Analysts International Corporation Reports First Quarter 2012 Financial Results
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Analysts International Corporation (AIC) (NASDAQ: ANLY)
-- Revenue was $26.7 million, a 1.6% increase from the 2011 first quarter
-- Net income was $0.2 million for 2012 and 2011 first quarters
-- Gross margin rate was 23.9% for first quarter 2012, an increase of 10
basis points from the 2011 first quarter
-- Selling, administrative and other operating costs increased $0.1
million, or 2.2%, from the 2011 first quarter
-- $2.0 million in cash with no amounts outstanding under the Company's
Analysts International Corporation (AIC) (NASDAQ: ANLY), an information technology services company, today announced financial results for the first quarter 2012 which ended on March 31, 2012.
AIC reported first quarter revenue of $26.7 million as compared with 2011 first quarter revenue of $26.3 million. AIC reported 2012 first quarter net income of $0.2 million, or $0.04 per share, essentially flat with first quarter 2011.
"We continue to see solid demand for our services in the market. However, a couple of our large accounts reduced their IT spending, resulting in lower than anticipated revenue for the quarter," said Brittany McKinney, President and CEO. "Despite this, we were able to maintain profitability and protect our margins.
"We are confident in the plan we have laid out for 2012," added McKinney. "We are seeing eight percent year-over-year growth in our strategic markets as a result and believe our continued focus on this strategy will strengthen our competitive position in the marketplace."
2012 First Quarter Review Our revenues increased $0.4 million, or 1.6%, in the first quarter of 2012 compared to the first quarter of 2011. When compared with the prior year quarter, the number of billable hours increased 1.5%. There were 64 billing days in the 2012 first quarter as compared to 65 billing days in the 2011 first quarter.
In the first quarter of 2012, gross profit was $6.4 million, as gross margins increased 10 basis points to 23.9% of revenue, as compared with $6.3 million, or 23.8% of revenue in the first quarter of 2011. For fiscal 2012, we expect to maintain a gross margin rate in a range of 23% to 25%.
Selling, general and other administrative expenses were $6.2 million, or 23.1% of revenue, for the first quarter of 2012, as compared with $6.1 million, or 23.0% of revenue, for the first quarter of 2011. The increase was the result of a planned and previously announced expansion of our sales and recruiting team, partially offset by non-personnel cost reductions.
In the first quarter of 2012, we generated EBITDA of $341,000, which is $58,000 less than the $399,000 of EBITDA generated in the first quarter of 2011. The lower EBITDA is primarily the result of less depreciation expense and recording a tax benefit in the first quarter of 2012.
We used cash from operations of $2.6 million during the first quarter of 2012 due to a delay in our normal billing cycle as a result of the implementation of a new ERP system. This compares with positive cash from operations of $0.6 million in the first quarter of 2011. As of March 31, 2012, we had a cash balance of $2.0 million and no borrowings from our $15 million credit facility.