Bioanalytical Systems reports loss in second quarter

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Bioanalytical Systems Inc. narrowed its losses in the second fiscal quarter despite a 2 percent drop in revenue, the West
Lafayette-based contract research firm said late last week.

A $1.2 million loss in the period ended March 31 was better than the $1.8 million loss reported for the same period last
year. Revenue was down $200,000, to $6.9 million.

Chief Financial Office Michael Cox attributed the bulk of the loss to one-time charges including $520,000 related to staff
reductions.

"Our operations in our most recently completed fiscal quarter have shown improvement,” he said in a prepared statement. 
“Yet there is, in our business as well as the general economy, a long way to go to put this recession behind us.”

On Friday, the company named Anthony S. Chilton as president and CEO following the retirement of top executive Richard
M. Shepperd earlier this year. Chilton, 53, had been Bioanalytical’s chief operating officer since 2008.

Located in Purdue University’s Research Park, Bioanalytical Systems was founded in 1974 by Pete and Candace Kissinger.
Over the years, it grew into one of Indiana’s largest life science firms.

But the economic turmoil took its toll on the company, which saw annual revenue decline from $45.2 million in 2007 to $31.8
million last year—leading to a loss of $5.5 million.

Bioanalytical Systems’ revenue is down a total of 12 percent for the first six months of the 2010 fiscal year, the
company said, but losses have narrowed to $2.7 million from $3.4 million in the first half of 2009.

“During the course of this downturn, we made a significant improvement in our cost structure, a discipline we intend
to maintain,” Cox said in the statement.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In