2/13/2014 11:00:28 AM
WEST LAFAYETTE, Ind.--(BUSINESS WIRE)--Bioanalytical Systems, Inc. (NASDAQ:BASI) today announced financial results for the first quarter of fiscal 2014.
"For the first quarter of the new fiscal year, revenue increased 7.2%, gross margin increased 15.6%, operating income increased 53.0%, and net income excluding the impact of the change in warrant liability increased 115% compared to the first quarter of fiscal 2013. BASi also generated $1,036,000 in cash from operations, and we paid down $1,247,000 on our line of credit while meeting all of our other obligations. We paid off the remaining balance on our line of credit last month, and are currently pursuing alternatives to replace it on better terms," said President & CEO and CFO Jacqueline Lemke.
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