Any of you lab rats familiar with BioAnalytical Systems (BASI)?
bioanalytical.com
Definitely a trickle company, they do contract analytical work & make a few instruments, chiefly the Culex blood sampler.
Inactive insiders:
siliconinvestor.com
Seems to be profitable:
>>WEST LAFAYETTE, Ind., Nov 13, 2001 (BW HealthWire) -- Bioanalytical Systems, Inc. (Nasdaq: BASI chart, msgs), an industry leader in systems and services used for new drug development and preclinical research, today announced financial results for its fourth quarter ended September 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 were $.10 for the fourth quarter of fiscal 2001, compared to a diluted 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 Chairman, President and CEO, 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 of the Culex(R) Automated Blood Sampler 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 of 13.8% versus an operating loss 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 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 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, diabetes, osteoporosis, HIV and other diseases. The company is an industry leader in systems used for new drug development, toxicology, and in cancer, addiction and behavioral research. Visit www.bioanalytical.com and www.culex.net for more about BAS.
This release contains forward-looking statements 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 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
=================
And the 10-K (getting stale, new one should be out soon):
sec.gov
Putting it in the WatchList
Cheers, Tuck |
