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Analysts International sells unit, ends relationship

July 08 2008

Analysts International Corp. (NASD: ANLY) sold its Symmetry Workforce Solutions managed services business, ended its staffing relationship with Lexmark International and cut 30 internal staff positions.

Analysts International said Comsys IT Partners Inc. (NASD: CITP) acquired Symmetry. Terms of the deal, which closed July 1, were not announced.

The company also announced the end of its staffing relationship with Lexmark, a maker of computer printers and other equipment, effective July 6. Its contracts and approximately 350 billable consultants were transferred to three other staffing suppliers. The termination of the Lexmark contracts is expected to have a negligible impact, the company said. The contracts brought approximately $20 million in revenue, but servicing them cost around $20 million.

Symmetry and Lexmark, together, accounted for more than $60 million in annual revenue and gross margins of approximately $3 million which were largely offset by $2.3 million in operating expenses, according to Analysts International.

The company said it also cut 30 internal staff positions in the second quarter.

President and CEO Elmer Baldwin said the moves were part of Analysts International's plan to transform and improve its business.

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