SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 2000
ANALYTICAL SURVEYS, INC.
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(Exact name of Registrant as specified in its charter)
Colorado 0-13111 84-0846389
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
941 Meridian Street, Indianapolis, IN 46204
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(Address or principal executive offices) (Zip Code)
Registrant's telephone number, including area code (317) 634-1000
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(Former name or former address, if changed since last report): Not applicable
<PAGE>
Item 5. OTHER EVENTS
See Exhibit 99 to this Form 8-K.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits. Exhibit 99. Analytical Surveys, Inc. Press Release
issued January 27, 2000
Pursuant to the requirements of the Securities 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:February 2, 2000 By: /s/ Dr.James T. Rothe
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Dr. James T. Rothe
Chairman of the Board
EXHIBIT 99
Analytical Surveys, Inc. Commences Detailed Review Of Contract
Cost-of-Completion Estimates
INDIANAPOLIS, Jan. 27 -- Analytical Surveys, Inc., (ASI) (Nasdaq: ANLT - news),
a leading provider of customized data conversion and digital mapping services
for geographic information systems (GIS) and related "spatial data" markets,
today reported that it is conducting a detailed review of its cost-of-completion
assumptions related to its contracts. Based on preliminary results of this
review, the Company may be required to restate financial results for its fiscal
year ended September 30, 1999, and will report results for its first quarter
ended December 31, 1999, reflecting higher completion costs and lower revenues
and earnings per share than those anticipated in its December 30, 1999 news
release. In light of the ongoing review, the Company is not yet in a position to
give any guidance for expected financial results for fiscal 2000.
On December 30, 1999, the Company reported it was adjusting downward year-end
financial results announced on November 11, 1999, based upon a review of
cost-of-completion projections for certain contracts. The review announced today
is a comprehensive, in-depth examination of all the Company's contracts.
Sol C. Miller, chief executive officer, stated, "We are committed to completing
a thorough analysis of cost assumptions for all contracts and releasing
financial results as promptly as possible. This review is being actively
supervised by the Audit Committee of the board of directors."
Miller added, "The issues regarding financial results have not, and will not,
interfere with delivering to our customers the highest quality service possible.
The skilled Company professionals who serve our clients are determined to
maintain and enhance the Company's reputation as the premier provider of
advanced data conversion and spatial data management, all backed by the finest
customer support."
Analytical Surveys is an industry leader in providing customized data
conversion, digital mapping and consulting services for the spatial data
markets. Geospatial data is used for a variety of applications, including the
creation of geographic information systems (GIS). A GIS is a high-resolution,
large-scale, richly detailed "intelligent map" that allows users to input,
update, query, analyze and display detailed information about a geographic area.
Geographic information systems are widely used by utilities, state and local
governments, federal agencies and commercial businesses to manage massive
infrastructures effectively, to improve operating efficiencies and to analyze
future demand for facilities. The Company's traditional markets have been
utilities and state and local governments. The Company also is expanding its
target markets by offering a broad new range of services.
Certain statements made in this news release are forward-looking statements
within the meaning of the Private Securities Litigation Act of 1995. Results may
differ materially from the Company's expectations. A number of uncertainties and
other factors could cause actual results to differ materially from such
forward-looking statements, including, but not limited to, the possibility that
the Company will not be awarded contracts in the numbers, for the amounts, or at
the time that the Company currently expects, and therefore, that overall
contract volume does not increase. The forward-looking statements are also based
on assumptions related to the growth of the Company's consulting services, as to
which there can be no assurance. A more detailed description of factors that
could affect the Company's financial results are included in the Company's
Annual Report on Form 10-K and other filings with the Securities and Exchange
Commission.
