Analysts International Corporation Reports Increases in
Third Quarter Net Income, Revenues
MINNEAPOLIS, April 15 /PRNewswire/ -- Analysts International Corp today reported increased
net income and revenues for the third quarter and nine months ended March 31, 1997.
Third quarter net income was $4,161,000, equal to 28 cents per share, an increase of 25 percent
from $3,338,000, or 23 cents per share, in the third quarter last year. Revenues were
$113,693,000, up 32 percent from the $85,976,000 reported last year.
For the nine months ended March 31, 1997, the company reported net income of $11,934,000,
equal to 80 cents per share, an increase of 32 percent from $9,029,000, or 61 cents per share, in
the same period last year. Revenues were $313,562,000, up 32 percent from last year's
$237,833,000.
The company's staff increased by 225 during the third quarter and 630 for the nine months to a new
total of 4,400, compared with 3,670 a year ago, most of them billable technical personnel. To meet
the strong demand for qualified technical personnel the company now has 115 professional
recruiters on its staff.
"Our activity in Year 2000 conversions has increased, and we are positioned to assist our customers
as this deadline approaches," said Frederick W. Lang, chairman and chief executive officer.
The company manages several large contracts which require the services of both AiC technical
employees and technical personnel from other firms. As the outsource manager, AiC is required to
process billings from these other companies and also include them in its reported revenues; the third
quarter total for these subcontractor billings was $25 million. Excluding these additional
"pass-through" revenues, AiC's net margin for the quarter was 4.7 percent.
Net income per share and average shares outstanding for the three and nine months ended March
31, 1996, were restated for the effect of the 2-for-1 common stock split in the form of a stock
dividend distributed Sept. 30, 1996.
Analysts International Corporation, based in Minneapolis, provides a variety of computer software
services, including consulting, project management, systems analysis and design, programming, year
2000 software compliance, software maintenance and training. AiC's 29 branch offices serve more
than 800 corporate and governmental clients. For more information, visit the company's World
Wide Web site at analysts.com.
ANALYSTS INTERNATIONAL CORPORATION
Consolidated Statements of Income
(In thousands except per share amounts and personnel)
(unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
1997 1996 1997 1996
Revenues $113,693 $ 85,976 $ 313,562 $ 237,833
Expenses:
Salaries, contracted
services and direct charges 88,274 65,984 242,281 181,494
Selling, administrative and
other operating costs 18,722 14,709 52,071 42,168
Total expenses 106,996 80,693 294,352 223,662
Operating income 6,697 5,283 19,210 14,171
Non-operating income 239 281 755 801
Income before income taxes 6,936 5,564 19,965 14,972
Income taxes 2,775 2,226 8,031 5,943
Net income $ 4,161 $ 3,338 $ 11,934 $ 9,029
Net income per share $ .28 $ .23 $ .80 $ .61
Average common and
common equivalent
shares outstanding 15,057 14,820 14,998 14,788
Personnel at quarter end 4,400 3,670
Consolidated Balance Sheets
(in thousands)
March 31, June 30,
1997 1996
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 13,714 $ 17,018
Accounts receivable, less
allowance for doubtful accounts 62,089 49,494
Other current assets 2,913 2,567
Total current assets 78,716 69,079
Property and equipment, net 5,856 5,715
Other assets 11,238 6,651
$ 95,810 $ 81,445
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 14,447 $ 11,049
Dividend payable 1,334 1,099
Salaries and vacations 9,274 7,524
Other, primarily self-insured
health care reserves 1,228 1,677
Income taxes payable 475 382
Total current liabilities 26,758 21,731
Long-term liabilities 6,398 5,996
Shareholders' equity 62,654 53,718
$ 95,810 $ 81,445
SOURCE Analysts International Corporation |
