Bioanalytical Systems Inc. said on Wednesday that it lost $1.4 million in its fiscal first quarter as the company continued
to struggle with falling demand for its products and services.
The loss for the West Lafayette-based life sciences contract research firm translated to 30 cents per share, compared with a loss of $1.5 million in the same period the prior year, or 32 cents per share.
Revenue in the fiscal quarter ended Dec. 31 fell 21 percent, to $6.4 million.
The company attributed the loss in revenue to a decrease in new bookings, as well as delays by sponsors on projects previously booked.
“The first fiscal quarter of 2010 was one of continued challenges for us,” Bioanalytical Systems CFO Michael Cox said in a prepared statement. “We experienced lower demand for our products and services, project cancellations and delays primarily due to the current general economic conditions, increased competition and consolidation of several large pharmaceutical and biotechnology companies.”
The company currently is without a CEO, after Richard M. Shepperd, 69, announced his retirement last month.
Shepperd, who joined the firm in October 2006, immediately relinquished his job as company president. He also announced his intention to retire from his post as CEO and his seat on the Bioanalytical Systems board on Feb. 12.
Bioanalytical Systems replaced Shepperd on an interim basis with Anthony Chilton, 53, the firm’s chief operating officer. The company intends to conduct a national search for a permanent CEO.
Shares of Bioanalytical Systems were trading at 70 cents each Wednesday morning.