Third Quarter report:
(copied for educational purposes)
Tuesday April 20, 7:00 am Eastern Time
Company Press Release
SOURCE: Analysts International Corporation
Analysts International Reports Earnings and
Revenues for Third Quarter
MINNEAPOLIS, April 20 /PRNewswire/ -- Analysts International Corporation (Nasdaq: ANLY - news) today
reported net income of $5,705,000, equal to 25 cents per share diluted, for the third quarter ended March 31, 1999, compared with last year's third quarter net income of $5,528,000, or 24 cents per share. Revenues increased to
$154,128,000, compared with $150,011,000 last year.
For the nine months ended March 31, 1999, the company reported net income of $16,792,000, equal to 74 cents per
share diluted, compared with $15,939,000 or 70 cents per share, in the same period last year. Revenues were
$465,578,000, compared with last year's $426,434,000.
Revenues during the quarter included $34,281,000 of sub-supplier billings that are processed through the company
as specified in contracts with certain customers, compared with $33,750,000 in the third quarter of last year.
''The IT services sector is facing a very unusual situation this year. Many clients are concentrating on compliance
and testing for Y2K, and new applications are often postponed to avoid testing complications as well as budget
considerations. Therefore the demand for normal IT services is slow at the same time the Y2K business is phasing
out,'' said Frederick W. Lang, chairman and chief executive officer. ''This paradox has affected stock prices in the
IT sector, and PE's on average have decreased to less than one-half of the Standard & Poor's 500 PE. However, the
duration of the problem is clearly timed, and next year the demand for our services should be strong as customers
address a large backlog of projects. We expect our growth to return to a rate comparable to that before the Y2K
diversion.''
Headquartered in Minneapolis, Analysts International Corporation is a premier information technology services
company serving more than 900 corporate and governmental clients. Analysts International integrates expertise in
technology application with an understanding of business issues to help clients make informed decisions
concerning technology and overall information strategy. The Company has offices in more than 40 cities in the
United States, Canada and the United Kingdom and provides a variety of IT services, including project
management, systems analysis and design, application development, Year 2000 software compliance, software
maintenance and training. The company is traded on Nasdaq. For more information, visit the Company's Web site
at analysts.com
ANALYSTS INTERNATIONAL CORPORATION
Consolidated Statements of Income
(In thousands except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
March 31 March 31
1999 1998 1999 1998
Professional services
revenues:
Provided directly $119,847 $116,261 $361,611 $329,276
Provided through
sub-suppliers 34,281 33,750 103,967 97,158
Total revenues 154,128 150,011 465,578 426,434
Expenses:
Salaries, contracted
services and direct
charges 121,138 117,261 365,193 332,023
Selling, administrative
and other operating
costs 24,025 23,848 73,665 68,842
145,163 141,109 438,858 400,865
Operating income 8,965 8,902 26,720 25,569
Non-operating income 392 313 966 997
Income before income
taxes 9,357 9,215 27,686 26,566
Income taxes 3,652 3,687 10,894 10,627
Net income $5,705 $ 5,528 $ 16,792 $ 15,939
Per common share:
Net income (basic) $.26 $.24 $.75 $.71
Net income (diluted) $.25 $.24 $.74 $.70
Dividends paid $.10 $.08 $.28 $.21
Weighted average common
shares (basic) 22,543 22,409 22,516 22,357
Weighted average common
shares (diluted) 22,651 22,868 22,730 22,841
Consolidated Balance Sheets
(In thousands)
(Unaudited)
ASSETS March 31, 1999 June 30, 1998
Current assets:
Cash and cash equivalents $29,542 $11,868
Accounts receivable, less
allowance for doubtful
accounts 99,920 94,294
Other current assets 4,343 3,808
Total current assets 133,805 109,970
Property and equipment, net 25,223 10,360
Other assets 16,705 12,331
$175,733 $132,661
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $30,178 $21,236
Dividend payable 2,255 1,795
Salaries and vacations 17,499 15,669
Other, primarily self-insured
health care reserves 2,525 2,161
Income taxes payable 1,257 1,635
Total current liabilities 53,714 42,496
Long-term debt 20,000 --
Other long-term liabilities 7,555 7,171
Shareholders' equity 94,464 82,994
$175,733 $132,661
For more information, contact Curt Swenson of Swenson NHB Investor Relations, 612-371-0000, for Analysts
International Corporation, or Gerald McGrath, Vice President & CFO of Analysts International Corporation,
612-835-5900.
SOURCE: Analysts International Corporation |
