EXHIBIT 99.2 FOR MORE INFORMATION: Michael R Cox Phone 765.497.5829
mcox@bioanalytical.com |
Bioanalytical Systems, Inc. Issues Revised Fourth Quarter and Year-End 2005 Financial Results
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WEST LAFAYETTE, Ind., January 16, 2006 -- Bioanalytical Systems, Inc. (Nasdaq: BASI) today issued revised financial results for its fourth quarter and fiscal year ended September 30, 2005. The revision was necessary as a result of adjustments at the Company’s foreign subsidiaries. These adjustments resulted in decreasing revenues by $37,000 and increasing cost of revenue by $22,000. General and administrative expenses were increased by $25,000, and income taxes were increased by $22,000. As a result, net results of operations for the quarter and fiscal year ended September 30, 2005 were reduced by $106,000. Revised net earnings for the quarter were $36,000 ($0.01 per share) compared to previously announced net earnings of $142,000 ($0.03 per share). For the fiscal year, results of operations were revised to a loss of $101,000 (loss of $0.02 per share) from a profit of $5,000 ($0.00 per share).
The Company’s revised quarterly and fiscal year end results for the periods ended September 30, 2005 are attached.
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 http://www.bioanalytical.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 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.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended September 30, | | Years Ended September 30, | |
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| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
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Service revenue | | $ | 9,041,000 | | $ | 5,658,000 | | $ | 32,951,000 | | $ | 24,928,000 | |
Product revenue | | | 3,218,000 | | | 3,436,000 | | | 9,444,000 | | | 12,224,000 | |
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Total revenue | | | 12,259,000 | | | 9,094,000 | | | 42,395,000 | | | 37,152,000 | |
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Cost of service revenue | | | 7,019,000 | | | 5,854,000 | | | 23,589,000 | | | 21,348,000 | |
Cost of product revenue | | | 1,110,000 | | | 768,000 | | | 3,462,000 | | | 4,270,000 | |
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Total cost of revenue | | | 8,129,000 | | | 6,622,000 | | | 27,051,000 | | | 25,618,000 | |
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Gross profit | | | 4,130,000 | | | 2,472,000 | | | 15,344,000 | | | 11,534,000 | |
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Operating expenses: | | | | | | | | | | | | | |
Selling | | | 673,000 | | | 740,000 | | | 2,592,000 | | | 2,703,000 | |
Research and development | | | 673,000 | | | 299,000 | | | 1,326,000 | | | 1,100,000 | |
General and administrative | | | 2,407,000 | | | 1,792,000 | | | 10,188,000 | | | 7,477,000 | |
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Total operating expenses | | | 3,753,000 | | | 2,831,000 | | | 14,106,000 | | | 11,280,000 | |
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Operating income (loss) | | | 377,000 | | | (359,000 | ) | | 1,238,000 | | | 254,000 | |
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Other income (expense) | | | (55,000 | ) | | 64,000 | | | 1,000 | | | 103,000 | |
Interest income | | | 12,000 | | | 3,000 | | | 19,000 | | | 8,000 | |
Interest expense | | | (206,000 | ) | | (222,000 | ) | | (988,000 | ) | | (943,000 | ) |
Gain (loss) on sale of property and equipment | | | — | | | (19,000 | ) | | 21,000 | | | (29,000 | ) |
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| | | (249,000 | ) | | (174,000 | ) | | (947,000 | ) | | (861,000 | ) |
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Income (loss) before income taxes | | | 128,000 | | | (533,000 | ) | | 291,000 | | | (607,000 | ) |
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Income taxes/(benefit) | | | 92,000 | | | (328,000 | ) | | 392,000 | | | (404,000 | ) |
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Net income (loss) | | $ | 36,000 | | $ | (205,000 | ) | $ | (101,000 | ) | $ | (203,000 | ) |
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Net income (loss) per share: | | | | | | | | | | | | | |
Basic | | $ | 0.01 | | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.04 | ) |
Diluted | | $ | 0.01 | | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.04 | ) |
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Weighted average common and common equivalent shares outstanding: | | | | | | | | | | | | | |
Basic | | | 4,871,127 | | | 4,869,502 | | | 4,870,370 | | | 4,860,095 | |
Diluted | | | 4,964,775 | | | 4,869,502 | | | 4,946,674 | | | 4,860,095 | |
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