West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting a fiscal third quarter net income of $221,000, compared to a net loss of $433,000 in the same period last year. Chief Financial Officer Jill Blumhoff credits increased pre-clinical services demand and improved pharmaceutical analysis revenues with the swing to quarterly profitability.
"Combined with our archive revenue initiative, these factors contributed to our significant profitability improvement year over year," said Blumhoff. "Finalizing the new credit facility in June was a significant accomplishment, providing liquidity to continue to implement the initiatives begun earlier this year. Moving forward, we intend to continue to invest in new product development and to attract additional customers for all of our business units, while maintaining our focus on quality and customer service."
The company says revenue jumped 15 percent to $5,836,000 compared to the same quarter last fiscal year.
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