<PAGE>
FORM 8-K/A
AMENDMENT NO. 2
to
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
June 26, 1998
(Date of Report)
July 2, 1997
(Date of earliest event reported)
ANALYTICAL SURVEYS, INC.
(Exact name of registrant as specified in its charter)
COLORADO
(State of incorporation)
0-13111
(Commission File Number)
084-846389
(IRS Employer Identification No.)
941 Meridian Street
Indianapolis, Indiana 46204
(Address of principal executive offices)
(317) 634-1000
(Registrant's telephone number)
<PAGE>
Item 7. Financial Statments and Exhibits
Analytical Surveys, Inc. (the "Company") acquired the outstanding
stock of MSE Corporation, Inc., 941 Meridian Street, Indianapolis,
Indiana on July 2, 1997. The Company filed a Current Report on form
8-K dated July 2, 1997 to report the transaction. Amendment No. 1
to Current Report on Form 8-K dated July 2, 1997 presents the
audited financial statements of MSE Corporation for the two years
ended December 31, 1996 and unaudited pro forma financial
information. This Amendment No. 2 to Current Report on Form 8-K
dated July 2, 1997 presents the unaudited interim condensed
consolidated financial statements of MSE as of June 30, 1997 and for
the six months ended June 30, 1997 and 1996.
MSE Corporation
Condensed Consolidated Balance Sheet
Unaudited
(000's)
<TABLE>
<CAPTION>
June 30
-------
1997
-------
<S> <C>
Assets
Current Assets
Cash............................................ $ 1,806
-------
Trade accounts receivable
Billed-net of allowance for doubtful
accounts of $254............................ 3,611
Unbilled...................................... 7,390
-------
11,001
Notes receivable-related parties................ 819
Other current assets............................ 646
-------
Total current assets...................... 14,272
Property and Equipment-net of accumulated
depreciation of $3,757.......................... 1,431
Other Assets
Notes receivable-long-term portion.............. 25
Product development costs-net of
amortization of $971.......................... 204
Other........................................... 297
-------
Total assets.............................. $16,230
-------
-------
</TABLE>
See note to financial statements.
<PAGE>
MSE Corporation
Condensed Consolidated Balance Sheet
Unaudited
(000's)
Liabilities and Stockholder's Equity
<TABLE>
<S> <C>
Current Liabilities
Notes payable, bank............................... $ 3,000
Current maturities of long-term debt.............. 172
Accounts payable-trade............................ 1,453
Employee payroll withholdings..................... 226
-------
4,851
-------
Accrued expenses
Payroll........................................ 571
Interest....................................... 2
Taxes-other than income taxes.................. 65
-------
638
-------
Total current liabilities......................... 5,489
Long-Term Debt-net of current maturities.......... 252
Other Long-Term Liability-
Deferred compensation............................. 368
-------
6,109
-------
Stockholder's Equity
Common stock, without par value
Authorized-1,000,000 shares
Issued-100,000 shares............................. 136
Retained earnings................................. 9,985
-------
Total Stockholder's Equity 10,121
-------
Total $16,230
-------
-------
</TABLE>
See note to financial statements.
<PAGE>
MSE Corporation
Condensed Consolidated Statement of Income and Retained Earnings
Unaudited
(000's)
<TABLE>
<CAPTION>
Six months ended
June 30
--------------------
1997 1996
------- --------
<S> <C> <C>
Revenue......................................... $13,673 $10,136
------- --------
Operating Expenses
Salaries, wages and fringe benefits.......... 6,602 5,857
Facilities expense........................... 800 774
Depreciation and amortization................ 608 551
Sub-contract expenses........................ 2,253 683
Supplies..................................... 350 293
Bad debt expense............................. 118 89
Other administrative expenses................ 1,379 1,305
------- --------
12,110 9,552
------- --------
Operating Income................................ 1,563 584
------- --------
Other Income (Expense)
Interest expense............................. (125) (101)
Interest income.............................. 27 8
Gain (loss) on sale of assets................ (4) 9
------- --------
(102) (83)
------- --------
Net Income...................................... 1,461 501
Retained Earnings, Beginning of Period.......... 8,697 7,337
Dividends declared and paid.................. (173) (209)
------- --------
Retained Earnings, End of Period................ $ 9,985 $ 7,629
------- --------
------- --------
</TABLE>
See note to financial statements
<PAGE>
MSE Corporation
Condensed Consolidated Statement of Cash Flows
Unaudited
(000's)
<TABLE>
<CAPTION>
Six months ended
June 30
--------------------
1997 1996
------- --------
<S> <C> <C>
Operating Activities
Net income.................................................. $1,461 $ 501
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization............................. 608 551
Provision for doubtful accounts and notes receivable...... 118 89
Changes in
Trade accounts receivable............................... 144 (655)
Other current assets.................................... (256) (494)
Accounts payable-trade.................................. 343 (313)
Employee payroll withholdings and accrued expenses...... 218 7
Deferred compensation................................... (834) 130
------ -----
Net cash provided (used) by operating activities...... 1,802 (184)
------ -----
Investing Activities
Purchases of property and equipment......................... (100) (262)
Proceeds from disposals of property and equipment........... 37 20
Increase in product development costs....................... (36) (235)
------ -----
Net cash (used) by investing activities............... (99) (477)
------ -----
Financing Activities
Proceeds from long-term debt................................ 637 1,642
Principal payments of long term debt........................ (464) (800)
Dividends paid.............................................. (173) (209)
------ -----
Net cash provided (used) by financing activities...... -- 632
------ -----
Increase (decrease) in Cash.................................... 1,703 (29)
Cash, Beginning of Period...................................... 103 52
------ -----
Cash, End of Period............................................ $1,806 $ 23
------ -----
------ -----
Supplemental disclosure
Interest paid.............................................. $ 144 $ 113
</TABLE>
See note to financial statements
<PAGE>
MSE Corporation
Note to Interim Condensed Consolidated Financial Statements
(Unaudited)
Six months ended June 30, 1997
1. Summary of Significant Accounting Policies
The accompanying interim condensed consolidated financial statements have
been prepared by management in accordance with the accounting policies
described in the MSE Corporation audited financial statements for the two
years ended December 31, 1996. The financial statements have not been
audited by independent auditors. Certain information and note disclosures
normally included in consolidated financial statements prepared in accordance
with generally accepted accounting principles have been omitted. These
condensed consolidated financial statements should be read in conjunction
with the audited financial statements and related notes for the two years
ended December 31, 1996 included in the Current Report on Form 8-K/A dated
Septemeber 8, 1997 of Analytical Surveys, Inc.
The financial statements reflect all adjustments which are, in the opinion of
management, necessary to present fairly the financial position of MSE
Corporation at June 30, 1997 and its results of operations for the six months
ended June 30, 1996 and 1997, and its cash flows for the six months ended
June 30, 1996 and 1997. All such adjustments are of a normal recurring
nature.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Analytical Surveys, Inc.
Date: June 26, 1998 by: /s/ Scott C. Benger
------------- Secretary/Treasurer
