched today. We are now accepting orders for Culex NxT and expect to begin deliveries in January.

"We also recently announced the first of a number of collaborative research projects and preferred provider partnerships we are negotiating and expect to complete over the coming months that should contribute to our performance beginning in the new fiscal year. This first collaborative project is a safety pharmacology study which combines Culex with our partner's newest large animal telemetry technology, and advances BASi's long-established and well-respected CRO services expertise.

"While it will take some time to offset the loss of revenue due to the restructuring, we believe our aggressive approach to sales and marketing focused on our competitive strengths -- specialty assay and discovery capabilities, a long history of regulatory excellence, and our market-changing Culex system -- in time will deliver the renewed revenue growth and greatly enhanced profitability we are striving for. We are optimistic about the outlook for fiscal 2013."

Fourth Quarter Results
For the three months ended September 30, 2012, revenue decreased to $6,540,000 compared to $8,153,000 for the fourth quarter of fiscal 2011. This decrease partly reflected the consolidation of BASi's Oregon facility into its West Lafayette facility and the closure of its UK lab, as well as lower product revenue compared to the prior year.

Gross margin for the fourth quarter of fiscal 2012 was 32.9% compared to 27.6% for the fourth quarter of fiscal 2011.

Operating expenses decreased to $1,785,000 for the fourth quarter of fiscal 2012 compared to $2,630,000 for the same period a year earlier.

Operating income before restructuring increased to $369,000 compared to an operating loss of $382,000 for the fourth quarter of fiscal 2011, and income before income taxes and restructuring charges increased to $199,000 compared to a loss of $618,000 for the prior year.

Earnings before interest, taxes, depreciation, amortization, restructuring and non-cash compensation expenses (EBITDAR) increased to $891,000 compared to $205,000 for the fourth quarter of fiscal 2011, and increased sequentially compared to $716,000 for the third quarter of fiscal 2012. The Company recorded restructuring charges for the three months ended September 30, 2012 of $2,508,000, primarily consisting of UK exit costs. This is expected to be the final charge associated with the restructuring.

The GAAP net loss for the fourth quarter of fiscal 2012 was $2,311,000, or $0.32 per share. This compares to a GAAP net loss for the fourth quarter of fiscal 2011 of $668,000, or $0.10 per share.

Twelve Month Results
For the twelve months ended September 30, 2012, revenue decreased to $28,208,000 from $33,144,000 for fiscal 2011. EBITDAR for fiscal 2012 was a negative $118,000. This compares to EBITDAR for fiscal 2011 of a negative $682,000. The GAAP net loss for the year ended September 30, 2012 was $6,390,000, or $0.89 per share. This includes the recorded restructuring charges for the twelve months ended September 30, 2012 of $3,195,000. The GAAP net loss for the year ended September 30, 2011 included the accounting for the value of the warrants and preferred stock issued in a public offering in May 2011 that resulted in a deemed dividend to preferred stockholders, which was deducted from net earnings to compute GAAP earnings per share. After accounting for the preferred dividend, the net loss applicable to common shareholders for the year ended September 30, 2011 was $3,725,000, or $0.66 per share.

Balance Sheet Highlights
At September 30, 2012, BASi reported cash and cash equivalents of $721,000, total long-term obligations of $5,998,000, and shareholders' equity of $9,590,000, or $1.26 per outstanding share. At September 30, 2011, cash and cash equivalents were $2,963,000, total long-term obligations were $6,913,000, and shareholders' equity was $15,586,000, or $2.26 per outstanding share.

Earnings Conference Call
BASi has scheduled a conference call at 11:00 a.m. EST this morning to discuss its results for the quarter. To participate in the call, dial 866.713.8310, passcode #83355796 at least five minutes before the start of the call. A simultaneous webcast may be accessed from the Investors tab at www.BASInc.com. The webcast will be available for replay after 2:00 p.m. EST at this same Internet address. For a telephone replay, dial 888.286.8010, passcode #41234644 after 2:00 p.m. EST.

Non-GAAP to GAAP Reconciliation
This press release contains financial measures that are not calculated in accordance with accounting principles generally accepted in the United States (GAAP). The non-GAAP financial measures are EBITDAR. EBITDAR refers to financial performance measures that exclude certain income statement line items, such as interest, taxes, depreciation, amortization, and restructuring charges and/or exclude certain non-cash expenses as permitted by our credit agreements, such as stock-based compensation.

The non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management, however, believes that these non-GAAP financial measures, when used in conjunction with the results presented in accordance with GAAP, may provide a more complete understanding of the Company's results and may facilitate a fuller analysis of the Company's results, particularly in evaluating performance from one period to another. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of results and to illustrate the results giving effect to the non-GAAP adjustments shown in the reconciliation. Management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures.

Non-GAAP Reconciliation
A reconciliation of reported results to adjusted results is included in this press release, which is also posted on BASi's website: www.BASInc.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 companies and medical research organizations. The company focuses on developing innovative services and products that increase efficiency and reduce the cost of taking a new drug to market. Visit www.BASinc.com for more about BASi.

This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to changes in the market and demand for our products and services, the development, marketing and sales of products and services, changes in technology, industry standards and regulatory standards, and various market and operating risks detailed in the company's filings with the Securities and Exchange Commission.

[SEE BELOW FOR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS]


                        BIOANALYTICAL SYSTEMS, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
            (In thousands, except per share amounts) (Unaudited)

                               Three Months Ended      Twelve Months Ended
                                  September 30,           September 30,
                             ----------------------  ----------------------
                                2012        2011        2012        2011
                             ----------  ----------  ----------  ----------

Service revenue              $    5,222  $    6,287  $   21,312  $   25,613
Product revenue                   1,318       1,866       6,896       7,531
                             ----------  ----------  ----------  ----------

    Total revenue                 6,540       8,153      28,208      33,144

Cost of service revenue           3,880       5,135      18,472      19,679
Cost of product revenue             506         770       2,898       2,959
                             ----------  ----------  ----------  ----------

    Total cost of revenue         4,386       5,905      21,370      22,638
                             ----------  ----------  ----------  ----------

Gross profit                      2,154       2,248       6,838      10,506

Operating expenses:
  Selling                           528         846       3,263       3,121
  Research and development           89         184         542         534
  General and administrative      1,168       1,600       5,524       5,564
                             ----------  ----------  ----------  ----------

    Total operating expenses      1,785       2,630       9,329       9,219

Restructuring charges             2,508          --       3,195          --
                             ----------  ----------  ----------  ----------

Operating income (loss)          (2,139)       (382)     (5,686)      1,287

Interest expense                   (174)       (233)       (714)       (706)
Other income                          4          (3)         12          12
                             ----------  ----------  ----------  ----------

Income (loss) before income
 taxes                           (2,309)       (618)     (6,388)        593

Income tax expense                    2          50           2          50
                             ----------  ----------  ----------  ----------

Net income (loss)            $   (2,311) $     (668) $   (6,390) $      543
                             ==========  ==========  ==========  ==========

Other comprehensive income
 (loss):
    Foreign currency
     translation adjustment         (26)        (45)        (22)        (49)
                             ----------  ----------  ----------  ----------

Comprehensive income (loss)  $   (2,337) $     (713) $   (6,412) $      494
                             ==========  ==========  ==========  ==========

Basic net loss per share:    $    (0.32) $    (0.10) $    (0.89) $    (0.66)
                             ==========  ==========  ==========  ==========
Diluted net loss per share:  $    (0.32) $    (0.10) $    (0.89) $    (0.66)
                             ==========  ==========  ==========  ==========

Weighted common shares
 outstanding:
  Basic                           7,395       6,913       7,158       5,667
  Diluted                         7,395       6,913       7,158       5,667


                        BIOANALYTICAL SYSTEMS, INC.
                        CONSOLIDATED BALANCE SHEETS
                    (In thousands, except share amounts)

                                                         September 30,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------
                      Assets

Current assets:
  Cash and cash equivalents                        $       721  $     2,963
  Trade                                                  3,366        4,073
  Unbilled revenues and other                              921        1,116
  Inventories                                            1,656        1,636
  Prepaid expenses                                         228          585
                                                   -----------  -----------

    Total current assets                                 6,892       10,373

Property and equipment, net                             18,628       20,399
Goodwill                                                 1,383        1,383
Intangible assets, net                                      --           54
Debt issue costs, net                                       18           75
Other assets                                                54           62
                                                   -----------  -----------

    Total assets                                   $    26,975  $    32,346
                                                   ===========  ===========


       Liabilities and Shareholders' Equity

Current liabilities:
  Accounts payable                                 $     3,934  $     1,764
  Accrued expenses                                       2,067        1,762
  Customer advances                                      3,012        3,571
  Income tax accruals                                       17           56
  Revolving line of credit                               1,444        1,346
  Current portion of capital lease obligation              330          613
  Current portion of long-term debt                        583          735
                                                   -----------  -----------

    Total current liabilities                           11,387        9,847

Capital lease obligation, less current portion             739        1,071
Long-term debt, less current portion                     5,259        5,842

Shareholders' equity:
  Preferred shares, authorized 1,000,000 shares,
   no par value: 1,335 Series A shares at $1,000
   stated value issued and outstanding at
   September 30, 2012 and 2,135 at September 30,
   2011                                                  1,335        2,135
  Common shares, no par value: Authorized
   19,000,000 shares; 7,638,738 issued and
   outstanding at September 30, 2012 and 6,945,631
   at September 30, 2011                                 1,871        1,698
  Additional paid-in capital                            20,451       19,408
  Accumulated deficit                                  (14,096)      (7,706)
  Accumulated other comprehensive income                    29           51
                                                   -----------  -----------

    Total shareholders' equity                           9,590       15,586
                                                   -----------  -----------

    Total liabilities and shareholders' equity     $    26,975  $    32,346
                                                   ===========  ===========


                        BIOANALYTICAL SYSTEMS, INC.
                 RECONCILIATION OF GAAP TO NONGAAP EARNINGS
                               (In thousands)
                                (Unaudited)

                                  Three Months Ended     Fiscal Year Ended
                                     September 30,         September 30,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------

GAAP Net income (loss)           $  (2,311) $    (668) $  (6,390) $     543

Less: Deemed dividend on Series
 A preferred shares                      -          -          -     (3,277)
Less: Preferred stock dividends          -          -          -       (991)
                                 ---------  ---------  ---------  ---------

GAAP Net loss attributable to
 common shareholders             $  (2,311) $    (668) $  (6,390) $  (3,725)

Addback: Interest expense              174        233        714        706
  Income taxes                           2         50          2         50
  Depreciation and amortization        554        560      2,278      2,134
  Restructuring expenses             2,508          -      3,195          -
  Stock option expense                 (36)        30         83        153
                                 ---------  ---------  ---------  ---------

NONGAAP EBITDAR                  $     891  $     205  $    (118) $    (682)
                                 =========  =========  =========  =========

EBITDAR - Earnings before interest, taxes, depreciation, amortization,
 restructuring charges and stock option expenses.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...