Analytical Surveys Reports Year-End Results

SAN ANTONIO, Dec. 30 /PRNewswire-FirstCall/ -- Analytical Surveys, Inc. (NASDAQ: 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, visit

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


1 | 2  Next Page »

Review Article Be the first to review this article
GeoRover Mobile Download Trial>>


Featured Video
Currently No Featured Jobs
Upcoming Events
Commercial UAV Expo 2016 at MGM Grand Hotel Conference Center Las Vegas NV - Oct 31 - 2, 2016
GIS-Pro 2016: URISA's 54th Annual Conference at Toronto Canada - Oct 31 - 3, 2016
24th ACM SIGSPATIAL International Conference at San Francisco Bay Area, California, USA San Francisco - Oct 31 - 3, 2016
Teledyne Optech
Bentley: YII 2016 - Countless CAD add-ons, plug-ins and more.

Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy