Analysts International Corp. (ANLY, Financial) filed Quarterly Report for the period ended 2009-04-04.
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 $14.5 million; its shares were traded at around $0.5818 with and P/S ratio of 0.1.
Our revenues decreased $37.7 million, or 45.5%, in the first quarter of fiscal 2009 as compared to the first quarter of fiscal 2008. Our revenues decreased $20.9 million, or 25.2%, during the first quarter of fiscal 2009 due to the negative effect the economic environment has had on the demand for our IT professional services, staffing and products. In addition, our planned exit from non-core and low-margin lines of business caused our revenues to decline $16.8 million, or 20.3%, compared to the first quarter of fiscal 2008. Early in the third quarter of fiscal 2008, we sold Symmetry Workforce Solutions (Symmetry), our managed staffing business, to COMSYS Information Technology Services, Inc. and discontinued our staffing relationship with one of our large staffing accounts. Together, business through Symmetry and the large staffing account represented approximately $15 million in quarterly revenue and $60 million in annualized revenue.
We generated cash from operations of $2.8 million during the first quarter of fiscal 2009. As of April 4, 2009, we had a cash balance of approximately $4.6 million and no borrowing under our revolving credit facility.
During the first quarter of fiscal 2008, we recorded restructuring and severance related expenses totaling $1.6 million. Of this amount, $1.4 million related to workforce reductions. The remaining $0.2 million related to lease obligations and abandonment costs (net of anticipated sub-lease income) for locations where we chose to downsize or exit completely.
In the first quarter of fiscal 2009 and fiscal 2008, we had average borrowing outstanding under our credit facility of approximately $0.1 million and $5.7 million at an average rate of 3.25% and 5.25%, respectively.
Read the The complete Report
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 $14.5 million; its shares were traded at around $0.5818 with and P/S ratio of 0.1.
Highlight of Business Operations:
· We reduced our SG&A expenses in the first quarter of fiscal 2009 by $2.7 million and $0.6 million when compared against the first and fourth quarters, respectively, of fiscal 2008; however, we expect the rate and amount of future SG&A reductions to decline. As a percentage of revenue, our SG&A expense increased to 24.4% during the quarter compared to 16.5% and 20.6% in the first and fourth quarters, respectively, of fiscal 2008 primarily due to a significantly lower revenue base.Our revenues decreased $37.7 million, or 45.5%, in the first quarter of fiscal 2009 as compared to the first quarter of fiscal 2008. Our revenues decreased $20.9 million, or 25.2%, during the first quarter of fiscal 2009 due to the negative effect the economic environment has had on the demand for our IT professional services, staffing and products. In addition, our planned exit from non-core and low-margin lines of business caused our revenues to decline $16.8 million, or 20.3%, compared to the first quarter of fiscal 2008. Early in the third quarter of fiscal 2008, we sold Symmetry Workforce Solutions (Symmetry), our managed staffing business, to COMSYS Information Technology Services, Inc. and discontinued our staffing relationship with one of our large staffing accounts. Together, business through Symmetry and the large staffing account represented approximately $15 million in quarterly revenue and $60 million in annualized revenue.
We generated cash from operations of $2.8 million during the first quarter of fiscal 2009. As of April 4, 2009, we had a cash balance of approximately $4.6 million and no borrowing under our revolving credit facility.
During the first quarter of fiscal 2008, we recorded restructuring and severance related expenses totaling $1.6 million. Of this amount, $1.4 million related to workforce reductions. The remaining $0.2 million related to lease obligations and abandonment costs (net of anticipated sub-lease income) for locations where we chose to downsize or exit completely.
In the first quarter of fiscal 2009 and fiscal 2008, we had average borrowing outstanding under our credit facility of approximately $0.1 million and $5.7 million at an average rate of 3.25% and 5.25%, respectively.
Read the The complete Report
