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Analysts revenue falls 53%, margins rise

February 25 2010

Analysts International Corp. (NASD: ANLY) reported fourth-quarter revenue fell 53.2% on a year-over-year basis, but gross margin improved.

The Minneapolis-based information technology services and staffing firm posted fourth-quarter revenue of $26.6 million compared with revenue of $56.8 million in the fourth quarter of the previous year.

Analysts International said revenue was hurt by the tough economy. In addition, the company sold non-core businesses including its value-added reseller business and Medical Concepts Staffing operations in the third quarter.

However, fourth-quarter gross margin rose to 21.1% from 19.3% in the year-ago quarter. The company said its exit from low-margin lines of business provided a boost.

Analysts International reported a net loss of $3.2 million for the fourth quarter compared with a net loss of $7.6 million in the fourth quarter of the previous year.

The fourth quarter included a restructuring charge of $1.1 million while the fourth quarter of last year included a goodwill impairment of $6.3 million as well as a restructuring charge of $202,000. Excluding these charges, Analysts International had a net loss of $2.1 million in the fourth quarter 2009 and a net loss of $1.1 million in the fourth quarter of the previous year.

In December, Analysts International named Andrew Borgstrom as president and CEO, replacing Elmer Baldwin. The company also named Douglas Neve as chairman of its board of directors.

Full-year 2009 revenue fell 49.6% to $143.2 million from 2008 revenue of $284.2 million. Full-year gross margin rose to 20.0% from 17.7%.

2009's net loss was $15.9 million compared with a 2008 net loss of $10.1 million.

Analysts International Corp. (NASD: ANLY)
For the fourth quarter ended Jan. 2, 2010, compared with the same period in the previous year.
Revenue: $26.6 million, -53.2%
Net loss: $3.2 million vs. net loss of $7.6 million

For the full year ended Jan. 2, 2010, compared with the previous year.
Revenue: $143.2 million, -49.6%
Net loss: $15.9 million vs. net loss of $10.1 million

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