BASi Announces Restructuring Plan Expected to Save More Than $2 Million Annually
Bioanalytical Systems, Inc. (NASDAQ: BASI) announced today that it plans to restructure its bioanalytical laboratory operations, a program expected to reduce operating costs by more than $2 million annually. BASi said that it plans to consolidate its laboratory in McMinnville, Oregon into its 117,000 square foot headquarters facility in West Lafayette, Indiana. Additionally, the Company is evaluating actions to improve the financial performance of its laboratory in Warwickshire, UK. The Company expects to record a charge of approximately $1.9 million in its second fiscal quarter ending March 31, 2012 associated with the restructuring.
President and CEO Tony Chilton said, "BASi is known for providing outstanding bioanalytical services for our clients. By eliminating redundancies in expensive laboratory equipment and improving laboratory utilization, we expect this restructuring to strengthen our ability to meet our clients' needs even as it dramatically reduces our operating costs.
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