Analysts firm closing offices in move to cut its overhead

Updated: March 4, 2008 - 9:50 PM

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Analysts International Corp. said Tuesday that it is reducing corporate overhead and consolidating back-office administrative and support functions.

The Edina-based information technology services company will close 12 administrative office locations and downsize six others, saving an estimated $4 million this year. It projects yearly savings of $6 million in the future.

The company also said it expects improved financial performance in 2008 and after.

Also on Tuesday, Analysts International said its fourth-quarter loss widened to $13 million, or 52 cents a share, from $534,000, or 2 cents a share, a year earlier.

The company incurred special charges of $13.5 million, including $1.8 million in severance and other costs connected with the start of a new strategic plan. Not counting those charges, the company said it swung to a profit of $453,000 from a loss of $531,000. Revenue rose to $87.8 million from $86.8 million.

The company's shares rose 4 cents, or 3 percent, to close Tuesday at $1.35.

DOW JONES NEWS SERVICE