Analysts International Corp. (ANLY, Financial) filed Quarterly Report for the period ended 2012-09-29.
Analysts International has a market cap of $18.5 million; its shares were traded at around $3.65 with a P/E ratio of 4.7 and P/S ratio of 0.2.
SG&A costs include management and administrative salaries, salaries and commissions paid to account executives and recruiters, benefits, location costs, and other administrative costs. This category of costs increased approximately $0.8 million from the comparable period in 2011 and represented 23.3% of revenue for the third quarter of fiscal 2012 compared to 18.7% in fiscal 2011. In the third quarter of fiscal 2012, SG&A expenses increased as a result an increase in sales costs ($0.2 million), increased bad debt expense ($0.3 million), and the final earn-out benefit ($0.3 million) in the prior year quarter associated with a sale of business in fiscal 2008.
Revenues decreased $1.7 million, or 2.1%, from the comparable period a year ago. The decrease in revenue for the first nine months of the year over the prior year is primarily due a 0.9% ($0.7 million) decrease in the number of hours billed, a 0.3% decrease ($0.3 million) in average billing rates and a $0.7 million decrease to our permanent placement and other revenues.
SG&A costs include management and administrative salaries, salaries and commissions paid to account executives and recruiters, benefits, location costs, and other administrative costs. This category of costs increased approximately $1.1 million from the comparable period in 2011 and represented 22.3% of revenue for the first nine months of 2012 compared to 20.5% in fiscal 2011. In the first nine months of 2012, SG&A expenses increased as a result of an increase in sales and recruiter personnel expenses ($0.6 million), increased bad debt expense ($0.2 million), and the prior year final earn-out benefit of $0.3 million associated with a sale of business in fiscal 2008.
On February 22, 2012, we entered into the Third Amendment to the Amended Credit Facility (Third Amendment) with Wells Fargo. The Third Amendment increased the total availability of the Amended Credit Facility, which fluctuates based on our level of eligible accounts receivable, by approximately $4.0 million. In addition, the Third Amendment increased our minimum trailing twelve months earnings before taxes financial covenant from a loss of $0.8 million to earnings of $0.25 million. Finally, the Third Amendment added an additional financial covenant which will require us to maintain a minimum excess borrowing base availability of not less than $3.0 million for each reporting period in 2012 and thereafter. Under the Amended Credit Facility, Wells Fargo will continue to advance up to $15.0 million to us for working capital purposes and to facilitate the issuance of letters of credit.
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Analysts International has a market cap of $18.5 million; its shares were traded at around $3.65 with a P/E ratio of 4.7 and P/S ratio of 0.2.
Highlight of Business Operations:
Our revenues decreased $2.4 million, or 8.2%, compared to the third quarter of fiscal 2011. When compared to the prior year quarter, the number of billable hours and average billing rates decreased by 4.1% and 2.2%, respectively. Additionally, revenues for the third quarter of fiscal 2012 were negatively impacted by approximately $0.5 million related to unanticipated project-related adjustments on two specific client engagements.SG&A costs include management and administrative salaries, salaries and commissions paid to account executives and recruiters, benefits, location costs, and other administrative costs. This category of costs increased approximately $0.8 million from the comparable period in 2011 and represented 23.3% of revenue for the third quarter of fiscal 2012 compared to 18.7% in fiscal 2011. In the third quarter of fiscal 2012, SG&A expenses increased as a result an increase in sales costs ($0.2 million), increased bad debt expense ($0.3 million), and the final earn-out benefit ($0.3 million) in the prior year quarter associated with a sale of business in fiscal 2008.
Revenues decreased $1.7 million, or 2.1%, from the comparable period a year ago. The decrease in revenue for the first nine months of the year over the prior year is primarily due a 0.9% ($0.7 million) decrease in the number of hours billed, a 0.3% decrease ($0.3 million) in average billing rates and a $0.7 million decrease to our permanent placement and other revenues.
SG&A costs include management and administrative salaries, salaries and commissions paid to account executives and recruiters, benefits, location costs, and other administrative costs. This category of costs increased approximately $1.1 million from the comparable period in 2011 and represented 22.3% of revenue for the first nine months of 2012 compared to 20.5% in fiscal 2011. In the first nine months of 2012, SG&A expenses increased as a result of an increase in sales and recruiter personnel expenses ($0.6 million), increased bad debt expense ($0.2 million), and the prior year final earn-out benefit of $0.3 million associated with a sale of business in fiscal 2008.
On February 22, 2012, we entered into the Third Amendment to the Amended Credit Facility (Third Amendment) with Wells Fargo. The Third Amendment increased the total availability of the Amended Credit Facility, which fluctuates based on our level of eligible accounts receivable, by approximately $4.0 million. In addition, the Third Amendment increased our minimum trailing twelve months earnings before taxes financial covenant from a loss of $0.8 million to earnings of $0.25 million. Finally, the Third Amendment added an additional financial covenant which will require us to maintain a minimum excess borrowing base availability of not less than $3.0 million for each reporting period in 2012 and thereafter. Under the Amended Credit Facility, Wells Fargo will continue to advance up to $15.0 million to us for working capital purposes and to facilitate the issuance of letters of credit.
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