Analysts International Reports Revenues and Earnings for December Quarter and Six-Month Transition Period.Business Editors & Technology Writers MINNEAPOLIS--(BUSINESS WIRE)--Feb. 27, 2001 Anticipates Significant Earnings Growth In 2001 Analysts International Corporation (Nasdaq:ANLY) today reported results for the quarter and six-month transition period ended Dec. 31, 2000. Revenue totaled $140 million for the quarter, a 5.9% decrease over the prior quarter and even with the year ago comparable quarter. Excluding restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other unusual charges, cash EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. was 10 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. for the quarter ended Dec. 31, 2000, even with the prior quarter but down from last year's December December: see month. quarter of 11 cents per share. After restructuring and other unusual charges, the company reported a net loss of $8 million, or 35 cents per share diluted for the December quarter. For the six-month transition period ended Dec. 31, 2000, the company reported cash EPS of 20 cents per share diluted before restructuring and other unusual charges, compared with 28 cents per share cash EPS for the same period last year. After restructuring and other unusual charges, the company reported a net loss of $6.3 million, or 28 cents per share diluted for the six-month transition period. Revenues were $288 million, the same as last year. The company had previously announced its change in year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. from June June: see month. 30 to Dec. 31. Total revenue during the quarter was comprised of $110 million of direct revenue and $30 million of sub-supplier billings that are processed through the company as specified in contracts with certain customers. During the quarter ended Dec. 31, 2000, the company's revenue mix was approximately 27% e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. solutions and 73% staffing. On Dec. 19, 2000, Analysts International announced an extensive restructuring plan designed to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp its focus on customers and make its operations more sales-driven. The restructuring has consolidated offices, administrative functions, recruiting, and Analysts' practices and consultancies on a national basis and established a national sales and operations organization focused on customer service, employee retention, and market expansion. The costs associated with this were $16.1 million and cover the cost of consolidation of office facilities, employee severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when , facility leases, other special compensation payments and other miscellaneous related charges associated with the restructuring, along with increased reserves against accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . "We are moving aggressively ahead with a leaner organization and an energized sales effort," said Mike LaVelle, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "We see significant opportunities to seize on to fall on and grasp; to take hold on; to take possession of suddenly and forcibly. - Chapman. See also: Seize emerging market trends while drawing on our traditional strengths - a highly skilled staff of 4,000 technologists, a strong understanding of our customers' business, and a culture built on meeting customer needs." "For 35 years we've we've Contraction of we have. we've have been creating value for customers, shareholders, and employees," said Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. Lang Lang language LANG Louisiana Army National Guard Lang Langobardian (linguistics) LANG Los Angeles Newspaper Guild , chairman and chief executive officer. "We remain focused on helping customers manage technological change while earning a fair return for shareholders." The company expects revenues for the first quarter of 2001 to be in the range of $145 million to $150 million and cash EPS in the range of 9 cents to 11 cents. For the 2001 year the company anticipates revenues in the range of $630 million to $645 million and cash EPS of 60 cents to 65 cents. Analysts will host a conference call today at 9:30 a.m. (CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ) to discuss these results. Interested parties may access the call via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.analysts.com or may dial 800-847-9516. No advanced registration is required to participate. A replay of the call will be available through March 6, 2001, at 800-642-1687 with the access code 524679 and at www.analysts.com. About Analysts International Headquartered in Minneapolis, Analysts International Corporation is a premier information technology services company serving more than 1,000 corporate and governmental clients. The company has offices throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in Canada and the United Kingdom and provides valued services and expertise in e-business/e-commerce, business solutions, managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality , technical staffing and professional consulting. For more information, visit the company Web site at http://www.analysts.com. Analysts International stock is traded on Nasdaq. Statements contained herein which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Any forward-looking statements in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may vary materially from those projected as a result of certain risks and uncertainties. Refer to discussions of certain of these risks and uncertainties in the company's Annual Reports, 10-Ks, 10-Qs and other Securities and Exchange Commission filings.
Analysts International Corporation
Consolidated Statements of Income
(In thousands except Three Months Ended Six Months Ended
per share amounts) Dec. 31 Dec. 31
------- -------
2000 1999 2000 1999
---- ---- ---- ----
Professional services revenues:
Provided directly $110,294 $103,648 $226,706 $216,633
Provided through sub-suppliers 29,475 35,221 61,634 71,281
--------- --------- --------- ---------
Total revenues 139,769 138,869 288,340 287,914
Expenses:
Salaries, contracted services
and direct charges 116,010 112,634 235,238 231,322
Selling, administrative and
other operating costs 28,372 22,278 53,239 46,670
Amortization of goodwill and
other intangible assets 652 162 1,370 331
Restructuring charges 7,000 - - 7,000 - -
--------- --------- --------- ---------
Operating (loss) income (12,265) 3,795 (8,507) 9,591
Non-operating income 59 385 68 1,129
Interest expense (791) (352) (1,494) (702)
--------- --------- --------- ---------
(Loss) income before income
taxes and minority interest (12,997) 3,828 (9,933) 10,018
Income taxes (5,020) 1,494 (3,897) 3,908
Minority interest 30 - - 266 - -
--------- --------- --------- ---------
Net (loss) income $(8,007) $ 2,334 $ (6,302) $ 6,110
========= ========= ========= =========
Per common share:
Net (loss) income (basic) $ (.35) $ .10 $ (.28) $ .27
========= ========= ========= =========
Net (loss) income (diluted) $ (.35) $ .10 $ (.28) $ .27
========= ========= ========= =========
Cash earnings(a) (diluted) $ .10 $ .11 $ .20 $ .28
========= ========= ========= =========
Dividends paid $ .10 $ .10 $ .20 $ .20
========= ========= ========= =========
Weighted average common shares
(basic) 22,641 22,571 22,624 22,563
========= ========= ========= =========
Weighted average common shares
(diluted) 22,650 22,606 22,628 22,625
========= ========= ========= =========
(a)Cash earnings per share excludes amortization of goodwill and
other intangible assets along with restructuring and other unusual
charges. Cash EPS is not a measurement in accordance with Generally
Accepted Accounting Principles.
Analysts International Corporation
Consolidated Balance Sheets
(In thousands)
ASSETS Dec. 31, June 30,
------ 2000 2000
--------- ---------
Current assets:
Cash and cash equivalents $ 2,192 $ 2,030
Accounts receivable, less allowance for
doubtful accounts 98,495 98,413
Other current assets 8,192 4,926
--------- ---------
Total current assets 108,879 105,369
Property and equipment, net 28,752 29,558
Other assets 64,098 57,217
--------- ---------
$201,729 $192,144
========= =========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $40,048 $30,817
Dividend payable 1,452 2,261
Salaries and vacations 8,515 10,646
Other, primarily self-insured health
care reserves 5,766 5,883
Current debt 5,250 - -
--------- ---------
Total current liabilities 61,031 49,607
Long-term debt 35,750 33,913
Other long-term liabilities 9,865 7,826
Minority interest - - 1,745
Shareholders' equity 95,083 99,053
--------- ---------
$201,729 $192,144
========= =========
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