BASI Delays 10-K Filing

Bioanalytical Systems Inc. (BASI) filed today a notification of late filing on Form 10-K with the Securities and Exchange Commission.

According to the filing, results of operations for the fiscal year ended September 30, 2010 to be included in Form 10-K are expected to include a 9.5% decline in revenues to $28.8 million from $31.8 million y/y. BASI also said it expects to report a decline in gross profit, from $7.6 million in fiscal 2009 to $7.3 million in fiscal 2010, but an improvement in the operating loss from $4.6 million in fiscal 2009 to a loss of $2.0 million in fiscal 2010. The total Net Loss for fiscal 2010 also improved from fiscal 2009 to a loss of $2.7 million from a loss of $5.5 million. Net income (loss) per share improved from a loss of $1.11 per share in fiscal 2009, to a loss of $0.55 per share in fiscal 2010.

At last check, BASI shares were up 52 cents, or 25.56%, to $2.54.

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