EX-99 3 c66760ex99.txt PRESS RELEASES [ANALYTICAL SURVEYS, INC. LOGO] PRESS RELEASE -------------------------------------------------------------------------------- CONTACTS: Analytical Surveys, Inc. Pfeiffer High Public Relations, Inc. Michael Renninger Geoff High Chief Financial Officer 303/393-7044 mrenninger@anlt.com geoff@pfeifferhigh.com ANALYTICAL SURVEYS REPORTS FOURTH QUARTER AND YEAR-END RESULTS INDIANAPOLIS, Indiana -- January 2, 2002 - Analytical Surveys, Inc. (Nasdaq National Market-ANLT), a provider of customized data conversion and digital mapping services for the geographic information systems (GIS) and related spatial data markets, today announced financial results for its fourth fiscal quarter and fiscal year ended September 30, 2001. The Company also announced it has obtained a new Waiver Agreement and Amendment to its Credit Agreement (the "Agreement") from its senior lenders. The announcement of the Agreement has been reported separately in a press release issued today. Fourth quarter revenues were $6.6 million versus $13.6 million in the same period a year ago. The Company reported a fourth quarter net loss of $5.6 million, or 80 cents per diluted share, versus a net loss of $22.9 million, or $3.28 per diluted share, in the fourth quarter last year. Results in both periods included substantial non-operational charges. For the full fiscal year, ASI reported revenues of $40.9 million compared with $60.1 million in fiscal 2000. Net loss was $9.7 million, or $1.40 per diluted share, versus a net loss of $38.6 million, or $5.54 per diluted share, last year. The Company ended fiscal 2001 with an order backlog of $22.5 million. Management said the decrease in revenue for the fourth quarter and fiscal year was primarily due to a decline in the number and size of customer contracts and the sale of the Company's Colorado office. Net loss was impacted by the decline in revenue and as well as a $2.8 million fourth-quarter tax expense resulting from an increase in the Company's tax valuation allowance, offset by a $3.5 million third-quarter one-time gain on the sale of its Colorado Springs office. Last year's net loss included a $16.5 million fourth-quarter write down of goodwill. Norman Rokosh, president and CEO, said, "Our turnaround efforts have resulted in a significant improvement in our year over year balance sheet position. Recovery efforts have been impacted by the general economic climate, so we are implementing additional initiatives designed to stimulate revenue growth and further improve operational efficiencies." Analytical Surveys Inc. (ASI) provides technology-enabled solutions and expert services for geospatial data management, including data capture and conversion, planning, implementation, distribution strategies and maintenance services. Through its affiliates, ASI has played a leading role in the geospatial industry for more than 40 years. The Company is dedicated to providing utilities and government with responsive, proactive solutions that maximize the value of the information and technology asset. In addition to corporate offices in Indianapolis, Indiana, ASI maintains several facilities across the United States and is listed on the Nasdaq under the symbol "ANLT." For more information, visit www.anlt.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-K. ANALYTICAL SURVEYS, INC. AND SUBSIDIARIES Consolidated Balance Sheets September 30, 2001 and 2000 (In thousands)
ASSETS 2001 2000 ---- ---- Current assets: Cash and cash equivalents $ 1,351 2,825 Accounts receivable, net of allowance for doubtful accounts of $2,070 and $434 6,110 12,840 Revenue earned in excess of billings 10,567 18,018 Deferred income taxes -- 1,968 Income taxes refundable 20 3,145 Prepaid expenses and other 619 517 -------- -------- Total current assets 18,667 39,313 -------- -------- Equipment and leasehold improvements: Equipment 7,202 15,363 Furniture and fixtures 594 1,720 Leasehold improvements 429 1,104 -------- -------- 8,225 18,187 Less accumulated depreciation and amortization (6,750) (11,872) -------- -------- Net equipment and leasehold improvements 1,475 6,315 -------- -------- Deferred income taxes -- 432 Goodwill, net of accumulated amortization of $5,216 and $4,911 3,557 3,862 Investment securities 120 340 -------- -------- Total assets 23,819 50,262 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Line-of-credit 4,400 5,890 Current portion of long-term debt 10,366 13,555 Billings in excess of revenue earned 244 1,850 Accounts payable and other accrued liabilities 4,445 7,833 Accrued payroll and related benefits 1,960 3,112 -------- -------- Total current liabilities 21,415 32,240 Long-term debt, less current portion 200 5,952 -------- -------- Total liabilities 21,615 38,192 -------- -------- Stockholders' equity: Common stock, no par value. Authorized 100,000 shares; issued and outstanding 6,978 and 6,974 shares 32,191 32,185 Accumulated other comprehensive loss (253) (119) Accumulated deficit (29,734) (19,996) -------- -------- Total stockholders' equity 2,204 12,070 -------- -------- Commitments and contingencies Total liabilities and stockholders' equity $ 23,819 50,262 ======== ========
See accompanying notes to consolidated financial statements. ANALYTICAL SURVEYS, INC. AND SUBSIDIARIES Consolidated Statements of Operations Years ended September 30, 2001, 2000 and 1999 (In thousands, except per share amounts)
2001 2000 1999 ---- ---- ---- Revenues $ 40,941 60,085 103,254 ---------- ---------- ---------- Costs and expenses: Salaries, wages and benefits 25,003 44,027 57,571 Subcontractor costs 8,293 14,476 15,628 Other general and administrative 10,558 14,231 18,112 Bad debts 1,740 2,268 -- Depreciation and amortization 2,849 5,107 5,661 Impairment of goodwill -- 16,513 -- Severance and related costs 230 2,532 -- Gain on sale of assets (3,542) -- (1,084) ---------- ---------- ---------- 45,131 99,154 95,888 ---------- ---------- ---------- Earnings (loss) from operations (4,190) (39,069) 7,366 ---------- ---------- ---------- Other income (expense): Interest expense, net (1,916) (2,391) (2,698) Litigation settlement costs (748) -- -- Other, net (403) (204) 175 ---------- ---------- ---------- (3,067) (2,595) (2,523) ---------- ---------- ---------- Earnings (loss) before income taxes and extraordinary item (7,257) (41,664) 4,843 Income tax expense (benefit) 2,781 (3,294) 2,053 ---------- ---------- ---------- Earnings (loss) before extraordinary item (10,038) (38,370) 2,790 Extraordinary gain (loss) on extinguishment of debt, net of tax 300 (209) -- ---------- ---------- ---------- Net earnings (loss) $ (9,738) (38,579) 2,790 ========== ========== ========== Basic earnings (loss) per common share: Earnings (loss) before extraordinary item $ (1.44) (5.51) 0.41 Extraordinary item $ .04 (.03) -- Net earnings (loss) $ (1.40) (5.54) 0.41 Diluted earnings (loss) per common share: Earnings (loss) before extraordinary item $ (1.44) (5.51) 0.39 Extraordinary item $ .04 (.03) -- Net earnings (loss) $ (1.40) (5.54) 0.39 Weighted average common shares: Basic 6,978 6,963 6,833 Diluted 6,989 7,049 7,177
See accompanying notes to consolidated financial statements. [ANALYTICAL SURVEYS, INC. LOGO] PRESS RELEASE -------------------------------------------------------------------------------- CONTACTS: Analytical Surveys, Inc. Pfeiffer High Public Relations, Inc. Michael Renninger Geoff High Chief Financial Officer 303/393-7044 mrenninger@anlt.com geoff@pfeifferhigh.com ANALYTICAL SURVEYS OBTAINS NEW WAIVER AGREEMENT AND AMENDMENT TO CREDIT AGREEMENT FROM SENIOR LENDERS INDIANAPOLIS, Indiana -- January 2, 2002 - Analytical Surveys, Inc. (Nasdaq National Market-ANLT), a provider of customized data conversion and digital mapping services for the geographic information systems (GIS) and related spatial data markets, today announced it has obtained a new Waiver Agreement and Amendment to its Credit Agreement (the "Agreement") from its senior lenders. The Agreement, which was signed December 28, 2001, results in substantial debt forgiveness. The Company's Agreement with its senior lenders waives all financial covenant defaults, changes loan maturity dates and continues principal prepayment incentives. Under the Agreement, senior lenders accepted a cash payment of $1.25 million and non-convertible preferred stock with a face value of $3.2 million as payment of ASI's $4.4 million line of credit and $6.7 million of its note payable, which represents a total debt reduction of $11.1 million. The Agreement also provides for a remaining $3.0 million note payable to be reduced to zero with a cash payment of up to $875,000 by March 31, 2002. Norman Rokosh, president and CEO, said, "The completion of our new credit agreement has resulted in a substantial reduction in our overall debt load and represents a significant strategic accomplishment for the Company. We continue to pursue a variety of financing strategies that will allow us to take full advantage of our debt forgiveness opportunity and to improve our working capital position." Rokosh added, "We appreciate the continued support of our customers, lenders, shareholders and staff as we improve our balance sheet and operating results." Analytical Surveys Inc. (ASI) provides technology-enabled solutions and expert services for geospatial data management, including data capture and conversion, planning, implementation, distribution strategies and maintenance services. Through its affiliates, ASI has played a leading role in the geospatial industry for more than 40 years. The Company is dedicated to providing utilities and government with responsive, proactive solutions that maximize the value of the information and technology asset. In addition to corporate offices in Indianapolis, Indiana, ASI maintains several facilities across the United States and is listed on the Nasdaq under the symbol "ANLT." For more information, visit www.anlt.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-K.