Bioanalytical Systems, Inc. (NASDAQ:BASI) announced today that it
is unable to file its Form 10-Q for the three and nine months ended June
30, 2013, as it works to resolve a complex accounting issue relating to
the accounting treatment for its outstanding warrants. As a result, the
announcement of BASi's third quarter and nine month financial results
and the conference call scheduled for today have been postponed.
In the Form 12b-25 filed today with the SEC, BASi said that results of
operations for the three and nine months of fiscal 2013 ended June 30,
2013 to be included on Form 10-Q are expected to include a decline in
revenues to $5.6 and $16.6 million for the three and nine months ended
June 30, 2013, respectively, from $7.2 and $21.7 million for the three
and nine months ended June 30, 2012, respectively. The Company also
expects to report an improvement in the gross profit percentage for the
third fiscal quarter of 2013 as compared to the third fiscal quarter of
2012, from 28.7% to 36.3%, and for the nine months of 2013 as compared
to the same period in 2012, from 21.6% to 31.1%. Likewise, the Company
expects to report net operating income in the three and nine months of
fiscal 2013 as compared to net operating loss for comparable periods of
fiscal 2012. The Company is unable to reasonably estimate any changes in
net income due to the potential impact of the warrant accounting issue.
About Bioanalytical Systems, Inc.
BASi is a pharmaceutical development company providing contract research
services and monitoring instruments to the world's leading drug
development companies and medical research organizations. The company
focuses on developing innovative services and products that increase
efficiency and reduce the cost of taking a new drug to market. Visit www.BASinc.com
for more about BASi.
This press release contains statements that constitute forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Those statements include our expectations
regarding changes in our results of operations from prior periods to be
reported in the Form 10-Q when filed. Readers are cautioned that any
such forward looking statements are not guarantees of future results and
involve risks and uncertainties. In addition, we have based these
forward-looking statements on our current expectations and projections
about our third quarter results. Our work to address the warrant
accounting issue is ongoing and the results discussed above may change
as we complete our analysis.
Copyright Business Wire 2013