Bioanalytical Systems, Inc. Reports Q1 EPS of $0.06

BASi BASI today reported financial results for the first three months of fiscal 2011, ending December 31, 2010. For the quarter ended December 31, 2010, the Company reported net earnings of $310,000 ($0.06 per share, basic and diluted) on revenues of $8.1 million. This compares to a loss of $1.5 million ($0.30 per share, basic and diluted) on revenues of $6.4 million in the corresponding quarter of the prior year. The improvement in earnings for the current fiscal quarter is mainly due to higher revenues in both our service and product segments as well as reductions in operating expenses. Revenues increased 27.7% in our services segment and 24.3% in our products segment from the prior year period. Revenues for the first fiscal quarter of 2011 were higher than any of the four quarters of fiscal 2010. Increased proposal opportunities, new orders accepted and increased research and development spending from our products clients have contributed to the revenue improvement. Operating expenses were reduced $265,000 from the first quarter of the prior year mainly due to cost containment initiatives implemented throughout the Company.