WEST LAFAYETTE, IN--(Marketwire - December 20, 2007) - Bioanalytical Systems, Inc. (NASDAQ: BASI) today reported financial results for its fourth quarter and fiscal year ended September 30, 2007. Revenue for the quarter ended September 30, 2007 decreased 3% to $10.4 million compared to $10.7 million for the quarter ended September 30, 2006. Net loss for the fourth quarter of fiscal 2007 was $203,000, or $0.04 loss per basic and diluted share, compared to a net loss of $736,000, or $0.15 loss per basic and diluted share, for the fourth quarter of fiscal 2006. The decrease in revenue in the fourth quarter of fiscal 2007 was a result of a decline in revenues in the Company's bioanalytical laboratories, which was largely offset by gains in toxicology services revenues and product sales. Product revenues for the quarter increased 22% compared to the fourth quarter of fiscal 2006 due to increased sales of the Company's Culex® automated pharmacology systems. Included in the net loss for the fourth quarter of fiscal 2007 were $354,000 of charges for severance payments to former officers and directors of the Company. The Company's net loss for the fourth quarter of fiscal 2006 included charges totaling $600,000 for severance benefits related to a workforce reduction.
