BASi Swings to Full-Year Loss

Posted: Updated:
WEST LAFAYETTE -

West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting a fiscal full-year net loss of $194,000, compared to net income of $884,000 the previous year. The company says the results are due in part to one-time costs associated with its July acquisition of Missouri-based Seventh Wave Laboratories LLC.

BASi says those expenses included the acquisition and integration, as well as higher recruiting, retirement and relocation costs. The net loss was also impacted by lower archive revenues and other increased operating costs, according to the company. 

Despite the drop, the company says revenue increased 8.7 percent for the fiscal year to more than $26.3 million. Vice President and Chief Financial Officer Jill Blumhoff says the company has built a foundation for future growth.

"Our earnings in fiscal 2018 were impacted by over $550,000 in one-time costs for acquisition and integration activities as well as retirement and recruiting expenses; however, we believe these investments will positively impact our future," said Blumhoff. "In fiscal 2018, we made improvements to our facilities, strategically invested in new laboratory equipment, added critical leadership positions and invested in new product development. We also completed plans and funding for the 2019 Evansville expansion. In addition to our expansion plans, we plan to further develop and integrate our scientific service offerings. We also expect to invest in sales and marketing resources."

BASi is also reporting a fiscal fourth quarter net loss of $200,000, compared to net income of $229,000 during the same period the previous year. You can view the full earnings report by clicking here.

  • Perspectives

    • Sink or Swim: How to Stop Sabotaging New Hires

      You've jumped through the hiring hoops and emerged with some transformational talent. Before joining your company, Joe slashed costs and doubled revenue at his previous job, and Sue is known for building record-breaking teams and product launches. It should take them no time to produce similar results in your organization, right? In reality, Joe and Sue’s performances will hinge heavily on how you manage their post-hire assimilation: a cycle all new hires experience, lasting...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (photo courtesy Butler University)

      Aramark to End Operations at Butler

      Aramark Educational Services LLC has detailed plans to lay off 200 workers in Indianapolis. In a notice to the state, the company says the decision is the result of Butler University not renewing its contract to provide food services on the campus.

    • Metal Powder Products has Indiana operations in Noblesville and Campbellsburg.

      Manufacturer Growing Noblesville Operations

      Noblesville-based Metal Powder Products has announced plans to move a manufacturing division from Ohio to Hamilton County and add up to 80 jobs by 2020. The powder metallurgy product manufacturer says it will invest $1.5 million to increase production capacity in Indiana. The company currently employs more than 350 associates in its Noblesville and Washington County operations, and over 1,100 overall in the U.S. and China. MPP says it has already hired 51 employees as part of the...

    • Sink or Swim: How to Stop Sabotaging New Hires

      You've jumped through the hiring hoops and emerged with some transformational talent. Before joining your company, Joe slashed costs and doubled revenue at his previous job, and Sue is known for building record-breaking teams and product launches. It should take them no time to produce similar results in your organization, right? In reality, Joe and Sue’s performances will hinge heavily on how you manage their post-hire assimilation: a cycle all new hires experience, lasting...

    • Ting Gootee is the chief investment officer for Elevate Ventures.

      Indiana Lags Behind Neighbors on VC Investment

      A new report from Indianapolis-based Elevate Ventures says Indiana remains behind other states in the Midwest for venture capital investment. The 2018 Indiana Venture Report shows the state accounted for only 0.22 percent of all venture capital dollars last year. Ting Gootee, chief investment officer at Elevate, says while there is room to grow, Indiana is on the right path. In an interview with Inside INdiana Business, Gootee said a venture community requires different...

    • Chandler Speedway Auction Postponed

      The Chandler Speedway auction scheduled for this week has been canceled. Our partners at WEHT-TV report that track owner Reno Fontana has filed for bankruptcy in order to put a freeze on any debt collection, including sheriff's sales.