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.