WEST LAFAYETTE, IN -- (MARKET WIRE) -- December 21, 2006 -- Bioanalytical Systems, Inc. (NASDAQ: BASI) today reported financial results for its fourth quarter and fiscal year ended September 30, 2006. Revenue for the quarter ended September 30, 2006 decreased 13% to $10.7 million compared to $12.3 million for the quarter ended September 30, 2005. Net loss for the fourth quarter of fiscal 2006 was $676,000, or $0.14 loss per basic and diluted share, compared to net income of $142,000, or $0.03 income per basic and diluted share for the fourth quarter of fiscal 2005. The decrease in revenue in fiscal 2006 was a result of the loss of a significant customer in the Company's Baltimore clinic, and a decline in installations of the Company's Culex© automated pharmacology systems compared to the prior year. The Company's net loss for the fourth quarter of fiscal 2006 includes charges totaling $600,000 for severance benefits related to a reduction in force.
