Server: Microsoft-IIS/3.0 Date: Fri, 19 Dec 1997 00:26:13 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Mon, 06 Oct 1997 05:54:00 GMT Content-Length: 16909
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COLORADO SPRINGS, Colorado -- Analytical Surveys, Inc. (Nasdaq National Market-ANLT), a leading provider of digital mapping and Geographical Information Systems (GIS) database services, today reported record sales and earnings results for its fiscal year and fourth quarter ended September 30, 1996. Year-end sales advanced 67% to $22.7 million compared with $13.5 million in fiscal 1995. Net earnings increased 62% to $1.9 million, or 38 cents per share, from $1.2 million, or 27 cents per share, in 1995. Fourth quarter sales were up 96% to $7.4 million from $3.8 million in the fourth quarter last year. Net earnings for the quarter increased to $634,824, or 12 cents per share, from $429,780, or 10 cents per share, last year. In commenting on ASI's performance, Sidney V. Corder, president and CEO, said, "We took several steps during the year to accelerate our growth rate, and we are pleased that our efforts were quickly reflected in our financial results. We are especially encouraged with the long-term growth opportunities ASI faces as a result of what was accomplished in fiscal 1996." In the first quarter, ASI acquired Wisconsin-based Intelligraphics International, a highly regarded provider of GIS mapping services to domestic and international utility customers. In the fourth quarter, ASI acquired Westinghouse Landmark GIS, a leading provider of deeds research tax mapping based in North Carolina. In fiscal 1996, both businesses had a positive impact on ASI's sales and earnings growth, and moreover, they positioned the Company to capitalize on the rapid growth of the GIS industry. In addition to expanding ASI's capacity within two important GIS service sectors, the acquisitions increased the Company's presence within important new domestic and international markets. Other important events of 1996 included a 3-for-2 stock split, which increased the Company's total common shares outstanding to approximately 4.8 million. The split was designed to both improve the long-term liquidity of ASI's stock, and increase the Company's profile among institutional investors. ASI also was awarded several important contracts during the year, which combined to push the Company's backlog to an all-time high of $40 million. A fourth-quarter contract issued to the Intelligraphics division was by far the largest single order ever awarded to ASI. Analytical Surveys began fiscal 1997 in strong financial condition. At September 30, 1996, the Company reported total assets of $21 million, working capital of $9.9 million, stockholders' equity of $10.8 million and a current ratio of 2.6:1. "The accomplishments of fiscal 1996 were a tribute to the hard work of employees throughout the ASI family," Corder said. "We also greatly appreciate the confidence our customers have shown in the Company, and we will continue our efforts to become the industry's most comprehensive and service-oriented provider of GIS database information." Analytical Surveys is America's technology leader in providing data conversion services and products for municipal, utility, government and commercial customers. ASI specializes in converting paper based maps, aerial photography and other information formats into digital form using technologies such as photogrammetry and digital orthophotography. The resulting digital mapping systems allow ASI's customers to easily access, analyze and make alterations to GIS data on computers.
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