Analytical Surveys Reports First Quarter Results

SAN ANTONIO, Feb. 14 /PRNewswire-FirstCall/ -- Analytical Surveys, Inc. (ASI) (NASDAQ: 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

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.
                         Consolidated Balance Sheets
                                (In thousands)

                                                   December 31,  September 30,
                           Assets                     2006          2006
    Current assets:
      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

                                                      ANALYTICAL  SURVEYS,  INC.
                                        Consolidated  Statements  of  Operations
                                      (In  thousands,  except  per  share  amounts)

                                                                                                                    Three  Months  Ended
                                                                                                                            December  31
                                                                                                                      2006                  2005

            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


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