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Bioanalytical Systems Inc. Reports Operating Results (10-Q)

February 09, 2011 | About:

Bioanalytical Systems Inc. (NASDAQ:BASI) filed Quarterly Report for the period ended 2010-12-31.

Bioanalytical Systems Inc. has a market cap of $13.8 million; its shares were traded at around $2.56 with and P/S ratio of 0.5. Hedge Fund Gurus that owns BASI: Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

As of December 31, 2010, we had $1,238 of cash and cash equivalents as compared to $1,422 of cash and cash equivalents at the end of fiscal 2010. In the first three months of fiscal 2011, we generated $737 in cash from operations. Our accounts receivable and unbilled revenues balances decreased $128 from the prior fiscal year primarily due to increased efforts to collect outstanding receivables. We plan to continue to monitor accounts receivable and the various factors that affect it, including contract terms, the mix of contracts performed and our success in collecting receivables. We expect to make the $500 payment to Regions per the amended agreement discussed below by February 11, 2011. We will also continue to limit unnecessary spending, and continue our freeze on wage rates until increases can be supported by continued improvement in operations.

At December 31, 2010, remaining recorded goodwill was $1,383, and the net balance of other intangible assets was $76.

We recognize the cost resulting from all share-based payment transactions in our financial statements using a fair-value-based method. We measure compensation cost for all share-based awards based on estimated fair values and recognize compensation over the vesting period for awards. We recognized stock-based compensation related to stock options of $54 and $89 during the three months ended December 31, 2010 and 2009, respectively.

Revenues for the fiscal quarter ended December 31, 2010 increased 26.9% to $8,090 compared to $6,377 for the same period last year.

Our Service revenue increased 27.7% to $6,143 in the current quarter compared to $4,811 for the prior year period primarily as a result of higher bioanalytical analysis and toxicology revenues. Volumes of studies and number of samples to assay continue to increase though pricing still lags pre-recession levels. An increase in proposal opportunities and in new orders accepted in the current calendar year 2010 has led to an increase in our bioanalytical analysis and toxicology revenues in the current quarter.

Sales in our Products segment increased 24.3% in the current quarter from $1,566 to $1,947 when compared to the same period in the prior year. The majority of the increase stems from sales of our Culex automated in vivo sampling systems. Though we continue to experience sluggish demand for higher priced capital assets, a few customers have begun to release capital funds for larger projects. Sales of our analytical products also increased over the comparable period last year as these sales are less dependent on capital investment cycles.

Read the The complete Report

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