BASi (Bioanalytical Systems)
4Q Revenues: $10.4 million (-3%)
4Q Loss: $203,000 (net loss of $736,000 in 4Q06)
FY07 Revenues: $45.2 million (+5%)
FY07 Earnings: $926,000 (net loss of $2.7 million in FY06)
Comments: Sales declined in 4Q07 due to a drop in bioanalytical revenues, partly offset by growth in toxicology services and sales of the company's Culex automated pharmacology systems. Net loss in the quarter included $354,000 in severance charges to several company officers and directors.
Richard M. Shepperd, BASi's president and chief executive officer, commented, "We are pleased that we can report progress in our performance for the fiscal year ended September 30, 2007, the company's first profitable year in four years. Had we not had the severance costs associated with completing our management change in the fourth quarter of this year, we would have shown profitable results in each quarter of the year. Our people worked hard to make this happen; however, major efforts remain to build consistently profitable operations in our Baltimore clinic and UK operations. Both of these operations have new management and new or renovated facilities where we will continue our effort to match their performance to the strength of the markets in which they do business. Our work is cut out for us, to build on the turnaround we began this past year."