-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FKcBROmKKN5+yqCaJM1oi2ZJhte4tJ+tbEYDEFpOAa48bpU4JXsdkE4467F4bBQp 9pLxjAPxIy4JSfm0seXsWw== 0001104659-04-020928.txt : 20040728 0001104659-04-020928.hdr.sgml : 20040728 20040727080102 ACCESSION NUMBER: 0001104659-04-020928 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040727 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANALYSTS INTERNATIONAL CORP CENTRAL INDEX KEY: 0000006292 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 410905408 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-04090 FILM NUMBER: 04932150 BUSINESS ADDRESS: STREET 1: 3601 WEST 76TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55435 BUSINESS PHONE: 952-835-5900 MAIL ADDRESS: STREET 1: 3601 WEST 76TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55435 8-K 1 a04-8249_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported):  July 27, 2004 (July 27, 2004)

 

Analysts International Corporation

(Exact name of registrant as specified in its charter)

 

Minnesota

 

0-4090

 

41-0905408

(State or other jurisdiction
of Incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification Number)

 

3601 West 76th Street, Minneapolis, Minnesota

 

55435-3000

(Address for principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:

 

(952) 835-5900

 

 



 

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

 

(c) Exhibits.

 

99.1 Press release issued July 27, 2004 announcing earnings for quarter ending July 3, 2004.

 

ITEM 9.  REGULATION FD DISCLOSURE

 

On July 27, 2004, Analysts International Corporation announced its financial results for the quarter ending July 3, 2004.  The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1.

 

ITEM 12.  DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

On July 27, 2004, Analysts International Corporation announced its financial results for the quarter ending July 3, 2004.  The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1.

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:  July 27, 2004

 

ANALYSTS INTERNATIONAL CORPORATION

 

 

 

 

 

 

 

 

/s/ Colleen M. Davenport

 

 

 

Colleen M. Davenport

 

 

Secretary and General Counsel

 

2



 

EXHIBIT INDEX

 

99.1

 

Press release dated July 27, 2004.

 

3


EX-99.1 2 a04-8249_1ex99d1.htm EX-99.1

 

Exhibit 99.1

 

DRAFT

 

 

Media Contacts:

 

Michael LaVelle

Bill Bartkowski

Chief Executive Officer

Managing Director

Analysts International

BlueFire Partners

Phone: 952-835-5900

Phone 612-344-1012

mlavelle@analysts.com

bartkowski@bluefirepartners.com

 

 

Analysts International Reports Profitable Results for

2004 Second Quarter

 

Company Reports Second Consecutive Quarter of Growth and Profitability

 

MINNEAPOLIS, July 27, 2004 - Analysts International (NASDAQ: ANLY) today reported the results for its second quarter ended July 3, 2004.  Revenues totaled $86.9 million for the quarter, compared to $82.6 million for the comparable quarter a year ago. The revenues were comprised of $72.1 million in direct revenue and $14.8 million in subsupplier billings.  For the quarter, the Company reported $706,000 of net income, or $0.03 per share, compared to a net loss of $(168,000), or $(0.01) per share, for the second quarter of 2003.  As reported earlier, the quarter’s results were higher than the Company’s earlier guidance with respect to earnings and at the high end of revenue guidance.

 

For the six months ended July 3, 2004, the Company reported revenues of $172.3 million, compared to $168.7 million for the first two quarters of 2003.  The net profit for the period was $1.2 million, or $0.05 per share, compared to a net loss of $(484,000) in 2003, or $(.02) per share.

 

Michael LaVelle, chairman and chief executive officer, said, “We are pleased to report our second consecutive quarter of profitability and revenue growth.  All of our business lines are strengthening and showing signs of improvement, reflecting the hard work and dedication of our employees and management.  We look forward to further growth and profitability in the periods ahead.”

 

LaVelle noted the Company would provide guidance for the third quarter of 2004 on the conference call scheduled for later today.

 

Analysts will host a conference call today at 9:30 a.m. (CDT) to discuss these results. Interested parties may access the call via the Internet by using the following link:

 

1


 


 

 

http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=ANLY&script=1010&item or they may dial 888-244-6435 a few minutes before the scheduled start and ask for the Analysts International call and leader Mike LaVelle.  No advanced registration is required to participate.  A replay of the call will be available at the link provided above, or callers can dial 800-642-1687 and provide the conference ID number: 8601647, through August 2, 2004.

 

About Analysts International

 

Headquartered in Minneapolis, Analysts International is a diversified IT services company. In business since 1966, 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; Business Solutions Services, which provides business solutions and network infrastructure services; and Outsourcing Services, which provides onshore and offshore strategic solutions. The company partners with best-in-class IT organizations, allowing access to a wide range of expertise, resources and expansive geographical reach. For more information, visit http://www.analysts.com.

 

Statements contained herein, which are not strictly historical fact, are forward-looking statements.  Words such as “believes,” “intends,” “possible,” “expects,” “estimates,” “anticipates,” or “plans” and similar expressions are intended to identify forward-looking statements.   Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such statements are based on the Company’s current expectations relating to future revenues, earnings, results of operations and future sales or growth.  The Company’s actual results may vary materially from those projected due to certain risks and uncertainties such as the general state of the economy, volume of business activity, continued need for our services by current and prospective clients, client cancellations, the Company’s ability to control and improve profit margins, including our ability to control operating costs and hourly rates for our services, the availability and utilization of qualified technical personnel and other similar factors.  For more information concerning risks and uncertainties to the Company’s business refer to the discussion in the “Market Condition, Business Outlook and Risks to Our Business” section in the Company’s Annual Report for the year ending January 3, 2004, and the Company’s prior Annual Reports, 10-Ks, 10-Qs, other Securities and Exchange Commission filings and investor relations materials.

 

(Tables follow)

 

2


 


 

Analysts International Corporation

Consolidated Statements of Operations

(Unaudited)

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

July 3,

 

June 28,

 

July 3,

 

June 28,

 

(in thousands except per share amounts)

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Professional services revenue:

 

 

 

 

 

 

 

 

 

Provided directly

 

$

72,084

 

$

71,443

 

$

143,153

 

$

141,078

 

Provided through subsuppliers

 

14,781

 

11,167

 

29,106

 

27,573

 

Total revenue

 

86,865

 

82,610

 

172,259

 

168,651

 

Expenses:

 

 

 

 

 

 

 

 

 

Salaries, contracted services and direct charges

 

70,794

 

67,539

 

140,458

 

138,195

 

Selling, administrative and other operating costs

 

15,159

 

15,062

 

30,240

 

30,627

 

Amortization of intangible assets

 

194

 

194

 

387

 

387

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

718

 

(185

)

1,174

 

(558

)

Non-operating income

 

2

 

17

 

8

 

25

 

Interest expense

 

(14

)

 

(22

)

(8

)

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

706

 

(168

)

1,160

 

(541

)

Income tax expense (benefit)

 

 

 

 

(57

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

706

 

$

(168

)

$

1,160

 

$

(484

)

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

Basic income (loss)

 

$

.03

 

$

(.01

)

$

.05

 

$

(.02

)

Diluted income (loss)

 

$

.03

 

$

(.01

)

$

.05

 

$

(.02

)

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

24,212

 

24,199

 

24,212

 

24,199

 

Average common and common equivalent shares outstanding

 

24,223

 

24,199

 

24,228

 

24,199

 

 

 

(more)

 

3


 


 

 

Analysts International Corporation

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

(In thousands)

 

July 3, 2004

 

January 3, 2004

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

4,061

 

$

4,499

 

Accounts receivable, less allowance for doubtful accounts

 

60,488

 

55,623

 

Other current assets

 

4,572

 

4,737

 

Total current assets

 

69,121

 

64,859

 

 

 

 

 

 

 

Property and equipment, net

 

6,304

 

6,297

 

Other assets

 

30,872

 

30,739

 

 

 

 

 

 

 

 

 

$

106,297

 

$

101,895

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

16,844

 

$

15,825

 

Salaries and vacations

 

9,995

 

7,774

 

Deferred revenue

 

1,797

 

2,766

 

Self-insured health care reserves and other amounts

 

3,454

 

2,829

 

Total current liabilities

 

32,090

 

29,194

 

 

 

 

 

 

 

Non-current liabilities, primarily deferred compensation

 

4,377

 

4,038

 

Shareholders’ equity

 

69,830

 

68,663

 

 

 

 

 

 

 

 

 

$

106,297

 

$

101,895

 

 

 

 

# # # #

 

4


 

 

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