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, visit www.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 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.
ANALYTICAL SURVEYS, INC. AND SUBSIDIARIES Consolidated Balance Sheets September 30, 2005 and 2004 (In thousands) 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 Total liabilities and stockholders' equity $4,012 $7,747 ANALYTICAL SURVEYS, INC. AND SUBSIDIARIES 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 2,644 1,061 Diluted 2,644 1,061