Analytical Surveys, Inc., 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. Details of the Agreement will be reported in a separate press release to be issued. 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. 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.
