BASi Reports Fiscal Q1 Loss

BASi was founded in West Lafayette in 1974.

West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting fiscal first quarter net loss of $506,000, compared to a net income of $182,000 during the same period the previous year. Chief Executive Officer Jacqueline Lemke says the company remains committed to delivering on its growth initiatives.

The company is also reporting fiscal first quarter revenue of $4.9 million. The amount is a 16 percent decrease from the same period the previous year.

"While aware of the shortfall in revenue for the current and prior quarters, we are continuing our strategy to reach out to clients, former and new, and to provide the scientific connection needed to assist in drug development," said Lemke. "I understand that shareholders and creditors alike want to see immediate progress. As we partner with our clients, we are confident we will succeed."

In December, BASi reported a fiscal full-year net income of $1.1 million, despite a net loss of $721,000 in the fiscal fourth quarter.