Analysts International Corporation (AIC)
(NASDAQ: ANLY)
- Fourth quarter revenue was $25.5 million, a 6.0% decrease from
the 2011 fourth quarter
- Gross margin rate was 21.7%, compared to 24.8% in the 2011
fourth quarter
- Selling, administrative and other operating costs represented
20.8% of revenue for the 2012 fourth quarter, compared to 20.1% in
the 2011 fourth quarter
- Net income was $0.2 million, a $1.0 million decrease from the
2011 fourth quarter
- Cash balance was $5.8 million with no amounts outstanding under
the Company's credit facility
Analysts International Corporation (AIC) (NASDAQ: ANLY), an
information technology services company, today announced financial
results for the fourth quarter and fiscal year 2012 which ended on
December 29, 2012.
AIC reported fourth quarter revenue of $25.5 million as compared
to 2011 fourth quarter revenue of $27.1 million. AIC reported 2012
fourth quarter net income of $0.2 million, or $0.05 per share, as
compared to 2011 fourth quarter net income of $1.3 million, or
$0.25 per share.
For fiscal year 2012, AIC reported revenue of $105.8 million
compared to $109.1 million in fiscal year 2011. The net income for
fiscal 2012 was $0.3 million, or $0.07 per share, compared to net
income of $3.3 million, or $0.66 per share, in the prior year.
"Fourth quarter revenue and earnings were in line with our
forecast, coming in at the low end of our guidance as we closed out
a year of significant challenge and change," said Brittany
McKinney, AIC President and CEO. "In 2012, we strengthened our team
by hiring a new chief financial officer and experienced sales
leadership. In addition, we continued to invest in our go-to-market
approach to build sustainable, recurring revenue streams.
"For the coming year, we will continue to grow our strategic
accounts and build out application-specific capabilities that are
in high demand."
2012 Fourth Quarter and Fiscal Year Review
Our revenues decreased $1.6 million, or 6.0%, in the fourth quarter
of 2012 compared to the fourth quarter of 2011, and by $3.3
million, or 3.0%, for fiscal year 2012 compared to fiscal year
2011. The decrease in our fiscal 2012 revenue over the prior year
is primarily due to a 2.0% decrease in the number of hours billed
and a 1.2% decrease in our average bill rates. There were 253
billing days in fiscal 2012 compared to 254 billing days in fiscal
2011.
In the fourth quarter of 2012, gross margins were $5.5 million,
or 21.7% of revenue, as compared to $6.7 million, or 24.8% of
revenue in the fourth quarter of 2011. Gross margins were $23.7
million, or 22.4% of revenue, for the fiscal year 2012, compared to
$26.4 million, or 24.2% of revenue, for fiscal year 2011. The
decrease in our fiscal 2012 gross margin rate was primarily due to
an increase of $1.1 million in benefit costs and lower consultant
utilization in the latter half of fiscal 2012.
Selling, general and other administrative expenses represented
20.8% of revenue for the fourth quarter of 2012, as compared to
20.1% for the fourth quarter of 2011, and 22.0% for fiscal year
2012, as compared to 20.4% for fiscal year 2011. The increase in
our SG&A expense in fiscal 2012 over fiscal 2011 is a result of
an increase in sales and recruiter personnel expenses and bad debt
expense, offset by decreases in variable compensation expense.
Additionally, the prior year included the final earn-out benefit of
$0.3 million associated with the sale of a business in fiscal 2008
and approximately $0.4 million in the reduction of post-retirement
medical plan liabilities.
We generated cash from operations of $1.6 million in the fourth
quarter of 2012 compared to a use of cash from operations of $0.1
million in the fourth quarter of 2011. For fiscal year 2012, we
generated cash from operations of $1.6 million compared to $2.4
million for fiscal year 2011. As of December 29, 2012, we had a
cash balance of $5.8 million and no borrowings from our $15 million
credit facility. This compares to a cash balance of $5.1 million at
December 31, 2011.
Amended Credit Facility On February 20,
2013, the Company amended its $15 million credit facility agreement
with Wells Fargo Bank, National Association. The amendment extends
the term of the agreement through September 2016 and amends certain
other terms to better reflect the current business.
Fourth Quarter and Fiscal Year 2012 Conference
Call AIC will host a conference call on Friday, February 22 at
10 a.m. CT to discuss the fourth quarter and fiscal year 2012
financial results. Participants may access the call by dialing
1.888.389.5988, or 1.719.325.2435 for international callers, and
entering the conference ID number 5495761. Interested parties can
hear a replay of the call from 1 p.m. CT on February 22, 2013, to
10:59 p.m. CT on March 1, 2013, by calling 1.888.203.1112, or
1.719.457.0820 for international callers, and using access code
5495761. Audio of the conference call can also be accessed via the
Internet at www.analysts.com, where it will be archived for 90 days
following the completion of the call.
About Analysts International Corporation
Analysts International Corporation (AIC) is an IT services firm
fully dedicated to the success and satisfaction of its clients.
From IT staffing to project-based solutions, AIC provides a broad
range of services designed to help businesses and government
agencies drive value, control costs and deliver on the promise of a
more efficient and productive enterprise. The Company offers a
flexible, collaborative approach; clear industry perspective; and
the breadth, scale and experience to deliver results. For more
information, visit www.analysts.com.
Cautionary Statement for the Purpose of Safe
Harbor Provisions of the Private Securities Litigation Reform Act
of 1995
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Any statements made in
this press release (or during the conference call referred to
herein) that are not statements of historical fact may be deemed to
be forward-looking statements. Without limiting the foregoing,
words such as "may," "will," "expect," "believe," "anticipate,"
"estimate" or "continue," or comparable terminology, are intended
to identify forward-looking statements. Statements by the Company,
its President and CEO Brittany McKinney or its CFO Lynn Blake,
regarding, for instance: The effectiveness of the Company's sales
and marketing strategies, current expectations as to future
financial performance and the Company's ability to execute against
its strategic plan, increase revenues, maintain profitability,
achieve anticipated gross profit margin rates, build cash, control
costs and return value to its shareholders, are forward-looking
statements.
Such forward-looking statements are based on current
information, which we have assessed, that by its nature is dynamic
and subject to rapid and even abrupt changes. Although we believe
that the expectations conveyed by the forward-looking statements
are reasonable based on information available to us on the date
such forward-looking statements were made, no assurances can be
given as to future results, levels of activity and achievements. As
such, results may differ materially in response to a change in this
information.
Forward-looking statements include, for example, statements
expressing the intent, belief or current expectations of AIC and
members of our management team and involve certain risks and
uncertainties, including (i) the risk that management may not fully
or successfully implement its business plan or maintain
profitability in the future; (ii) the risk that AIC will not be
able to realize the benefits of its investments or exploit other
opportunities of the business in a timely manner or on favorable
terms; (iii) prevailing market conditions in the IT services
industry, including intense competition for billable technical
personnel at competitive rates, strong pricing pressures from many
of our largest clients and difficulty in identifying, attracting
and retaining qualified billable technical personnel; (iv)
potentially incorrect assumptions by management with respect to the
financial effect of prior cost reduction initiatives and current
strategic decisions; and (v) other economic, business, market,
financial, competitive and/or regulatory factors affecting AIC's
business generally, including those set forth
in AIC's filings with the SEC. All of the forward-looking
statements in this press release are qualified by the assumptions
that are stated or inherent in such forward-looking statements.
Although we believe that these assumptions are reasonable based on
the information available to us on the date such assumptions were
made, this list is not exhaustive of the factors that may affect
any of the forward-looking statements and the reader should not
place an undue reliance on these assumptions and such
forward-looking statements, which speak only as of the date of this
press release and conference call. Such forward-looking statements
should be read in conjunction with the Company's filings with the
SEC. AIC assumes no responsibility to update the forward-looking
statements contained in this release.
Analysts International Corporation
Consolidated Statements of Operations
Three Months Ended Twelve Months Ended
--------------------- ---------------------
(In thousands except per share Dec. 29, Dec. 31, Dec. 29, Dec. 31,
amounts) 2012 2011 2012 2011
---------- ---------- --------- ----------
Revenues $ 25,469 $ 27,095 $ 105,790 $ 109,118
Cost of revenues 19,935 20,385 82,047 82,734
---------- ---------- --------- ----------
Gross profit 5,534 6,710 23,743 26,384
Selling, administrative and
other operating costs 5,285 5,434 23,229 22,279
Restructuring costs and other
severance related costs - - 113 769
---------- ---------- --------- ----------
Total operating expenses 5,285 5,434 23,342 23,048
Operating income 249 1,276 401 3,336
Non-operating income - - - -
Interest expense - - (3) -
---------- ---------- --------- ----------
Income before income taxes 249 1,276 398 3,336
Income tax expense 5 15 68 42
---------- ---------- --------- ----------
Net income $ 244 $ 1,261 $ 330 $ 3,294
========== ========== ========= ==========
Per common share:
Basic income $ 0.05 $ 0.25 $ 0.07 $ 0.66
Diluted income $ 0.05 $ 0.25 $ 0.06 $ 0.66
Weighted-average shares
outstanding:
Basic 5,083 5,023 5,071 5,012
Diluted 5,097 5,054 5,102 5,027
Analysts International Corporation
Condensed Consolidated Balance Sheets
December 29, December 31,
(In thousands) 2012 2011
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 5,792 $ 5,135
Accounts receivable, less allowance for doubtful
accounts 16,095 18,016
Other current assets 281 489
------------- -------------
Total current assets 22,168 23,640
Property and equipment, net 2,366 2,095
Other assets, net 185 457
------------- -------------
Total assets $ 24,719 $ 26,192
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,651 $ 3,847
Salaries and benefits 1,724 2,078
Deferred revenue 331 285
Deferred compensation 62 136
Restructuring accrual - 442
Other current liabilities 529 664
------------- -------------
Total current liabilities 5,297 7,452
Non-current liabilities:
Deferred compensation 270 379
Restructuring accrual - 28
Other long-term liabilities 4 -
Shareholders' equity 19,148 18,333
------------- -------------
Total liabilities and shareholders' equity $ 24,719 $ 26,192
============= =============
Analysts International Corporation
Reconciliation of non-GAAP Financial Measures
Three Months Ended Twelve Months Ended
--------------------- ---------------------
Dec. 29, Dec. 31, Dec. 29, Dec. 31,
(In thousands) 2012 2011 2012 2011
---------- ---------- ---------- ----------
Net income as reported $ 244 $ 1,261 $ 330 $ 3,294
Plus:
Restructuring costs and other
severance related costs - - 113 769
---------- ---------- ---------- ----------
Income before other reconciling
items 244 1,261 443 4,063
Stock based compensation expense 94 112 469 531
Depreciation 167 168 646 632
Net interest and non-operating
income - - 3 -
Income tax expense 5 15 68 42
---------- ---------- ---------- ----------
Adjusted EBITDA $ 510 $ 1,556 $ 1,629 $ 5,268
========== ========== ========== ==========
* Non-GAAP Financial Information
In evaluating the Company's business, the Company's management
considers and uses Adjusted EBITDA as a supplemental measure of
operating performance. Adjusted EBITDA refers to a financial
measure that the Company defines as net income (loss) excluding
interest, taxes, depreciation, share-based compensation, special
charges and other gains and losses that are not related to the
Company's operations. This measure is an essential component of the
Company's internal planning process because it facilitates
period-to-period comparisons of the Company's operating performance
by eliminating potential differences in net income (loss) caused by
the existence and timing of certain non-cash items, special charges
and other gains and losses. This measure should be considered in
addition to results prepared in accordance with GAAP, but should
not be considered a substitute for or superior to GAAP results. The
non-GAAP financial measure included in this press release has been
reconciled to the nearest GAAP measure.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Media Contact: Marne Oberg Analysts International
Corporation 952.838.2867 Email Contact
Analysts (NASDAQ:ANLY)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Analysts (NASDAQ:ANLY)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
