Acquisition Costs Lead to Loss for BASi

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WEST LAFAYETTE -

West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting a fiscal third quarter net loss of $75,000, compared to net income of $227,000 during the same period last year. Chief Financial Officer Jill Blumhoff says the earnings were negatively affected by costs related to the company's July acquisition of Missouri-based Seventh Wave Laboratories LLC.

Blumhoff says the costs included one-time costs for retirement and recruiting as well as due diligence expenses, all totaling $210,000. However, she says the investments will positively impact future results.

"With these investments combined with the capital investments to improve our laboratory and computer equipment and infrastructure, we ended the current quarter with a zero balance on our line of credit," said Blumhoff. "We are very excited about the opportunity to integrate the talent and expertise of Seventh Wave. Through the acquisition, we have expanded our service offerings and can reach nearly double the clients for our services." 

Despite the net loss, the company did report $6 million in revenue for the quarter, up 4 percent from the same quarter in Fiscal 2017. You can connect to the full earnings report by clicking here.

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