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Analysts International cuts jobs, takes $17 million charge

January 23 2008
Analysts International Corp. (NASD: ANLY) reduced its workforce by 70 positions and said it will take a charge of up to $17 million in the fourth quarter for impairment of goodwill and other assets. The moves are part of a plan by the company to return to profitability. The company said it's also launching new consulting practices in its largest markets and exiting non-core businesses. In addition, it announced that CFO David Steichen and Legal Counsel Colleen Davenport will leave.

Analysts International posted a net loss of $448,000 in its fiscal third quarter ended Sept. 29.

"Through our back-office consolidation and cost-management initiatives we anticipate a $4 million benefit in 2008 and an annualized benefit of $6 million thereafter," said President and CEO Elmer Baldwin. "Coupled with our strategic investments, further cost management and focus on our key, higher margin businesses we believe we will restore profitability in the second half of 2008."

The company also announced several executive appointments including Robert Woods to senior VP general counsel and secretary, Michael Vacanti to VP of professional services central region, Craig Andrie to VP of professional services western region, and Brittany McKinney to VP of planning and operations. Analysts International also named Joseph Dunsmore to its board of directors.

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