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Financial Reports: BASi 4Q11

New business wins lead to profitable year

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

BASi 4Q11/FY11

4Q Revenues: $8.2 million (+10%)

4Q Loss: $668,000 (loss of $279,000 in 4Q10)

FY Revenues: $33.1 million (+15%)

FY Earnings: $543,000 (loss of $2.7 million in 4Q10)

Comments: BASi posted its first profitable year since 2007. The 4Q loss was attributed to “the mix of services provided and unusually high general and administrative expense,” according to a company statement. President and chief executive officer Anthony Chilton remarked, “We expanded our sales staff and increased selling expenses by 17% in fiscal 2011 versus prior year in support of our growth strategy, which helped us add more than 25 new accounts to our client roster in fiscal 2011.” He added that the company is looking to expand its service offerings through accretive acquisitions. Service revenue was $6.3 million in 4Q11 (+9%) and $25.6 million in FY (+17%)

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