Analytical Surveys Reports Third Quarter Results

SAN ANTONIO, Aug. 14 /PRNewswire-FirstCall/ -- Analytical Surveys, Inc. (ASI) (NASDAQ: ANLT), a provider of utility-industry data collection, creation and management services for the geographic information systems (GIS) markets, and an emerging participant in the oil and gas industry, today announced financial results for its third fiscal quarter and nine months ended June 30, 2006.

Revenue totaled $1.0 million in the quarter ended June 30, 2006, as compared with $1.4 million in the comparable 2005 quarter. The Company reduced its net loss from operations to $42,000 in the fiscal 2006 quarter, compared with $783,000 in the same quarter last year. Net loss available to common shareholders totaled $82,000, or $0.02 per diluted share, compared with $795,000, or $0.28 per diluted share, in the fiscal 2005 quarter.

Through nine months, revenue totaled $3.8 million as compared with $4.9 million in the comparable period in fiscal 2005. Net loss from operations was reduced to $77,000 as compared with $1.859 million in the comparable period last year. Net loss available to common shareholders was $144,000, or $0.04 per diluted share, compared with a net loss available to common shareholders of $1.964 million, or $0.76 per diluted share, in the comparable period in fiscal 2005.

The reduced net loss for the third quarter and nine-month period was principally due to lower salaries, wages, benefits and subcontractor costs, which were proportionately lower than the decline in revenue. Management attributed the decline in revenue to a lower number of active contracts versus last year, and a lower level of new contract signings in recent fiscal years. The Company ended the third quarter with an order backlog of $1.9 million versus $4.0 million at the end of fiscal 2005.

Lori Jones, chief executive officer, said, "In conjunction with our transition into the oil and gas sector, we have successfully curbed the significant operating losses generated by our traditional GIS data conversion business. We anticipate that our investments in oil and natural gas properties will begin generating revenue in fiscal 2007. Our objective is to provide returns to our shareholders from these and additional investments that are well above those we could generate in our GIS business."

Analytical Surveys Inc. (ASI) (NASDAQ: ANLT), which has historically provided utility-industry data collection, creation and management services for the geographic information systems (GIS) markets, has recently transitioned its focus toward the development of oil and gas opportunities. ASI's Energy Division is focused on expansion into high-quality exploratory and developmental drilling opportunities and purchases of proven reserves with upside potential attributable to behind-pipe reserves, infill drilling, deeper reservoirs and field extension opportunities. ASI is headquartered in San Antonio, Texas. For more information, visit www.anlt.com and www.asienergy.com.

This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy, future sales, future expenses and future liquidity and capital resources. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1. Business -- "risk factors" and elsewhere in the Company's Annual Report on Form 10-KSB.



                           ANALYTICAL SURVEYS, INC.
                         CONSOLIDATED BALANCE SHEETS
                                (In thousands)

                                                      June 30,   September 30,
                       Assets                           2006         2005
   Current assets:                                  (Unaudited)
        Cash and cash equivalents                       $810         $622
          Accounts receivable, net of allowance
           for doubtful accounts of $50 at
           June 30, 2006 and September 30, 2005        1,572        1,529
          Revenue earned in excess of billings           622        1,612
          Prepaid expenses and other                     208           81
              Total current assets                     3,212        3,844

    Oil and natural gas properties and equipment       2,026           --
    Equipment and leasehold improvements, at cost:
        Equipment                                      3,920        3,979
        Furniture and fixtures                           363          363
        Leasehold improvements                            75           75
                                                       4,358        4,417
        Less accumulated depreciation and
         amortization                                 (4,232)      (4,249)
              Net equipment and  leasehold
                              improvements                                                            126                    168
        Other  non-current  assets                                                          125                      --
                            Total  assets                                                        $5,489              $4,012

                          Liabilities  and  Stockholders'  Equity
        Current  liabilities:
                Current  portion  of  long-term  debt  and  capital
                  lease  obligations                                                              $21                    $17
                Billings  in  excess  of  revenue  earned                          218                    425
                Accounts  payable                                                                  118                    289
                Interest  payable                                                                    23                      --
                Accrued  liabilities                                                              64                    688
                Accrued  payroll  and  related  benefits                          320                    687
                            Total  current  liabilities                                    764                2,106
        Long-term  debt:
                Capital  lease  obligations,  less
                  current  portion                                                                    23                      30
                Senior  secured  note  payable,  net  of  discount      1,923                      --
                Redeemable  preferred  stock,  no  par  value;
                  authorized  2,500  shares;  166  shares  issued
                  and  outstanding  at  September  30,  2005
                  (liquidation  value  $266)                                                  --                    247
                            Total  long-term  liabilities                            1,946                    277
                            Total  liabilities                                                2,710                2,383

        Commitments  and  contingencies                                                  --                      --

        Stockholders'  equity:
                Convertible  preferred  stock,  no  par  value:
                  authorized  2,500  shares,  280  and  0  shares
                  issued  and  outstanding  at  June  30,  2006  and
                  September  30,  2005,  respectively                                261                      --
                Common  stock,  no  par  value;  authorized
                  100,000  shares,  3,779  and  2,869  shares
                  issued  and  outstanding  at  June  30,  2006,
                  and  September  30,  2005,  respectively                  36,345              35,312
                Accumulated  deficit                                                    (33,827)          (33,683)
                            Total  stockholders'  equity                              2,779                1,629
                            Total  liabilities  and  stockholders'
                              equity                                                                  $5,489              $4,012



                                                      ANALYTICAL  SURVEYS,  INC.
                                        CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                      (In  thousands,  except  per  share  amounts)
                                                                  (Unaudited)

                                                                Three  Months  Ended                  Nine  Months  Ended
                                                                            June  30                                      June  30
                                                                  2006                  2005                  2006                  2005

        Revenues                                        $1,049              $1,363              $3,792              $4,935

        Costs  and  expenses:
                Salaries,  wages  and
                  benefits                                    748                1,206                2,405                4,054
                Subcontractor  costs                  43                    395                    457                1,206
                General  and
                  administrative                        285                    506                    955                1,325
                Depreciation  and
                  amortization                              15                      39                      52                    142
                Severance  and  related
                  costs                                            --                      --                      --                      67
                Total  operating  costs        1,091                2,146                3,869                6,794
                        Loss  from  operations      (42)                (783)                  (77)            (1,859)
        Other  income  (expense):
                Interest  expense,  net            (23)                  (12)                  (78)                  (64)
                Gain  on  extinguishment
                  of  debt                                        --                      --                      61                      --
                Other  income  (expense),
                  net                                              (11)                    --                      (7)                  (41)
                Total  other  income
                  (expense)                                  (34)                  (12)                  (24)                (105)
                Loss  before  income  taxes      (76)                (795)                (101)            (1,964)
                Provision  for  income
                  taxes                                            --                      --                      --                      --
                        Net  loss                              (76)                (795)                (101)            (1,964)
        Deemed  dividend  associated
          with  beneficial  conversion
          feature  of  preferred  stock          --                      --                    (30)                    --
        Dividends  on  preferred
          stock                                                    (6)                    --                    (13)                    --
                        Net  loss  available
                          to  common
                          stockholders                  $(82)              $(795)              $(144)        $  (1,964)

        Basic  net  loss  per  common
            share                                          $(0.02)            $(0.28)            $(0.03)            $(0.76)
        Preferred  stock  dividends              --                      --                (0.01)                    --
        Basic  net  loss  per  common
          share  available  to  common
          stockholders                              $(0.02)            $(0.28)            $(0.04)            $(0.76)

        Diluted  net  loss  per
          common  share                              $(0.02)            $(0.28)            $(0.03)            $(0.76)
        Preferred  stock  dividends              --                      --                (0.01)                    --
        Diluted  net  loss  per  common
          share  available  to  common
          stockholders                              $(0.02)            $(0.28)            $(0.04)            $(0.76)

        Weighted  average  common
          shares:
                Basic                                        3,724                2,869                3,250                2,568
                Diluted                                    3,724                2,869                3,250                2,568

 


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