8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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):  2/14/2007

Analytical Surveys, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number:  000-13111

CO	84-0846389
(State or other jurisdiction of	(IRS Employer
incorporation)	Identification No.)

8610 N. New Braunfels

Suite 205

San Antonio, TX 78217

(Address of principal executive offices, including zip code)

210-657-1500

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Information to be included in the report

Item 2.02.    Results of Operations and Financial Condition

On February 14, 2007, Analytical Surveys, Inc. issued a press release disclosing results for the first fiscal quarter of 2007. A copy of the press release is furnished as Exhibit 99.1 to this report. The information contained herein and the attached exhibit are furnished under this Item 2.02 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.  The information contained herein and in the accompanying exhibit shall not be incorporated by reference to any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.

Item 8.01.    Other Events

On February 14, 2007, the Company issued a press release announcing its decision not to acquire non-operating working interest in the Texas gulf coast region as previously announced in a press release dated January 9, 2007. After significant due diligence, the Company has decided not to close on the purchase of non-operating interest in five wells located in Liberty and Wharton counties, Texas. The Company paid a $150,000 nonrefundable fee as a deposit on the option to complete the purchase.

Item 9.01.    Financial Statements and Exhibits

(d)           Exhibits

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:

99.1 Press Release dated February 14, 2007.

Signature(s)

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.

	Analytical Surveys, Inc.
Date: February 14, 2007	By:	/s/ Lori Jones
		Lori Jones
		CEO

Exhibit Index

Exhibit No.	Description
EX-99.1	Press release dated February 14, 2007

EX-99.1

P R E S S

R E L E A S E

Contacts:Analytical Surveys, Inc.Pfeiffer High Public Relations, Inc.

     Lori JonesGeoff High

           Chief Executive Officer303/393-7044

           210/657-1500

ANALYTICAL SURVEYS REPORTS FIRST QUARTER RESULTS

SAN ANTONIO, Texas — February 14, 2006 - Analytical Surveys, Inc. (ASI) (Nasdaq Capital Market: ANLT), a San Antonio-based oil and gas company focused on participation in non-operating exploration and production of U.S. onshore oil and natural gas reserves, and formerly a service provider to the geographic information systems (GIS) markets, today announced financial results for its first fiscal quarter ended December 31, 2006.

First quarter revenue was $243,000 versus $1.3 million in the same period a year ago. Net loss available to common shareholders was $337,000, or $0.09 per diluted share, versus a net loss of $43,000, or $0.01 per diluted share, in the first quarter last year. The lower revenue and higher net loss resulted from the Company’s transition from a GIS service provider into an oil and gas company.

Lori Jones, CEO of ASI, said, “We successfully completed our GIS service contracts, which generated substantial cash flow during the quarter. We have kept our overhead to a minimum while we work to build a meaningful presence for our ASI Energy Division within the oil and gas industry. We are pleased by the progress we have made in this regard, and intend to build on this momentum throughout fiscal 2007.”

The company also announced its decision not to acquire a non-operating working interest in the Texas gulf coast region as previously announced in a press release dated January 9, 2007. After significant due diligence, the Company has decided not to close on the purchase of a non-operating interest in 5 wells located in Liberty and Wharton counties, Texas.

Lori Jones, CEO of ASI said, “Although the pricing scenario and other pertinent data, including an in-depth engineering study, indicated the acquisition of the wells to be a viable purchase, the cost of capital required for financing the purchase would have made the transaction only marginally successful. We therefore have determined this transaction is not in the best interest of the Company or our shareholders at this time. However, we continue to pursue our conservative drilling program along with our operating partners, H&S Production and South Texas Operating Company as we look for other production acquisition opportunities.”

Analytical Surveys, Inc., which has historically served the GIS markets, has recently transitioned its focus toward the development of oil and gas exploration and production opportunities. ASI’s Energy Division is focused on high-quality exploratory and developmental drilling opportunities, as well as purchases of proven reserves with upside potential attributable to behind-pipe reserves, infill drilling, deeper reservoirs and field extension opportunities. ASI is headquartered in San Antonio, Texas. For more information, visit www.asienergy.com.

This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy, future sales, future expenses and future liquidity and capital resources. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1. Business--"risk factors" and elsewhere in the Company's Annual Report on Form 10-KSB.

Page 3 of 4

ANALYTICAL SURVEYS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

Assets	December 31, 2006			September 30, 2006
Current assets:	(Unaudited)
Cash and cash equivalents	$	1,284		$	1,357
Accounts receivable, net of allowance for doubtful accounts of $0 and $50 at December 31 and September 30, 2006, respectively		147			1,322
Revenue earned in excess of billings, net		—			49
Prepaid expenses and other		55			93
Deferred financing costs		168			133
Total current assets		1,654			2,954
Oil and natural gas properties and equipment; full cost method of accounting		2,319			2,019
Equipment and leasehold improvements, at cost:
Equipment		335			570
Furniture and fixtures		48			98
Leasehold improvements		8			1
		391			669
Less accumulated depreciation and amortization		(359	)		(605	)
Net equipment and leasehold improvements		32			64
Other assets		150			—
Total assets	$	4,155		$	5,037
Liabilities and Stockholders’ Equity
Current liabilities:
Senior secured convertible note, net of discount	$	1,400		$	1,957
Current portion of capital lease obligations		16			16
Billings in excess of revenue earned		—			99
Accounts payable		112			45
Accrued liabilities		74			239
Accrued payroll and related benefits		96			132
Total current liabilities		1,698			2,488
Long-term debt:
Capital lease obligations, less current portion		9			13
Total long-term liabilities		9			13
Total liabilities		1,707			2,501
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, no par value; authorized 2,500 shares; 280 issued and outstanding at December 31 and September 30, 2006		261			261
Common stock, no par value; authorized 100,000 shares; 3,779 shares issued and outstanding at December 31 and September 30, 2006		36,590			36,341
Accumulated deficit		(34,403	)		(34,066	)
Total stockholders’ equity		2,448			2,536
Total liabilities and stockholders’ equity	$	4,155		$	5,037

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ANALYTICAL SURVEYS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended
	December 31
	2006			2005
Revenues
GIS services	$	240		$	1,360
Oil and gas		3			—
Total revenues		243			1,360
Costs and expenses:
Salaries, wages and benefits		221			781
Subcontractor costs		—			139
Other general and administrative		186			452
Depreciation, depletion and amortization		5			21
Total operating costs		412			1,393
Loss from operations		(169	)		(33	)
Other income (expense):
Interest expense, net		(99	)		(13	)
Gain (loss) on sale of assets		(28	)		3
Other income (expense), net		(36	)		—
Total other income (expense), net		(163	)		(10	)
Loss before income taxes		(332	)		(43	)
Provision for income taxes		—			—
Net loss		(332	)		(43	)

Dividends on preferred stock		(5	)		—
Net loss available to common stockholders	$	(337	)	$	(43	)
Basic net loss per common share	$	(0.09	)	$	(0.01	)
Preferred stock dividends		—			—
Basic net loss per common share available to common shareholders	$	(0.09	)	$	(0.01	)
Diluted net loss per common share	$	(0.09	)	$	(0.01	)
Preferred stock dividends		—			—
Diluted net loss per common share available to common shareholders	$	(0.09	)	$	(0.01	)
Weighted average common shares:
Basic		3,779			2,869
Diluted		3,779			2,869