Bioanalytical Systems Inc. is a contract research organization providing research and development resources to many of the leading pharmaceutical medical device and biotechnology companies in the world. The company offers an efficient variable-cost alternative to its clients' internal product development compliance and quality control programs. The company provides a broad array of value-added services and products focused on chemical analysis allowing its clients to perform their research and development functions either ``in-house`` or at the company. Bioanalytical Systems Inc. has a market cap of $7.37 million; its shares were traded at around $1.5 with and P/S ratio of 0.18.
Highlight of Business Operations:Our Service revenue decreased 37.8% to $5,322 in the current quarter compared to $8,550 for the prior year period primarily as a result of decreases in bioanalytical analysis and toxicology revenues. Our bioanalytical analysis revenues decreased $1,409, a 29.8% decrease from the second quarter of fiscal 2008, mainly due to study delays by clients and decreases in new bookings. The UK facility experienced a significant portion of the decline in bioanalytical analysis revenues, or $680. Toxicology revenues decreased $1,274 or 44.1% over the prior year period. Study delays and cancellations contributed to the decline for the toxicology group as well.
Sales in our Products segment decreased slightly from $1,751 to $1,744. The small variance stems from the product mix sold during the quarter. Sales of our Culex automated in vivo sampling systems increased $58 or 8.6% while sales of our more mature analytical products declined $149 or 17.2% over the same period last year.
General and administrative expenses for the current quarter increased 9.6% to $2,030 from $1,853 for the prior year period. The $177 increase is mainly due to the foreign currency decline of the pound sterling relative to the U.S. dollar.
Our Service revenue decreased 31.8% to $11,310 in the first six months compared to $16,584 for the prior year period primarily as a result of decreases in bioanalytical analysis and toxicology revenues. Our bioanalytical analysis revenues decreased $2,215, a 24.8% decrease from the same period in fiscal 2008, due to study delays by clients and decreases in new bookings during the current fiscal year. Toxicology revenues decreased $2,253, or 39.3%, over the prior year period. Study delays, cancellations and a decline in new orders contributed to the decline for the toxicology group as our customers react to the global recession and financial crisis.
Sales in our Products segment decreased 10.5% from $4,281 to $3,833 when compared to the same period in the prior year. The majority of the decrease stems from sales of our Culex automated in vivo sampling system, which declined $747, or 31.2%. Partially offsetting the decline was an increase in sales of our more mature analytical products of $81 or 5.1% over the same period last year.
Net cash provided by continuing operating activities was $461 for the six months ended March 31, 2009 compared to $2,267 for the six months ended March 31, 2008. The decrease in cash provided by continuing operating activities in the current fiscal year partially results from a decrease in earnings from continuing operations as well as a decrease in customer advances of $627. These were partially offset by a decrease in accounts receivable of $3,297 as a result of the decline in sales. Also included in operating activities for the first six months of fiscal 2009 is the non-cash loss of $131 recorded to reflect the fair value of our interest rate swaps. The impact on operating cash flow of other changes in working capital was not material.
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