Analysts International Corporation (AIC) (NASDAQ: ANLY), an
information technology services company, today announced financial
results for the first quarter 2013, which ended on March 30, 2013.
- Revenue for the quarter was $24.6 million, compared with $26.7
million in Q1 2012 and $25.5 million in Q4 2012
- Net income was $0.2 million, or $0.04 per share, essentially
flat with net income in both the prior year first quarter as well
as Q4 2012
- Gross profit margin was 22.7%, compared with 23.9% in Q1 2012
and 21.7% in Q4 2012
- Selling, administrative and other operating costs totaled $5.3
million, compared with $6.2 million in Q1 2012 and $5.3 million in
Q4 2012
- The quarter-end cash balance totaled $5.7 million, with no
amounts outstanding under the Company's credit facility
"Revenue in the first quarter was down year-over-year due
primarily to the continued attrition in markets we exited and the
loss of a major account last year," said Brittany McKinney, AIC
President and CEO. "We were, however, able to achieve double-digit
growth in our strategic accounts, which now represent 65 percent of
our total revenue.
"The second quarter will be a turning point in our revenue
trajectory," added McKinney. "The work we have done to strengthen
our portfolio will now drive sequential growth throughout the
remainder of the year."
2013 First Quarter Review Revenues
decreased $2.2 million, or 8.1%, in the first quarter of 2013
compared to the first quarter of 2012. When compared with the prior
year quarter, the decrease in revenues is due to an 8.6% decrease
in the number of hours billed, offset by a 1.9% increase in average
billing rates. There were 64 billing days in the first quarter of
both fiscal years 2013 and 2012.
In the first quarter of 2013, gross profit was $5.6 million, or
22.7% of revenue, as compared with $6.4 million, or 23.9% of
revenue in the first quarter of 2012. The decrease in our first
quarter 2013 gross profit is primarily due to changes in revenue
mix compared to the prior year first quarter.
Selling, general and other administrative expenses were $5.3
million, or 21.7% of revenue, for the first quarter of 2013, as
compared with $6.2 million, or 23.1% of revenue, for the first
quarter of 2012. The decrease was the result of lower sales and
recruiting personnel expenses as well as a decrease in variable
incentive compensation expense.
In the first quarter of 2013, we generated EBITDA of $0.4
million, an increase of $0.1 million compared to $0.3 million of
EBITDA generated in the first quarter of 2012, resulting from
increased operating income in the current year quarter.
We used cash from operations of $9,000 during the first quarter
of 2013 compared to $2.6 million in the first quarter of 2012. As
of March 30, 2013, we had a cash balance of $5.7 million and no
borrowings from our $15 million credit facility.
Business Outlook for Second Quarter and Full
Year 2013
- Modest sequential revenue growth and continued profitability
for Q2
- The full year outlook remains unchanged. Financial results will
be between 2011 and 2012 levels with revenue in the range of $106
to $109 million and EBITDA of $2.0 to $3.0 million
First Quarter 2013 Conference Call AIC
will host a conference call on Friday, May 10 at 10 a.m. CT to
discuss the first quarter 2013 results. Participants may access the
call by dialing 1.888.438.5535, or 1.719.785.1753 for international
callers, and entering the conference ID number 6460110. Interested
parties can hear a replay of the call from 1 p.m. CT on May 10,
2013, to 10:59 p.m. CT on May 17, 2013, by calling 1.888.203.1112,
or 1.719.457.0820 for international callers, and using access code
6460110. Audio of the 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 conference 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
(unaudited)
Three Months Ended
--------------------------
March 30, March 31,
(In thousands, except per share amounts) 2013 2012
------------ ------------
Revenues $ 24,563 $ 26,723
Cost of revenues 18,995 20,347
------------ ------------
Gross profit 5,568 6,376
Selling, administrative and other operating
costs 5,321 6,186
------------ ------------
Total operating expenses 5,321 6,186
Operating income 247 190
Interest expense (1) (1)
------------ ------------
Income before income taxes 246 189
Income tax expense (benefit) 17 (9)
------------ ------------
Net income (comprehensive income) $ 229 $ 198
============ ============
Per common share:
Basic income (comprehensive income) $ 0.04 $ 0.04
Diluted income (comprehensive income) $ 0.04 $ 0.04
Weighted-average shares outstanding:
Basic 5,092 5,044
Diluted 5,109 5,114
Analysts International Corporation
Condensed Consolidated Balance Sheets
(unaudited)
March 30, December 29,
(In thousands) 2013 2012
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 5,654 $ 5,792
Accounts receivable, less allowance for doubtful
accounts 17,451 16,095
Other current assets 924 281
------------- -------------
Total current assets 24,029 22,168
Property and equipment, net 2,333 2,366
Other assets, net 124 185
------------- -------------
Total assets $ 26,486 $ 24,719
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,419 $ 2,651
Salaries and benefits 3,150 1,724
Deferred revenue 591 331
Deferred compensation 60 62
Other current liabilities 535 529
------------- -------------
Total current liabilities 6,755 5,297
Non-current liabilities:
Deferred compensation 249 270
Other long-term liabilities - 4
Shareholders' equity 19,482 19,148
------------- -------------
Total liabilities and shareholders' equity $ 26,486 $ 24,719
============= =============
Analysts International Corporation
Reconciliation of non-GAAP Financial Measures
(unaudited)
Three Months Ended
--------------------------
March 30, March 31,
(In thousands) 2013 2012
------------- ------------
Net income as reported $ 229 $ 198
Plus:
Depreciation 168 151
Net interest and non-operating expense 1 1
Income tax expense (benefit) 17 (9)
------------- ------------
EBITDA $ 415 $ 341
============= ============
* Non-GAAP Financial Information
In evaluating the Company's business, the Company's management
considers and uses EBITDA as a supplemental measure of operating
performance. EBITDA refers to a financial measure that the Company
defines as net income (loss) excluding interest, taxes and
depreciation 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 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.
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Media Contact: Marne Oberg Analysts International
Corporation 952.838.2867 Email Contact
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