Market Overview

Heartland Advisors Issues Statement Calling for New Board Members at Analysts International Corporation


Heartland Advisors, investment advisor to the Heartland Funds, today filed an updated 13D and called for new members of the Board of Directors of Analysts International Corporation (NASDAQ: ANLY) (“AIC”). Heartland Advisors is the largest stockholder of AIC, with 9.4% of shares outstanding.

In a letter to the current AIC Board of Directors (the “Board”), including independent Chairman Douglas Neve, Heartland Advisors cited specific issues it believes are causing the company to be discounted in the marketplace including: lack of a focused business strategy; failure to adopt corporate governance best practices; and failure to align the current Board interests with shareholders.

In a letter to current Board members, Heartland wrote: “We are willing to work constructively with the Board and management to help resolve these issues; additionally, the company should be open to all strategic alternatives that would maximize shareholder value.

“There is an urgent need for change at Analysts International Corp. Heartland Advisors has identified three highly-qualified, independent candidates who should immediately be added to the Board. These candidates will help position the company for success and work constructively with the Board and management to explore ways to build value for the benefit of all shareholders.

“We are cognizant of the current by-laws adopted by the AIC Board. Specifically, it is our understanding that the AIC Board has the power to appoint two additional individuals to the Board without calling a special meeting, amending existing by-laws or incurring costs (that are ultimately borne by shareholders). Additionally, we are aware of the potential upcoming retirement of current Board members. In an effort to expedite value creation and minimize costs, we suggest that the AIC Board either: a) amend its current by-laws and expand the Board to accommodate three new members or b) encourage a current Board member to retire and appoint three new members.”

The letter was signed by Bill Nasgovitz (Chairman, CIO and Portfolio Manager) and Jason Schacht and Andy Fleming, Research Analysts. Heartland Advisors occasionally pursues activism to promote changes that it believes will help unlock currently unrecognized shareholder value.

About Heartland

Established in 1983, Heartland Advisors, Inc. is an independently owned equity value investment manager based in Milwaukee, Wisconsin. As of March 31, 2013, the Firm managed approximately $5.7 billion. The Heartland family of value-driven, actively managed portfolios includes distinct U.S. and international strategies, offered through five separately managed account portfolios and four mutual funds: Heartland Value Fund (Investor: HRTVX), Heartland Value Plus Fund (Investor: HRVIX), Heartland Select Value Fund (Investor: HRSVX), and Heartland International Value Fund (HINVX). Learn more at

Portfolio holdings are subject to change. Current and future holdings are subject to risk. Statements regarding securities are not recommendations to buy or sell the securities discussed, but rather illustrations of our value investment strategy. Such statements represent the portfolio manager's views when made and are subject to change at any time based on market and other considerations.

Heartland Advisors
Cam Stephenson
(414) 977-8762

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