This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BASi Returns To Profitability Before Restructuring Charges For The Third Quarter Of Fiscal 2012

Stocks in this article: BASI

Bioanalytical Systems, Inc. (NASDAQ:BASI) today announced financial results for the third quarter and first nine months of fiscal 2012, highlighted by a return to operating profitability before restructuring charges for the third quarter.

"The benefits of the restructuring program we announced just a few months ago are clearly evident in our third quarter financial performance. As anticipated, revenue decreased compared to last year's third quarter but increased sequentially compared to the second quarter. The company delivered earnings before interest taxes depreciation amortization, restructuring and non-cash compensation expenses (EBITDAR) of $716,000 for this year's third quarter, as compared to a negative EBITDAR of $1,021,000 for the 2012 second quarter and a negative EBITDAR of $704,000 for the first quarter of fiscal 2012," said Interim President & CEO and CFO Jacqueline Lemke.

"We completed our downsizing at the end of July, including all planned headcount reductions and the consolidation of our Oregon lab into our West Lafayette facility. We are now in the process of closing our UK lab. This closure will be substantially complete by the end of this month. This streamlining has permanently reduced our costs and improved capacity utilization while allowing us to continue providing the high quality services and instruments our clients expect from BASi. We are on track to deliver at least $4.5 million of annual operating cost reductions once our restructuring is fully implemented.

"The decrease in this year's third quarter revenue compared to the third quarter of fiscal 2011 was primarily due to lower toxicology services revenue, as well as the run-off of bioanalytical projects in the UK that were not replaced due to the closure of this facility. Encouragingly, pharmacological and discovery services and instrument sales for this year's third quarter returned to the higher levels reported in the first quarter. While we expect fourth quarter revenue to be about equal to this year's third quarter, despite the absence of revenue from the UK facility, EBITDAR should increase sequentially in the fourth quarter versus the third as our costs continue to fall. We also are evaluating options to refinance the current mortgage debt on our balance sheet prior to its maturity in November.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs