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Second-quarter revenue fell 50.6% year over year at Analysts International Corp. (NASD: ANLY) to $40.5 million.
The Minneapolis-based information technology services and staffing firm reported the decline in revenue stemmed from its exit of noncore and low-margin lines of business, negative effect of the economic environment, reduced volume at its largest customer and a decline in product demand.
Second-quarter gross margin improved to 19.7% from 15.8% in the year-ago quarter.
Analysts International posted a second-quarter net loss of $6.6 million compared with a net loss of $984,000 in the second quarter of 2008.
The quarter's results included a $2.3 million on customer list intangible assets and $1.7 million charge for restructuring, severance and other costs.
The company also announced Wednesday it sold its value-added reseller business, which primarily sold hardware and related services, to Netarx LLC for almost $3.8 million n cash and a note.
Analysts International Corp. (NASD: ANLY)
For the second quarter ended July 4, 2009, compared with the same period in 2008.
Revenue: $40.5 million, -50.6%
Net loss: $6.6 million vs. net loss of $984,000