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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 |
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FORM 8-K |
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CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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Date of report (Date of earliest event reported): July 29, 2009 |
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ACXIOM CORPORATION (Exact Name of Registrant as Specified in Its Charter) |
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DELAWARE (State or Other Jurisdiction of Incorporation)
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0-13163 |
71-0581897 | ||
(Commission File Number) |
(IRS Employer Identification No.) | ||
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601 E. Third St., Little Rock, Arkansas |
72201 | ||
(Address of Principal Executive Offices) |
(Zip Code) | ||
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501-342-1000 | |||
(Registrants Telephone Number, Including Area Code) | |||
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Not Applicable | |||
(Former Name or Former Address, if Changed Since Last Report) | |||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On July 29, 2009, Acxiom Corporation (the Company) issued a press release announcing the results of its financial performance for the first quarter of fiscal year 2010. The Company will hold a conference call at 4:30 p.m. CDT today to discuss this information further. Interested parties are invited to listen to the call, which will be broadcast via the Internet at www.acxiom.com. The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.
The Companys press release and other communications from time to time include certain non-GAAP financial measures. A non-GAAP financial measure is defined as a numerical measure of a companys financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the Companys financial statements.
The attached press release utilizes a non-GAAP measure of free cash flow available to equity. Free cash flow available to equity is defined as operating cash flow less cash used by investing activities (excluding the impact of cash paid in acquisitions), less required payments of debt. The Companys management believes that this measure of free cash flow available to equity is superior to the previously reported free cash flow, since it represents the amount of money available for the Companys discretionary spending after funding all required obligations including scheduled debt payments, and it therefore provides a useful measure of liquidity for assessing the amount of cash available for general corporate and strategic purposes. Free cash flow available to equity is reconciled to operating cash flow, the nearest comparable GAAP measure, in a schedule to the press release.
The attached press release also includes a measure diluted earnings per share before excluded items for the quarter ended June 30, 2008. This measure is presented on a non-GAAP basis by excluding the earnings per share impact of unusual items. Management believes this is a meaningful measure since the unusual items are not relevant for a comparison to the Companys operations in the current period. This non-GAAP measure is reconciled to the comparable GAAP earnings measure within the body of the press release.
The attached press release also includes a measure of revenue excluding pass-through revenue from an Information Products contract for the prior-year period. The contract has been modified such that pass-through revenue is no longer recognized for the contract. Management believes this is a meaningful measure for comparison to revenue for the current year since revenue for the current year does not include pass-through revenue. The non-GAAP measure of revenue is reconciled to GAAP revenue within the body of the press release.
The non-GAAP financial measures used by the Company in the attached press release may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as a substitute for measures of performance or liquidity prepared in accordance with GAAP.
Item 9.01 |
Financial Statements and Exhibits |
(c) |
Exhibits |
The following exhibits are furnished herewith:
Exhibit |
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Description |
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99.1 |
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Press Release of the Company dated July 29, 2009 announcing first quarter earnings for fiscal year 2010. |
SIGNATURE
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.
Dated: |
July 29, 2009 |
ACXIOM CORPORATION
By: /s/ Jerry C. Jones
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Name: |
Jerry C. Jones |
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Title: |
Chief Legal Officer & Sr. Vice President |
EXHIBIT INDEX
Exhibit |
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Description |
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99.1 |
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Press Release of the Company dated July 29, 2009 announcing first quarter earnings for fiscal year 2010. |
For more information, contact:
Katharine Boyce
Investor Relations Coordinator
Acxiom Corporation
(501) 342-1321
Investor.relations@acxiom.com
EACXM
Acxiom Announces First Quarter Fiscal Year 2010 Results
LITTLE ROCK, Ark. July 29, 2009 Acxiom® Corporation (Nasdaq: ACXM), a global leader in interactive marketing, today announced financial results for the first quarter of fiscal year 2010 ended June 30, 2009. Acxiom will hold a conference call at 4:30 p.m. CDT today to further discuss this information. Interested parties are invited to listen to the call, which will be broadcast via the Internet at www.acxiom.com.
John Meyer, Acxioms chief executive officer and president, said, We continue to feel the effects of our clients limiting or delaying their marketing spending. Despite the challenging economic environment, we are committed to our strategic plan for long-term investment in our business. We have a strong balance sheet, and we remain focused on sales discipline, expense management and cash flow. We believe these efforts will position us well for both revenue and operating income growth when the economy begins to recover.
First Quarter 2010 Highlights:
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Earnings per diluted share of $0.05 in the first quarter of fiscal 2010, compared to earnings per diluted share of $0.12 in the first quarter of fiscal 2009, before the effect of unusual gain items. GAAP diluted earnings per share in the prior-year period were $0.14, which included $0.02 in unusual gain items. |
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Income from operations of $12.5 million in the current year first quarter, compared to income from operations of $25.6 million in the first quarter last year. |
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Revenue of $256.0 million in the current quarter, compared to $308.9 million, excluding an Information Products pass-through contract, in the first quarter a year ago. GAAP revenue in the prior period was $331.1 million, which included pass-through revenue from the Information Products contract of approximately $22.2 million. This contract was modified in the fourth quarter of fiscal 2009, and the company no longer recognizes pass-through revenue from this contract. |
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Operating cash flow of $16.2 million compared to $28.5 million in the first quarter a year ago. Operating cash flow during the current quarter included approximately $23 million of incentive compensation payments earned in fiscal 2009. |
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Free cash flow available to equity of negative $13.2 million, compared to negative $9.6 million in the first quarter a year ago. Free cash flow available to equity is a non-GAAP financial measure; a reconciliation to the comparable GAAP measure, operating cash flow, is attached to this news release. |
Operational Highlights:
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Information Services: Revenue for the quarter was $199.3 million, compared to $236.7 million in the first quarter of the previous year. Income from operations for the quarter was $25.5 million, compared to $38.6 million in the first quarter of fiscal 2009. |
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Information Products: Revenue for the quarter was $56.7 million, compared with $72.2 million, excluding the pass-through revenue from the Information Products contract referenced above, in the first quarter a year ago. GAAP revenue in the prior period was $94.4 million, which included revenue from the Information Products pass-through contract of approximately $22.2 million. This contract was modified in the fourth quarter of fiscal 2009, and the company no longer recognizes pass-through revenue from this contract. Loss from operations for the quarter was $0.1 million, compared to income from operations of $4.6 million in the first quarter of the previous year. |
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Corporate and Other Expenses: Corporate and other expenses for the quarter totaled $12.9 million, compared to $17.6 million for the period ended June 30, 2008. |
Web Link to Financials
You may link to http://www.acxiom.com/FY10_Q1_Financials for the detailed financial information we typically attach to our earnings releases.
About Acxiom
A global leader in interactive marketing services and infrastructure management, Acxiom connects clients with their customers through deep customer insight, powering effective and profitable marketing initiatives and business decisions. Our consultative approach spans multiple industries and incorporates decades of experience in consumer data and analytics, information technology, data integration and consulting solutions for effective marketing across digital, Internet, email, mobile and direct mail channels. Our secure, high-performance technology services deliver consistent value and reliability. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, and serves clients around the
world from locations in the United States, Europe and Asia-Pacific. For more information about Acxiom, visit www.acxiom.com.
Forward Looking Statements
This release and todays conference call may contain forward-looking statements including statements that the company is positioned for revenue and operating income growth when the economy begins to recover. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The following are factors, among others, that could cause actual results to differ materially from these forward-looking statements: the possibility that certain contracts may not generate the anticipated revenue or profitability or may not be closed within the anticipated time frames; the possibility that significant customers may experience extreme, severe economic difficulty or otherwise reduce the amount of business they do with us; the possibility that we will not successfully complete customer contract requirements on time or meet the service levels specified in the contracts, which may result in contract penalties or lost revenue; the possibility that we may not be able to attract, retain or motivate qualified technical, sales and leadership associates, or that we may lose key associates to other organizations; the possibility that we will not be able to continue to receive credit upon satisfactory terms and conditions; the possibility that negative changes in economic conditions in general or other conditions might lead to a reduction in demand for our products and services; the possibility that there will be changes in consumer or business information industries and markets that negatively impact the company; the possibility that the historical seasonality of our business may change; the possibility that we will not be able to achieve cost reductions and avoid unanticipated costs; the possibility that the fair value of certain of our assets may not be equal to the carrying value of those assets now or in future time periods; the possibility that changes in accounting pronouncements may occur and may impact these forward-looking statements; the possibility that we may encounter difficulties when entering new markets or industries; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption Item 1A, RISK FACTORS in our Annual Report on Form 10-K for the year ended March 31, 2009, which was filed with the Securities and Exchange Commission on May 29, 2009.
With respect to the provision of products or services outside our primary base of operations in the United States, all of the above factors apply, along with the difficulty of doing business in numerous sovereign jurisdictions due to differences in scale, competition, culture, laws and regulations.
We undertake no obligation to update the information contained in this press release or any other forward-looking statement.
Acxiom is a registered trademark of Acxiom Corporation.
ACXIOM CORPORATION AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
(Unaudited) | ||||||||||
(Dollars in thousands, except earnings per share) | ||||||||||
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For the Three Months Ended | |||||
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June 30, | |||||
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$ |
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2009 |
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2008 |
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Variance |
Variance |
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Revenue: |
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Services |
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199,326 |
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236,695 |
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(37,369) |
(15.8%) |
Products |
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56,655 |
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94,378 |
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(37,723) |
(40.0%) | |
Total revenue |
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255,981 |
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331,073 |
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(75,092) |
(22.7%) | |
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Operating costs and expenses: |
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Cost of revenue |
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Services |
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159,576 |
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178,861 |
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19,285 |
10.8% | |
Products |
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45,919 |
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77,717 |
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31,798 |
40.9% | |
Total cost of revenue |
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205,495 |
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256,578 |
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51,083 |
19.9% | ||
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Services gross margin |
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19.9% |
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24.4% |
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Products gross margin |
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18.9% |
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17.7% |
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Total gross margin |
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19.7% |
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22.5% |
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Selling, general and administrative |
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37,643 |
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49,482 |
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11,839 |
23.9% | |||
Gains, losses and other items, net |
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347 |
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(545) |
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(892) |
(163.7%) | |||
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Total operating costs and expenses |
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243,485 |
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305,515 |
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62,030 |
20.3% | |||
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Income from operations |
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12,496 |
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25,558 |
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(13,062) |
(51.1%) | ||
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Other income (expense): |
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Interest expense |
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(5,505) |
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(9,459) |
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3,954 |
41.8% | |
Other, net |
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(118) |
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1,359 |
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(1,477) |
(108.7%) | |
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Total other income (expense) |
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(5,623) |
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(8,100) |
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2,477 |
30.6% | ||
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Earnings before income taxes |
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6,873 |
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17,458 |
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(10,585) |
(60.6%) | ||
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Income taxes |
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2,679 |
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6,808 |
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4,129 |
60.6% | |
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Net earnings |
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4,194 |
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10,650 |
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(6,456) |
(60.6%) | |
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Earnings per share: |
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Basic |
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0.05 |
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0.14 |
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(0.09) |
(64.3%) |
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Diluted |
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0.05 |
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0.14 |
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(0.09) |
(64.3%) |
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ACXIOM CORPORATION AND SUBSIDIARIES | |||||||
CALCULATION OF EARNINGS PER SHARE | |||||||
(Unaudited) | |||||||
(In thousands, except earnings per share) | |||||||
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For the Three Months Ended | ||
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June 30, |
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June 30, |
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2009 |
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2008 |
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Basic earnings per share: |
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Numerator - net earnings |
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4,194 |
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10,650 | ||
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Denominator - weighted-average shares outstanding |
78,667 |
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77,402 | ||||
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Basic earnings per share |
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0.05 |
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0.14 | ||
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Diluted earnings per share: |
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Numerator - net earnings |
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4,194 |
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10,650 | ||
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Denominator - weighted-average shares outstanding |
78,667 |
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77,402 | ||||
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Dilutive effect of common stock options, warrants and restricted stock |
345 |
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354 | ||||
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79,012 |
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77,756 |
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Diluted earnings per share |
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0.05 |
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0.14 |
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5 |
ACXIOM CORPORATION AND SUBSIDIARIES | |||||||
RESULTS BY SEGMENT | |||||||
(Unaudited) | |||||||
(Dollars in thousands) | |||||||
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For the Three Months Ended | ||
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June 30, |
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June 30, |
Revenue: |
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2009 |
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2008 |
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Information services |
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199,326 |
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236,695 | |
Information products |
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56,655 |
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94,378 | |
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Total revenue |
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255,981 |
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331,073 | |
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Income from operations: |
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Information services |
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25,516 |
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38,626 | |
Information products |
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(146) |
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4,578 | |
Corporate & other |
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(12,874) |
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(17,646) | |
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Total income from operations |
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12,496 |
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25,558 | ||
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Margin: |
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Information services |
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12.8% |
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16.3% | |
Information products |
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-0.3% |
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4.9% | |
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Total margin |
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4.9% |
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7.7% | |
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6 |
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ACXIOM CORPORATION AND SUBSIDIARIES | ||||||||
PRODUCTS REVENUE AND COST OF PRODUCTS SUPPLEMENTAL SCHEDULE | ||||||||
(Unaudited) | ||||||||
(Dollars in thousands) | ||||||||
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For the Three Months Ended | |||||
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June 30, |
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June 30, |
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$ |
% |
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2009 |
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2008 |
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Variance |
Variance |
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Products |
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56,655 |
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72,164 |
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(15,509) |
(21.5%) |
Passthrough data |
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- |
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22,214 |
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(22,214) |
(100.0%) | |
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Total products revenue |
56,655 |
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94,378 |
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(37,723) |
(40.0%) | ||
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Cost of products revenue: |
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Products |
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45,919 |
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55,503 |
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9,584 |
17.3% | |
Passthrough data |
|
- |
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22,214 |
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22,214 |
100.0% | |
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Total cost of products |
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45,919 |
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77,717 |
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31,798 |
40.9% | |
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Margin: |
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Products |
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18.9% |
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23.1% |
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Passthrough data |
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0.0% |
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0.0% |
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Total products |
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18.9% |
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17.7% |
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7 |
ACXIOM CORPORATION AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Unaudited) | ||||||
(Dollars in thousands) | ||||||
|
June 30, |
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March 31, |
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$ |
% |
|
2009 |
|
2009 |
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Variance |
Variance |
Assets |
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Current assets: |
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Cash and cash equivalents |
167,670 |
|
177,166 |
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(9,496) |
(5.4%) |
Trade accounts receivable, net |
189,980 |
|
184,814 |
|
5,166 |
2.8% |
Refundable income taxes |
- |
|
4,579 |
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(4,579) |
(100.0%) |
Deferred income taxes |
45,698 |
|
45,641 |
|
57 |
0.1% |
Other current assets |
52,678 |
|
46,873 |
|
5,805 |
12.4% |
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Total current assets |
456,026 |
|
459,073 |
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(3,047) |
(0.7%) |
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Property and equipment |
760,669 |
|
745,999 |
|
14,670 |
2.0% |
Less - accumulated depreciation and amortization |
548,030 |
|
531,410 |
|
16,620 |
3.1% |
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Property and equipment, net |
212,639 |
|
214,589 |
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(1,950) |
(0.9%) |
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Software, net of accumulated amortization |
49,301 |
|
52,798 |
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(3,497) |
(6.6%) |
Goodwill |
465,003 |
|
454,944 |
|
10,059 |
2.2% |
Purchased software licenses, net of accumulated amortization |
59,283 |
|
65,341 |
|
(6,058) |
(9.3%) |
Deferred costs, net |
67,799 |
|
70,343 |
|
(2,544) |
(3.6%) |
Data acquisition costs |
30,835 |
|
31,317 |
|
(482) |
(1.5%) |
Other assets, net |
16,466 |
|
18,938 |
|
(2,472) |
(13.1%) |
|
1,357,352 |
|
1,367,343 |
|
(9,991) |
(0.7%) |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current installments of long-term debt |
34,985 |
|
40,967 |
|
(5,982) |
(14.6%) |
Trade accounts payable |
27,284 |
|
27,701 |
|
(417) |
(1.5%) |
Accrued payroll and related expenses |
22,671 |
|
44,823 |
|
(22,152) |
(49.4%) |
Other accrued expenses |
82,715 |
|
86,072 |
|
(3,357) |
(3.9%) |
Deferred revenue |
55,099 |
|
54,991 |
|
108 |
0.2% |
Income taxes |
607 |
|
- |
|
607 |
- |
|
|
|
|
|
|
|
Total current liabilities |
223,361 |
|
254,554 |
|
(31,193) |
(12.3%) |
|
|
|
|
|
|
|
Long-term debt |
533,470 |
|
537,272 |
|
(3,802) |
(0.7%) |
|
|
|
|
|
|
|
Deferred income taxes |
60,983 |
|
58,526 |
|
2,457 |
4.2% |
|
|
|
|
|
|
|
Other liabilities |
8,765 |
|
9,321 |
|
(556) |
(6.0%) |
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock |
11,611 |
|
11,576 |
|
35 |
0.3% |
Additional paid-in capital |
804,874 |
|
800,094 |
|
4,780 |
0.6% |
Retained earnings |
446,144 |
|
441,950 |
|
4,194 |
0.9% |
Accumulated other comprehensive income |
7,856 |
|
(6,238) |
|
14,094 |
(225.9%) |
Treasury stock, at cost |
(739,712) |
|
(739,712) |
|
0 |
0.0% |
|
|
|
|
|
|
|
Total stockholders' equity |
530,773 |
|
507,670 |
|
23,103 |
4.6% |
|
|
|
|
|
|
| ||||||
|
1,357,352 |
|
1,367,343 |
|
(9,991) |
(0.7%) | ||||||
|
8 |
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited) | |||
(Dollars in thousands) | |||
|
|
|
|
|
For the Three Months Ended | ||
|
|
|
|
|
June 30, | ||
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
Cash flows from operating activities: |
|
|
|
Net earnings (loss) |
4,194 |
|
10,650 |
Non-cash operating activities: |
|
|
|
Depreciation and amortization |
40,595 |
|
53,893 |
Loss on disposal or impairment of assets, net |
(2) |
|
(2,111) |
Deferred income taxes |
2,496 |
|
2,715 |
Non-cash stock compensation expense |
2,388 |
|
2,604 |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
(4,335) |
|
(16,258) |
Other assets |
4,651 |
|
9,376 |
Deferred costs |
(906) |
|
(616) |
Accounts payable and other liabilities |
(32,015) |
|
(31,296) |
Deferred revenue |
(900) |
|
(484) |
Net cash provided by operating activities |
16,166 |
|
28,473 |
Cash flows from investing activities: |
|
|
|
Capitalized software |
(2,384) |
|
(5,011) |
Capital expenditures |
(7,431) |
|
(5,706) |
Cash collected from sale and license of software |
- |
|
2,000 |
Data acquisition costs |
(5,777) |
|
(8,622) |
Payments received from investments |
- |
|
2,494 |
Net cash paid in acquisitions |
- |
|
(35) |
Net cash used by investing activities |
(15,592) |
|
(14,880) |
Cash flows from financing activities: |
|
|
|
Payments of debt |
(13,724) |
|
(23,304) |
Dividends paid |
- |
|
(4,649) |
Sale of common stock |
2,427 |
|
3,273 |
Tax benefit of stock options exercised |
- |
|
60 |
Acquisition of treasury stock |
(307) |
|
- |
Net cash used by financing activities |
(11,604) |
|
(24,620) |
Effect of exchange rate changes on cash |
1,534 |
|
165 |
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(9,496) |
|
(10,862) |
Cash and cash equivalents at beginning of period |
177,166 |
|
62,661 |
Cash and cash equivalents at end of period |
167,670 |
|
51,799 |
|
|
|
|
Supplemental cash flow information: |
|
|
|
Cash paid (received) during the period for: |
|
|
|
Interest |
5,258 |
|
9,354 |
Income taxes |
(5,052) |
|
42 |
Payments on capital leases and installment payment arrangements |
7,794 |
|
12,879 |
Payments on software and data license liabilities |
3,878 |
|
8,368 |
Other debt payments, excluding line of credit |
2,052 |
|
2,057 |
Noncash investing and financing activities: |
|
|
|
Acquisition of property and equipment under capital lease |
|
|
|
and installment payment arrangements |
3,823 |
|
1,824 |
|
9 |
|
|
|
|
|
|
|
|
|
ACXIOM CORPORATION AND SUBSIDIARIES | ||||||||
CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY | ||||||||
AND RECONCILIATION TO OPERATING CASH FLOW | ||||||||
(Unaudited) | ||||||||
(Dollars in thousands) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
06/30/08 |
09/30/08 |
12/31/08 |
03/31/09 |
FY2009 |
|
06/30/09 |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
28,473 |
86,803 |
78,913 |
74,652 |
268,841 |
|
16,166 | |
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
| |
|
Sale of assets |
- |
24,174 |
- |
- |
24,174 |
|
- |
|
Payments received from investments |
2,494 |
102 |
- |
3 |
2,599 |
|
- |
|
Disposition of operations |
- |
- |
- |
- |
- |
|
- |
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
| |
|
Capitalized software |
(5,011) |
(4,118) |
(3,872) |
(3,238) |
(16,239) |
|
(2,384) |
|
Capital expenditures |
(5,706) |
(7,245) |
(6,232) |
(12,266) |
(31,449) |
|
(7,431) |
|
Data acquisition costs |
(8,622) |
(6,507) |
(7,825) |
(7,607) |
(30,561) |
|
(5,777) |
|
Payments on capital leases and installment payment arrangements |
(12,879) |
(11,204) |
(9,033) |
(7,673) |
(40,789) |
|
(7,794) |
|
Payments on software and data license liabilities |
(8,368) |
(8,420) |
(3,099) |
(3,330) |
(23,217) |
|
(3,878) |
|
Other required debt payments |
(2,057) |
(2,073) |
(2,061) |
(2,073) |
(8,264) |
|
(2,052) |
|
|
|
|
|
|
|
|
|
Subtotal |
(11,676) |
71,512 |
46,791 |
38,468 |
145,095 |
|
(13,150) | |
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
| |
|
Tax benefit of stock options and warrants |
60 |
55 |
- |
(81) |
34 |
|
- |
|
|
|
|
|
|
|
|
|
Subtotal |
(11,616) |
71,567 |
46,791 |
38,387 |
145,129 |
|
(13,150) | |
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
| |
|
Cash collected from sale of software |
2,000 |
- |
- |
- |
2,000 |
|
- |
|
|
|
|
|
|
|
|
|
Total |
(9,616) |
71,567 |
46,791 |
38,387 |
147,129 |
|
(13,150) | |
|
|
|
|
|
|
|
|
|
|
10 |
|
ACXIOM CORPORATION AND SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Unaudited) | ||||||||||||||
|
(Dollars in thousands, except earnings per share) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 FY09 to Q1 FY10 |
|
|
|
| |
|
|
06/30/08 |
09/30/08 |
12/31/08 |
03/31/09 |
FY2009 |
|
06/30/09 |
|
% |
$ |
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Services |
236,695 |
233,605 |
231,077 |
218,885 |
920,262 |
|
199,326 |
|
-15.8% |
(37,369) |
|
|
|
|
|
Products |
94,378 |
95,330 |
89,979 |
76,624 |
356,311 |
|
56,655 |
|
-40.0% |
(37,723) |
|
|
|
|
|
Total revenue |
331,073 |
328,935 |
321,056 |
295,509 |
1,276,573 |
|
255,981 |
|
-22.7% |
(75,092) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
178,861 |
180,986 |
173,433 |
161,060 |
694,340 |
|
159,576 |
|
10.8% |
19,285 |
|
|
|
|
|
Products |
77,717 |
77,038 |
70,487 |
55,604 |
280,846 |
|
45,919 |
|
40.9% |
31,798 |
|
|
|
|
|
Total cost of revenue |
256,578 |
258,024 |
243,920 |
216,664 |
975,186 |
|
205,495 |
|
19.9% |
51,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
49,482 |
38,988 |
42,560 |
38,930 |
169,960 |
|
37,643 |
|
23.9% |
11,839 |
|
|
|
|
|
Gains, losses and other items, net |
(545) |
(2,370) |
43,175 |
(1,694) |
38,566 |
|
347 |
|
-163.7% |
(892) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses |
305,515 |
294,642 |
329,655 |
253,900 |
1,183,712 |
|
243,485 |
|
20.3% |
62,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
25,558 |
34,293 |
(8,599) |
41,609 |
92,861 |
|
12,496 |
|
-51.1% |
(13,062) |
|
|
|
|
|
% Margin |
7.7% |
10.4% |
-2.7% |
14.1% |
7.3% |
|
4.9% |
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
(9,459) |
(8,591) |
(8,105) |
(6,441) |
(32,596) |
|
(5,505) |
|
41.8% |
3,954 |
|
|
|
|
|
Other, net |
1,359 |
287 |
140 |
163 |
1,949 |
|
(118) |
|
-108.7% |
(1,477) |
|
|
|
|
|
Total other income (expense) |
(8,100) |
(8,304) |
(7,965) |
(6,278) |
(30,647) |
|
(5,623) |
|
30.6% |
2,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes |
17,458 |
25,989 |
(16,564) |
35,331 |
62,214 |
|
6,873 |
|
-60.6% |
(10,585) |
|
|
|
|
|
Income taxes |
6,808 |
10,136 |
(5,115) |
12,881 |
24,710 |
|
2,679 |
|
60.6% |
4,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
10,650 |
15,853 |
(11,449) |
22,450 |
37,504 |
|
4,194 |
|
-60.6% |
(6,456) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
0.14 |
0.20 |
(0.15) |
0.29 |
0.48 |
|
0.05 |
|
-64.3% |
(0.09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
ACXIOM CORPORATION AND SUBSIDIARIES | ||||||||||||||
|
RESULTS BY SEGMENT |
|
|
|
| ||||||||||
|
(Unaudited) |
|
|
|
| ||||||||||
|
(Dollars in thousands) |
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 FY09 to Q1 FY10 |
|
|
|
| |
|
|
06/30/08 |
09/30/08 |
12/31/08 |
03/31/09 |
FY2009 |
|
06/30/09 |
|
% |
$ |
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
236,695 |
233,605 |
231,077 |
218,885 |
920,262 |
|
199,326 |
|
-15.8% |
(37,369) |
|
|
|
|
|
Products |
94,378 |
95,330 |
89,979 |
76,624 |
356,311 |
|
56,655 |
|
-40.0% |
(37,723) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
331,073 |
328,935 |
321,056 |
295,509 |
1,276,573 |
|
255,981 |
|
-22.7% |
(75,092) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
38,626 |
40,649 |
43,436 |
43,705 |
166,416 |
|
25,516 |
|
-33.9% |
(13,110) |
|
|
|
|
|
Products |
4,578 |
8,485 |
9,585 |
11,537 |
34,185 |
|
(146) |
|
-103.2% |
(4,724) |
|
|
|
|
|
Corporate & other |
(17,646) |
(14,841) |
(61,620) |
(13,633) |
(107,740) |
|
(12,874) |
|
27.0% |
4,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from operations |
25,558 |
34,293 |
(8,599) |
41,609 |
92,861 |
|
12,496 |
|
-51.1% |
(13,062) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services |
16.3% |
17.4% |
18.8% |
20.0% |
18.1% |
|
12.8% |
|
|
|
|
|
|
|
|
Products |
4.9% |
8.9% |
10.7% |
15.1% |
9.6% |
|
-0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
7.7% |
10.4% |
-2.7% |
14.1% |
7.3% |
|
4.9% |
|
|
|
|
|
|
|
|
12 |