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Bioanalytical Systems, Inc. (NASDAQ:BASI) today announced financial results for the third quarter and first nine months of fiscal 2013.
As set forth in the Company’s Amended Annual Report on Form 10-K/A for the fiscal year ended September 30, 2012 as well the Amended Quarterly Reports on Forms 10-Q/A for the three months ended December 31, 2012 and March 31, 2013, respectively, the Company has restated its previously issued financial statements for the fiscal years ended September 30, 2011 and September 30, 2012 and the first two quarters of fiscal 2013 and its selected financial data for the relevant periods. Any comparisons to prior periods reflect restated financial results for those periods. Accordingly, investors should no longer rely upon the Company’s previously released financial statements for these periods and any earnings releases or other communications relating to these periods.
BASi returned to profitability in the third quarter, as higher gross margin and lower operating expenses generated an increase in operating income to $438,000 compared to an operating loss of $540,000 last year, despite a decrease in revenue for the quarter. Net income improved to $0.07 per diluted share for this year’s third quarter compared to a net loss of $0.03 per share for the third quarter of the prior year. For the nine months, operating income increased to $732,000 compared to an operating loss of $3,547,000 for the prior year period, and net income increased to $0.06 per diluted share versus a net loss of $0.51 per diluted share last year.
"What is more, each of our critical operating metrics, including revenue, gross margin, operating income and cash flow, improved sequentially in the third quarter compared to this year’s second quarter. Cash increased and debt decreased during the third quarter compared to the second, and cash provided by operations for the third quarter was $855,000," said President & CEO and CFO Jacqueline Lemke.