Analysts International Reports Revenues and Earnings for Second Quarter.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--July 26, 2001 Analysts International Corporation (Nasdaq:ANLY) today reported results for the quarter ended June June: see month. 30, 2001. Revenue totaled $146 million for the quarter, an increase of 1% over the previous quarter and an increase of 5% over the year ago quarter. 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 4 cents per 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. share for the quarter ended June 30, 2001, compared with 6 cents per diluted share in the previous quarter and 10 cents per diluted share in the year ago quarter. Net income totaled $373,000, or 2 cents per diluted share during the quarter ended June 30, 2001. Total revenue during the quarter was comprised of $108 million of direct revenue and $38 million of sub-supplier billings Billings, city (1990 pop. 81,151), seat of Yellowstone co., S Mont., on the Yellowstone River, in a valley surrounded by seven mountain ranges; inc. as a city 1885. that are processed through the company as specified in contracts with certain customers. During the quarter ended June 30, 2001, the company's direct revenue mix was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 39% business solutions and 61% staffing. Company officials reported an increasingly challenging business environment for IT services has created ongoing margin pressures that may continue for the balance of the year. Despite this, the company believes its 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). initiatives have positioned Analysts International to weather these challenges and emerge with greater market share and a stronger franchise. "Despite the challenging environment, we are proud of what we have accomplished the last six months," stated 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. , Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. LaVelle. "During our industry's most difficult period we have dramatically rescaled our cost structure, grown market share and developed two new, dynamic lines of business. Our accomplishments through the first half of 2001 should serve us extremely well when the market begins to turn." The company expects revenues for the third quarter of 2001 to be in the range of $140 to $145 million and cash EPS in the range of 3 to 4 cents per diluted share. For the 2001 year the company anticipates revenues in the range of $570 to $580 million and cash EPS of 17 to 20 cents per diluted share. Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, W. Lang Lang language LANG Louisiana Army National Guard Lang Langobardian (linguistics) LANG Los Angeles Newspaper Guild , Chairman and Chief Executive Officer, stated, "Our guidance reflects the best intelligence that we have today with respect to the marketplace. The curtailed spending on IT services is expected to continue until early 2002, and in that time frame we look forward to and are prepared for a surge See power surge. SURGE - Sorter, Updater, Report Generator, Etc. IBM 704, 1959. Sammet 1969, p.8. in demand as organizations address a significant backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of IT projects." A conference call has been scheduled for 9:30 am CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT today. To participate in the call, dial 800-847-9516 a few minutes before the scheduled start time, or visit the company's Web site at www.analysts.com to link to a live Webcast. A replay of the call will be available through August 1, 2001 at 800-642-1687, with the access code No. 1229214 and at www.analysts.com. About Analysts International Headquartered in Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. , Analysts International Corporation is a premier information technology services company serving more than 1,000 corporate and governmental clients. In business for more than 35 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time company has sales and customer support 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 Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of 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 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. These statements are based upon a review of industry reports, current business conditions in the areas where the company does business, the availability of qualified professional staff, the company's ability to maintain margins, the demand for the company's services and other factors that involve risk and uncertainty. Actual results may vary materially from those projected as a result of these 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. The company assumes no obligation to update any forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information contained in this release.
Analysts International Corporation
Consolidated Statements of Income
(In thousands except Three Months Ended Six Months Ended
per share amounts) June 30 June 30
------- -------
2001 2000 2001 2000
---- ---- ---- ----
Professional services revenues:
Provided directly $108,343 $104,604 $218,721 $203,507
Provided through
sub-suppliers 37,450 33,758 71,512 67,310
-------- -------- -------- --------
Total revenues 145,793 138,362 290,233 270,817
Expenses:
Salaries, contracted
services and direct
charges 120,942 112,386 239,268 221,012
Selling, administrative and
other operating costs 22,726 22,567 46,141 43,511
Amortization of goodwill and
other intangible assets 849 533 1,624 695
-------- -------- -------- --------
Operating income 1,276 2,876 3,200 5,599
Non-operating income 67 384 157 822
Interest expense (737) (524) (1,508) (882)
-------- -------- -------- --------
Income before income taxes and
minority interest 606 2,736 1,849 5,539
Income taxes 233 675 705 1,748
Minority interest -- 113 -- 113
-------- -------- -------- --------
Net income $ 373 $ 1,948 $ 1,144 $ 3,678
======== ======== ======== ========
Per common share:
Net income (basic) $ 0.02 $ 0.09 $ 0.05 $ 0.16
Net income (diluted) $ 0.02 $ 0.09 $ 0.05 $ 0.16
Cash earnings(a)(diluted) $ 0.04 $ 0.10 $ 0.10 $ 0.18
Dividends paid $ 0.03 $ 0.10 $ 0.09 $ 0.20
Weighted average common shares
(basic) 24,195 22,606 24,195 22,600
Weighted average common shares
(diluted) 24,274 22,611 24,282 22,622
Number of personnel 4,425 4,800
(a) Cash earnings per share excludes amortization of goodwill and
other intangible assets along with a one-time consulting fee incurred
in the first quarter of 2001. Cash EPS is not a measurement in
accordance with Generally Accepted Accounting Principles.
Analysts International Corporation
Consolidated Balance Sheets
(In thousands) (Unaudited)
June 30, Dec. 31,
ASSETS 2001 2000
------ -------- --------
Current assets:
Cash and cash equivalents $ 4,219 $ 2,192
Accounts receivable, less allowance for doubtful
accounts 104,099 98,495
Other current assets 4,652 8,192
-------- --------
Total current assets 112,970 108,879
Property and equipment, net 28,220 28,752
Other assets 62,219 64,098
-------- --------
$203,409 $201,729
======== ========
Liabilities and Shareholders' Equity
-------------------------------------
Current liabilities:
Accounts payable $ 36,318 $ 34,250
Dividend payable -- 1,452
Salaries and vacations 8,180 8,515
Self-insured health care reserves and other
accounts 9,597 5,766
Long-term debt, current portion 5,250 5,250
Restructuring accruals - current portion 2,068 5,798
-------- --------
Total current liabilities 61,413 61,031
Long-term debt 35,750 35,750
Other long-term liabilities 10,820 9,865
Shareholders' equity 95,426 95,083
-------- --------
$203,409 $201,729
======== ========
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