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MANAGEMENT'S PLAN | 9 Months Ended
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Jun. 30, 2014
MANAGEMENT'S PLAN [Abstract] |
MANAGEMENT'S PLAN |
11. | MANAGEMENT'S PLAN
Our long-term strategic objective is to maximize the Company's intrinsic value per share. While we remain focused on reducing our costs through productivity and better processes and a continued emphasis on generating free cash flow, we are dedicated to the strategies that drive our top-line growth. We are intensifying our efforts to improve our processes, embrace change, and wisely employ our stronger liquidity position. We will continue to take actions to make BASi a stronger company. During the first nine months of fiscal 2014, revenues improved 9.6%, gross margin improved by 19.3% and operating income improved by 12.4% from the comparable period in fiscal 2013. We also generated $1,094 in cash from operations, maintained strict controls on expenditures and paid down our line of credit $1.4 million, while meeting all of our other obligations. In May 2014, we entered into a new Credit Agreement with Huntington for both a term loan of $5,500 and a revolving loan of $2,000 and used a portion of the proceeds from those loans to pay off the Regions replacement note payable, as more fully described in Note 8. For the remainder of fiscal 2014, we will focus on growing our revenues and continue initiatives to control costs and improve productivity to further reduce our break-even point and achieve our financial objectives. We expect to see improvement in the volume of new bookings in fiscal 2014 along with maintaining improved gross profit margins. We have debt service and lease obligations of approximately $0.9 million in fiscal 2014. Based on our expected revenue, the impact of the cost reductions implemented and restructuring activities during fiscal 2012, the payoff of the prior note payable as well the ability to draw from the new revolving loan, we project that we will have the liquidity required to meet our fiscal 2014 operations and debt obligations.

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