Analysts International Corp. (ANLY, Financial) filed Quarterly Report for the period ended 2009-10-03.
Analysts International is a diversified IT services company. In business the company has sales and customer support offices in the United States and Canada. Lines of business include Full Service Staffing, which provides high demand resources for supporting a client's IT staffing needs; Solutions Services, which provides business solutions and network infrastructure services; Managed IT Services and Government Solutions. The company partners with best-in-class IT organizations, allowing access to a wide range of expertise, resources and expansive geographical reach. Analysts International Corp. has a market cap of $19.1 million; its shares were traded at around $0.765 with and P/S ratio of 0.1.
· We reduced our SG&A expenses in the third quarter and first nine months of fiscal 2009 by $2.9 million and $8.2 million when compared against the third quarter and first nine months of fiscal 2008, respectively; however, we expect the rate and amount of future SG&A reductions to
In consideration for the assets sold, which were primarily customer contracts, and the liabilities transferred, we received $3.0 million in cash at closing and we have to potential to receive up to an additional $0.75 million in cash in August 2010 depending on the number of customer contract assignments received prior to December 31, 2009. We recorded a gain on the sale of the net assets of $0.2 million in the third quarter of fiscal 2009.
In addition, on September 25, 2009, we entered into and closed on an asset sale agreement for our full service nurse staffing agency operations. In consideration for the assets sold and the liabilities transferred, we received $0.5 million in cash. We recorded a gain on the sale of the net assets of $0.2 million. For the preceding 12 months before the sale date, MCS generated revenues of approximately $3.1 million and had an unfavorable contribution margin of approximately $0.1 million.
We generated cash from operations of $0.2 million and cash from investing activities of $2.5 million during the third quarter of fiscal 2009. As of October 3, 2009, we had a cash and cash equivalents and restricted cash balance of $7.7 million and no borrowing under our Credit Facility.
Revenue from services provided directly for the three months ended October 3, 2009 declined 41.5% to $29.3 million from $50.1 million in the prior comparable period. The decline in revenue was primarily due to a reduction in the number of billable hours and consultants as a result of lower business volumes, the sale of our VAR operations and a 3.0% decrease in overall billing rates as compared to the prior year period. Our subsupplier revenue for the three months ended October 3, 2009, which is mainly pass-through revenue with associated fees, declined by 84.1% from the prior year period primarily due to the sale of Symmetry early in the third quarter of fiscal 2008. Product sales in the third quarter of fiscal 2009 declined by 88.5% from the prior year period primarily due to our sale of the VAR operations.
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Analysts International is a diversified IT services company. In business the company has sales and customer support offices in the United States and Canada. Lines of business include Full Service Staffing, which provides high demand resources for supporting a client's IT staffing needs; Solutions Services, which provides business solutions and network infrastructure services; Managed IT Services and Government Solutions. The company partners with best-in-class IT organizations, allowing access to a wide range of expertise, resources and expansive geographical reach. Analysts International Corp. has a market cap of $19.1 million; its shares were traded at around $0.765 with and P/S ratio of 0.1.
Highlight of Business Operations:
· On August 4, 2009, we sold our value-added reseller (VAR) assets. The sale provided us with $3.0 million in cash at closing and may provide up to an additional $0.75 million in contingent cash consideration. In addition, we retained the working capital related to the VAR business which is expected to provide additional net cash to us upon settlement of approximately $1.7 million.· We reduced our SG&A expenses in the third quarter and first nine months of fiscal 2009 by $2.9 million and $8.2 million when compared against the third quarter and first nine months of fiscal 2008, respectively; however, we expect the rate and amount of future SG&A reductions to
In consideration for the assets sold, which were primarily customer contracts, and the liabilities transferred, we received $3.0 million in cash at closing and we have to potential to receive up to an additional $0.75 million in cash in August 2010 depending on the number of customer contract assignments received prior to December 31, 2009. We recorded a gain on the sale of the net assets of $0.2 million in the third quarter of fiscal 2009.
In addition, on September 25, 2009, we entered into and closed on an asset sale agreement for our full service nurse staffing agency operations. In consideration for the assets sold and the liabilities transferred, we received $0.5 million in cash. We recorded a gain on the sale of the net assets of $0.2 million. For the preceding 12 months before the sale date, MCS generated revenues of approximately $3.1 million and had an unfavorable contribution margin of approximately $0.1 million.
We generated cash from operations of $0.2 million and cash from investing activities of $2.5 million during the third quarter of fiscal 2009. As of October 3, 2009, we had a cash and cash equivalents and restricted cash balance of $7.7 million and no borrowing under our Credit Facility.
Revenue from services provided directly for the three months ended October 3, 2009 declined 41.5% to $29.3 million from $50.1 million in the prior comparable period. The decline in revenue was primarily due to a reduction in the number of billable hours and consultants as a result of lower business volumes, the sale of our VAR operations and a 3.0% decrease in overall billing rates as compared to the prior year period. Our subsupplier revenue for the three months ended October 3, 2009, which is mainly pass-through revenue with associated fees, declined by 84.1% from the prior year period primarily due to the sale of Symmetry early in the third quarter of fiscal 2008. Product sales in the third quarter of fiscal 2009 declined by 88.5% from the prior year period primarily due to our sale of the VAR operations.
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