BASi Swings to Profit; Credit Issues Remain

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BASi was founded in West Lafayette in 1974. BASi was founded in West Lafayette in 1974.

West Lafayette-based Bioanalytical Systems, Inc. (Nasdaq: BASI) is reporting fiscal first quarter net income of $17,000, compared to a net loss of $506,000 during the same period the previous year. The report comes as BASi seeks to address its credit issues with Huntington National Bank.

The company says it has been operating in default of its credit agreements with Huntington and now has until July 31 to refinance its debt. The BASi Board of Directors has directed company management to find ways to repay its debt. One of the options being considered is the sale and leaseback of the company's building in West Lafayette.

In a filing earlier this month with the U.S. Securities and Exchange Commission, the company said the July 31 deadline is the result of new agreements with Huntington to address the issue.

"As we manage the challenges to rectify our liquidity position, the entire team at BASi remains focused on our core priorities including opportunities to refine our operations, capture more cost savings where appropriate and expand our business with existing customers and add new ones," said Jill Blumhoff, chief financial officer of BASi. "Our performance in the first quarter reflects a significant improvement in our reported revenue and profitability versus recent trends."

The board of directors also continues to search for a new chief executive officer. Former CEO Jacqueline Lemke resigned from the position and the board in November.

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