XML 65 R23.htm IDEA: XBRL DOCUMENT
v2.4.0.8

MANAGEMENT'S PLAN | 12 Months Ended
--- | ---
Sep. 30, 2012
MANAGEMENT'S PLAN [Abstract] |
MANAGEMENT'S PLAN | 16. MANAGEMENT'S PLAN Our long-term strategic objective is to maximize the Company's intrinsic value per share. However, in response to our financial performance through the second quarter of fiscal 2012, we began to operate the business in a manner designed to place more emphasis on cash flow generation. Thus, our short-term tactical objective is to maximize free cash flow from operating activities. Revenues declined approximately 14.9% and gross margin declined 34.9% from fiscal 2011. In fiscal 2012, we consolidated our bioanalytical laboratories into our headquarters in West Lafayette, Indiana, closing facilities in McMinnville, Oregon and the UK to reduce operating costs and strengthen our ability to meet clients' needs by improving laboratory utilization. We also implemented personnel reductions and other cost cutting measures in Selling, R&D and General and Administrative functions. These restructuring activities totaled $3,195 in the current year. As a result, we reported a net loss of $6,317 in fiscal 2012 as compared to net income of $2,302 in fiscal 2011. The majority of the restructuring activities, though, occurred in the second half of the fiscal year. Due to these activities, gross margin improved 60.5% in the second half of fiscal 2012. Operating expenses declined 32.5% in the same time period. As a result, we had operating income of $452 before restructuring charges in the second half of fiscal 2012 compared to an operating loss of $2,943 in the first half. The % and $ amounts in the preceding sentences in this paragraph are unaudited. We will continue initiatives to control costs and improve productivity to achieve our financial objectives. Total capital expenditures declined 7.2% in fiscal 2012, particularly in the second half, as we limited spending to only necessary expenditures. We negotiated an amendment on our loans with Regions Bank, extending the maturity date to October 2013. Our line of credit with Entrepreneur Growth Capital LLC was renewed for another year. Further, we listed for sale our headquarters facility in West Lafayette, Indiana with the intent to leaseback 80% of that square footage in which to continue our laboratory and manufacturing operations. In fiscal 2013, we will continue to assess the need for additional cost controls such as freezing non-essential capital expenditures, reducing non-essential expenses, and monitoring our operations for efficiencies to further reduce our break-even point. For fiscal 2013, we expect to see slow but continued improvement in the volume of new bookings with little improvement in pricing. We also expect improved gross profit margins due to cost controls implemented and restructuring activities. We have debt and lease obligations of approximately $1.3 million in fiscal 2013. Based on our expected revenue, the availability on our line of credit, the impact of the cost reductions implemented and restructuring activities during fiscal 2012, we project that we will have the liquidity required to meet our fiscal 2013 operations and debt obligations.

X
- Details
Name: | basi_ManagementsPlanAbstract
Namespace Prefix: | basi_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Managements Plan [Text Block] + References No definition available. + Details
Name: | basi_ManagementsPlanTextBlock
Namespace Prefix: | basi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration