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Analysts International Corp. (NASD: ANLY), a Minneapolis-based information technology services and staffing firm, announced fourth-quarter revenue fell 35.3% year-over-year to $56.8 million as the slowing economy cut demand for staffing, services and products.
Fourth-quarter revenue for professional services provided directly fell 21.0% year-over-year to $47.5 million.
Gross margin improved to 19.3% from 17.3% in the fourth quarter of 2007.
Analysts International posted a fourth-quarter net loss of $7.6 million compared with a net loss of $13.0 million in the fourth quarter of the previous year. The company took a $6.3 million charge for goodwill impairment in the fourth quarter of 2008 because of the slowing economy and a decline in its stock price. In addition, it took a $200,000 charge for restructuring, severance and other consulting costs.
The company reported it is working to exit lower-margin non-core lines of business and become a higher-margin IT services company. It sold its Symmetry Workforce Solutions managed services business to Comsys IT Partners (NASD: CITP) in the third quarter. The division represented $60 million in annual revenue.
For the full year ended Jan. 3, 2009, revenue fell 21.0% to $284.2 million, and gross margin improved to 17.7% from 16.1%.
Net loss for the full year was $10.1 million compared with a net loss of $16.2 million in the previous year.
Analysts International Corp. (NASD: ANLY)
For the fourth quarter ended Jan. 3, 2009, compared with the same period in the previous year.
Revenue: $56.8 million, -35.3%
Net loss: $7.6 million vs. net loss of $13.0 million
For the full year Jan. 3, 2009, compared with the previous year.
Revenue: $284.2 million, -21.0%
Net loss: $10.1 million vs. net loss of $16.2 million