West Lafayette-based Bioanalytical Systems Inc. (Nasdaq: BASI) is reporting fiscal second quarter net income of $417,000, compared to a net loss of $254,000 during the same period the previous year. Chief Financial Officer Jill Blumhoff says the swing to profitability is largely due to an improved top line performance and focus on cost controls.
BASi says it continues to work toward refinancing its debt to Huntington Bank by July 31. The company announced in late January it had been operating in default of its credit agreements with the bank. BASi says its performance in the last quarter is "encouraging."
"We continue to experience strong demand for our preclinical services and steady improvement in our discovery and pharmaceutical analysis revenues," said Blumhoff. "We intend to build on our positive momentum as we make progress on our strategic imperatives including steps to refinance our indebtedness with Huntington Bank, capture more cost savings where appropriate and expand our business with existing customers and add new ones."
The company says its board of directors is also working to find a new chief executive officer. The position was vacated in November.
You can view the full fiscal second quarter earnings release by clicking here.