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Bioanalytical Systems Inc. has a market cap of $4.6 million; its shares were traded at around $0.94 with and P/S ratio of 0.1. BASI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:In April, 2010, we settled state tax litigation relating to our fiscal tax years 2003 through 2006 by agreeing to pay $35 and forgoing a refund claim for $64. Because we had previously recorded a $443 liability for this uncertain tax position, we recognized a net tax benefit of $344 in the three months ended March 31, 2010.
Our Service revenue decreased 1.4% to $5,247 in the current quarter compared to $5,322 for the prior year period primarily as a result of decreases in pharmaceutical analysis and toxicology revenues. While volumes of studies and samples have shown an increase in the current period, pricing still lags pre-recession levels. Our pharmaceutical analysis revenues decreased $151, a 38.6% decrease from the second quarter of fiscal 2009. Toxicology revenues decreased $41 or 2.6% from the comparable period last year.
Sales in our Products segment decreased 3.2% from $1,744 to $1,688. Sales of our Culex automated in vivo sampling systems decreased $70 or 9.7% as we continue to experience sluggish demand for higher priced capital assets. Sales of our analytical products increased $48 or 6.6% over the comparable period last year as these sales are less dependant on capital investment cycles.
General and administrative expenses for the current quarter decreased 4.2% to $1,944 from $2,030 for the comparable period last year. The $85 decrease is mainly due to the reduction in headcount, tight expense controls across all areas, and the full vesting and ending of expense for many employee stock options. This decrease was after absorbing $317 of severance costs and $208 of lease settlement costs in the current quarter.
Our Service revenue decreased 11.1% to $10,058 in the first six months compared to $11,310 for the prior year period primarily as a result of decreases in bioanalytical analysis, pharmaceutical analysis and toxicology revenues. Our bioanalytical analysis revenues decreased $650, a 9.7% decrease from the same period in fiscal 2009, due to study delays by clients, decreases in new bookings during the current fiscal year, and price declines. Our pharmaceutical analysis revenues decreased year-to- year due to decline in new bookings. Toxicology revenues decreased $348, or 10.0%, from the comparable period in the prior year. Study delays, cancellations and a decline in new bookings 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 15.1% from $3,833 to $3,254 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 $287, or 17.4% and from a decrease in sales of our analytical products of $255 or 15.5% over the same period last year for the reasons cited in the discussion of the current quarter.
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