We present an approximate analytical model to estimate throughput capacity and expected waiting times for move requests of an Automated Guided Vehicle System(AGVS) used in manufacturing. This analytical model considers an empty vehicle dispatching rule, namely, the First-Come-First-Served(FCFS) rule. The performance of the analytical model is tested extensively through simulation. Using this model one can rapidly evaluate a wide range of handling and layout alternatives for given flow data. Hence, the model would be most effective when used early in the design phase to narrow down the set of alternative handling systems and configurations prior to simulation.