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Analysts Revenue Slips, CFO to Exit

May 06 2011

Analysts International Corp. (NASD: ANLY) reported first-quarter revenue fell 7.5 percent on a year-over-year basis, while income rose. The company also announced separately the resignation of its chief financial officer.

Revenue for the first quarter ended April 2 was $26.3 million, down from $28.5 million a year ago. Year-ago revenue included non-core business, which the company since had exited. Removing that revenue from year-ago figures, 2011 first quarter revenue declined 5.7 percent.

“We are pleased to report first quarter results consistent with our expectations and to have achieved another quarter of profitability,” said President and CEO Brittany McKinney. “We continue to balance bottom line performance with making the investments necessary to grow the company and expect to meet our objectives for full-year profitability in fiscal year 2011.”

Gross margin improved in the first quarter to 23.8 percent from 21.1 percent the year prior.

For the first quarter ended April 2, the information technology services company posted net income of $202,000, compared with a loss of $1.2 million in the quarter ended April 3, 2010.

Meanwhile, Randy Strobel, senior VP and CFO, has resigned from the company, effective Aug. 31, 2011.

“On behalf of the Board of Directors and other members of the AIC team, I would like to thank Randy for his service and for the contributions he has made to our business since joining AIC in 2008,” said Brittany McKinney, president and CEO. “He is leaving the company in a stable and improved financial position and with the financial flexibility we need to pursue our growth objectives.”

The company has begun a search for his replacement.

In addition, Analysts International announced Chris Cain, senior vice president for the west region, will also leave the company. The west region will be combined with the south region and come under the leadership of Senior Vice President Randy Hall.

Analysts International (NASD: ANLY)
For the first quarter ended April 2, 2011, vs. first quarter ended April 3, 2010.
Revenue: $26.3 million, -7.5 percent
Net income: $202,000, vs. net loss of $1.2 million

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