Binary factor analysis (BFA, also known as Boolean Factor Analysis) is a nonhierarchical analysis of binary data, based on reduction of binary space dimension. It allows us to find hidden relationships in binary data, which can be used for data compression, data mining, or intelligent data comparison for information retrieval. Unfortunately, we can't effectively use classical (i.e. non-binary) factor analysis methods for binary data. In this article we show an approach based on utilizing formal concept analysis to compute nonhierarchical BFA. Computation of a concept lattice is a computationally expensive task too, still it helps us to speed up the BFA computation.