P R E S S
R E L E A S E
Contacts: | Analytical Surveys, Inc. | Pfeiffer High Investor Relations, Inc. |
Lori Jones | Geoff High | |
Chief Executive Officer | 303/393-7044 | |
210/657-1500 | geoff@pfeifferhigh.com |
ANALYTICAL SURVEYS REPORTS YEAR-END RESULTS
SAN ANTONIO, Texas -- December 29, 2005 - Analytical Surveys, Inc. (Nasdaq SmallCap Market-ANLT), a provider of utility-industry data collection, creation and management services for the geographic information systems (GIS) markets, today announced financial results for its fiscal year ended September 30, 2005.
Revenue for the fiscal year was $6.1 million compared with $11.6 million in fiscal 2004. The Company's operating loss totaled $3.3 million before interest and other expense as compared with an operating loss in fiscal 2004 of $2.1 million before interest and other expense. Net loss available to common shareholders was $3.3 million, or $1.26 per diluted share, versus $1.2 million, or $1.17 per diluted share, last year. Net loss in fiscal 2004 included a $1.5 million gain on the extinguishment of debt.
Lori Jones, CEO of ASI, said, "We continued to experience a decrease in revenue as a result of fewer active contracts in the fiscal 2005 period. Both the number and size of new contract signings in each of the past four fiscal years was lower than in previous years and, as a result, revenues have decreased as well." ASI ended fiscal 2005 with an order backlog of $4.0 million versus $6.5 million at the end of last year.
Ms. Jones continued, "As we recently reported, we are pursuing alternative business strategies that concurrently leverage our GIS expertise and diversify our operations. We are currently targeting specific objectives in the oil and gas sector and are encouraged by the prospects that are emerging."
Analytical Surveys Inc. provides technology-enabled solutions and expert services for geospatial data management, including data capture and conversion, planning, implementation, distribution strategies and maintenance services. Through its affiliates, ASI has played a leading role in the geospatial industry for more than 40 years. The Company is dedicated to providing utilities and government with responsive, proactive solutions that maximize the value of information and technology assets. ASI is headquartered in San Antonio, Texas and maintains operations in Waukesha, Wisconsin. For more information, visitwww.anlt.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 mat erially 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.
ANALYTICAL SURVEYS, INC.
Assets | 2005 | 2004 |
Current assets: | ||
Cash and cash equivalents | $ 622 | $ 867 |
Accounts receivable, net of allowance for doubtful | ||
accounts of $50 and $54 at September 30, 2005 | ||
and 2004, respectively | 1,529 | 3,431 |
Revenue earned in excess of billings | 1,612 | 3,006 |
Prepaid expenses and other | 81 | 183 |
Total current assets | 3,844 | 7,487 |
Equipment and leasehold improvements: | ||
Equipment | 3,979 | 4,783 |
Furniture and fixtures | 363 | 484 |
Leasehold improvements | 75 | 267 |
4,417 | 5,534 | |
Less accumulated depreciation and amortization | (4,249) | (5,274) |
Net equipment and leasehold improvements | 168 | 260 |
Total assets | 4,012 | 7,747 |
Liabilities and Stockholders' Equity | ||
Current liabilities: | ||
Current portion of long-term debt and capital lease obligations | 17 | 53 |
Billings in excess of revenue earned | 425 | 468 |
Accounts payable | 289 | 882 |
Accrued interest -- related party | -- | 78 |
Accrued liabilities | 688 | 479 |
Accrued payroll and related benefits | 687 | 678 |
Redeemable preferred stock -- current portion | -- | 129 |
Fair value of derivative features -- related party | -- | 122 |
Total current liabilities | 2,106 | 2,889 |
Long-term debt: | ||
Capital lease obligations, less current portion | 30 | -- |
Long-term debt -- related party | -- | 1,601 |
Redeemable preferred stock; no par value. Authorized 2,500 shares; | ||
166 and 259 shares issued and outstanding at September 30, | ||
2005 and 2004, (liquidation value $266 and $362), respectively | 247 | 190 |
Total long-term debt | 277 | 1,791 |
Total liabilities | 2,383 | 4,680 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, no par value. Authorized 10,000 shares; | ||
issued and outstanding 2,869 and 1,104 shares at | ||
September 30, 2005 and 2004, respectively | 35,312 | 33,410 |
Accumulated deficit | (33,683) | (30,343) |
Total stockholders' equity | 1,629 | 3,067 |
Consolidated Statements of Operations
Years ended September 30, 2005 and 2004
(In thousands, except per share amounts)
2005 | 2004 | |
Revenues | $ 6,063 | $ 11,608 |
Costs and expenses: | ||
Salaries, wages and benefits | 5,261 | 6,041 |
Subcontractor costs | 1,524 | 3,714 |
Other general and administrative | 2,310 | 3,533 |
Depreciation and amortization | 175 | 273 |
Severance and related costs | 67 | 164 |
Total operating costs | 9,337 | 13,725 |
Loss from operations | (3,274) | (2,117) |
Other income (expense): | ||
Interest expense, net | (78) | (681) |
Other, net | 12 | 76 |
Gain on extinguishment of debt | -- | 1,475 |
Total other income (expense) | (66) | 870 |
Loss before income taxes | (3,340) | (1,247) |
Income taxes | -- | -- |
Net loss available to common shareholders | $(3,340) | $(1,247) |
Basic earnings (loss) per common share: | ||
Net loss available to common shareholders | $(1.26) | (1.17) |
Diluted earnings (loss) per common share: | ||
Net loss available to common shareholders | $(1.26) | (1.17) |
Weighted average common shares: | ||
Basic | 2644 | 1,061 |
Diluted | 2,644 | 1,061 |
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