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
CONTACT: Lori Jones, Chief Executive Officer of Analytical Surveys, Inc.,
+1-210-657-1500; or Geoff High of Pfeiffer High Public Relations, Inc.,
+1-303-393-7044,
Email Contact, for Analytical Surveys, Inc.
Web site: http://www.anlt.com//