IBJNews

Bioanalytical Systems reports loss in second quarter

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Can your dog sign a marriage license or personally state that he wishes to join you in a legal union? If not then no, you cannot marry him. When you teach him to read, write, and speak a discernible language, then maybe you'll have a reasonable argument. Thanks for playing!

  2. Look no further than Mike Rowe, the former host of dirty jobs, who was also a classically trained singer.

  3. Current law states income taxes are paid to the county of residence not county of income source. The most likely scenario would be some alteration of the income tax distribution formula so money earned in Marion co. would go to Marion Co by residents of other counties would partially be distributed to Marion co. as opposed to now where the entirety is held by the resident's county.

  4. This is more same-old, same-old from a new generation of non-progressive 'progressives and fear mongers. One only needs to look at the economic havoc being experienced in California to understand the effect of drought on economies and people's lives. The same mindset in California turned a blind eye to the growth of population and water needs in California, defeating proposal after proposal to build reservoirs, improve water storage and delivery infrastructure...and the price now being paid for putting the demands of a raucous minority ahead of the needs of many. Some people never, never learn..

  5. I wonder if I can marry him too? Considering we are both males, wouldn't that be a same sex marriage as well? If they don't honor it, I'll scream discrimination just like all these people have....

ADVERTISEMENT