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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acxiom Holdngs (delisted) | NASDAQ:ACXM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.48 | 48.34 | 51.50 | 0 | 01:00:00 |
Acxiom® Corporation (Nasdaq: ACXM), a global leader in interactive marketing, today announced financial results for the first quarter of fiscal year 2011 ended June 30, 2010. Acxiom will hold a conference call at 10:00 a.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. The company will reference presentation slides that will be available on the website prior to the call.
John Meyer, Acxiom’s chief executive officer and president, said, “I am pleased with our performance this quarter. Despite uneven economic recovery, we recorded solid year-over-year revenue growth of approximately six percent. The majority of this increased revenue was converted into operating income, which increased on an annual basis by almost 77 percent. This increased operating leverage reflects the actions we undertook over the past two years to improve cost and performance efficiencies in our business.”
First Quarter 2011 Highlights:
Operational Highlights:
Web Link to Financials
You may link to http://www.acxiom.com/FY11_Q1_Financials for the detailed financial information we typically attach to our earnings releases.
About Acxiom
Acxiom is a recognized leader in marketing technology and services that enable marketers to successfully manage audiences, personalize consumer experiences and create profitable customer relationships. Our superior industry-focused, consultative approach combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies. Acxiom leverages over 40 years of experience of data management to deliver high-performance, highly secure, reliable information management services. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves clients around the world from locations in the United States, Europe, Asia-Pacific, South America and the Middle East. For more information about Acxiom, visit Acxiom.com.
Forward Looking Statements
This release and today’s conference call may contain forward-looking statements including, without limitation, statements regarding an improvement in the economic outlook, and a continued return to our historical seasonal revenue and operating income patterns. 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, 2010, which was filed with the Securities and Exchange Commission on May 26, 2010.
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) For the Three Months Ended June 30, $ % 2010 2009 Variance Variance Revenue: Services 210,656 199,326 11,330 5.7 % Products 59,739 56,655 3,084 5.4 % Total revenue 270,395 255,981 14,414 5.6 % Operating costs and expenses: Cost of revenue Services 164,650 159,576 (5,074 ) (3.2 %) Products 45,771 45,919 148 0.3 % Total cost of revenue 210,421 205,495 (4,926 ) (2.4 %) Services gross margin 21.8 % 19.9 % Products gross margin 23.4 % 18.9 % Total gross margin 22.2 % 19.7 % Selling, general and administrative 37,955 37,643 (312 ) (0.8 %) Gains, losses and other items, net (57 ) 347 404 116.4 % Total operating costs and expenses 248,319 243,485 (4,834 ) (2.0 %) Income from operations 22,076 12,496 9,580 76.7 % Other income (expense): Interest expense (5,898 ) (5,505 ) (393 ) (7.1 %) Other, net (451 ) (118 ) (333 ) (282.2 %) Total other income (expense) (6,349 ) (5,623 ) (726 ) (12.9 %) Earnings before income taxes 15,727 6,873 8,854 128.8 % Income taxes 6,291 2,679 (3,612 ) (134.8 %) Net earnings 9,436 4,194 5,242 125.0 % Less: Net earnings (loss) attributable to noncontrolling interest (369 ) - (369 ) - Net earnings attributable to Acxiom 9,805 4,194 5,611 133.8 % Earnings per share: Basic 0.12 0.05 0.07 140.0 % Diluted 0.12 0.05 0.07 140.0 % Earnings per share attributable to Acxiom stockholders: Basic 0.12 0.05 0.07 140.0 % Diluted 0.12 0.05 0.07 140.0 % ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share) For the Three Months Ended June 30, June 30, 2010 2009 Basic earnings per share: Numerator - net earnings 9,436 4,194 Denominator - weighted-average shares outstanding 79,741 78,667 Basic earnings per share 0.12 0.05 Diluted earnings per share: Numerator - net earnings 9,436 4,194 Denominator - weighted-average shares outstanding 79,741 78,667 Dilutive effect of common stock options, warrants and restricted stock 1,715 345 81,456 79,012 Diluted earnings per share 0.12 0.05 Basic earnings per share attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 9,805 4,194 Denominator - weighted-average shares outstanding 79,741 78,667 Basic earnings per share attributable to Acxiom stockholders 0.12 0.05 Diluted earnings per share attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 9,805 4,194 Denominator - weighted-average shares outstanding 79,741 78,667 Dilutive effect of common stock options, warrants, and restricted stock 1,715 345 81,456 79,012 Diluted earnings per share attributable to Acxiom stockholders 0.12 0.05 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Three Months Ended June 30, June 30, Revenue: 2010 2009 Information services 210,656 199,326 Information products 59,739 56,655 Total revenue 270,395 255,981 Income from operations: Information services 20,879 15,838 Information products 1,140 (2,995 ) Other 57 (347 ) Total income from operations 22,076 12,496 Margin: Information services 9.9 % 7.9 % Information products 1.9 % -5.3 % Total margin 8.2 % 4.9 % ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) June 30, March 31, $ % 2010 2010 Variance VarianceAssets
Current assets: Cash and cash equivalents 218,457 224,104 (5,647 ) (2.5 %) Trade accounts receivable, net 183,644 168,522 15,122 9.0 % Deferred income taxes 11,765 11,874 (109 ) (0.9 %) Other current assets 52,799 54,205 (1,406 ) (2.6 %) Total current assets 466,665 458,705 7,960 1.7 % Property and equipment 840,179 824,084 16,095 2.0 % Less - accumulated depreciation and amortization 599,839 587,245 12,594 2.1 % Property and equipment, net 240,340 236,839 3,501 1.5 % Software, net of accumulated amortization 34,771 38,845 (4,074 ) (10.5 %) Goodwill 464,374 470,261 (5,887 ) (1.3 %) Purchased software licenses, net of accumulated amortization 49,005 51,356 (2,351 ) (4.6 %) Deferred costs, net 72,983 68,914 4,069 5.9 % Data acquisition costs 20,945 21,931 (986 ) (4.5 %) Other assets, net 14,944 16,569 (1,625 ) (9.8 %) 1,364,027 1,363,420 607 0.0 %Liabilities and Stockholders' Equity
Current liabilities: Current installments of long-term debt 42,169 42,106 63 0.1 % Trade accounts payable 40,041 42,774 (2,733 ) (6.4 %) Accrued payroll and related expenses 27,664 36,517 (8,853 ) (24.2 %) Other accrued expenses 74,826 75,632 (806 ) (1.1 %) Deferred revenue 56,335 55,567 768 1.4 % Income taxes 3,965 2,460 1,505 61.2 % Total current liabilities 245,000 255,056 (10,056 ) (3.9 %) Long-term debt 459,833 458,629 1,204 0.3 % Deferred income taxes 63,595 61,284 2,311 3.8 % Other liabilities 9,915 9,954 (39 ) (0.4 %) Stockholders' equity: Common stock 11,715 11,662 53 0.5 % Additional paid-in capital 821,649 814,929 6,720 0.8 % Retained earnings 492,048 482,243 9,805 2.0 % Accumulated other comprehensive income (loss) (4,855 ) 4,167 (9,022 ) (216.5 %) Treasury stock, at cost (738,601 ) (738,601 ) 0 0.0 % Total Acxiom stockholders' equity 581,956 574,400 7,556 1.3 % Noncontrolling interest 3,728 4,097 (369 ) (9.0 %) Total equity 585,684 578,497 7,187 1.2 % 1,364,027 1,363,420 607 0.0 % ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Three Months Ended June 30, 2010 2009 Cash flows from operating activities: Net earnings 9,436 4,194 Non-cash operating activities: Depreciation and amortization 35,986 40,595 Deferred income taxes 1,435 2,496 Non-cash stock compensation expense 2,972 2,388 Changes in operating assets and liabilities: Accounts receivable (16,836 ) (4,335 ) Other assets (1,467 ) 4,651 Deferred costs (9,981 ) (906 ) Accounts payable and other liabilities (7,121 ) (32,017 ) Deferred revenue 2,564 (900 ) Net cash provided by operating activities 16,988 16,166 Cash flows from investing activities: Capitalized software (1,226 ) (2,384 ) Capital expenditures (8,752 ) (7,431 ) Data acquisition costs (4,326 ) (5,777 ) Payment received from investments 175 - Net cash paid in acquisitions (1,978 ) - Net cash used by investing activities (16,107 ) (15,592 ) Cash flows from financing activities: Payments of debt (8,964 ) (13,724 ) Sale of common stock 3,801 2,427 Acquisition of treasury stock - (307 ) Net cash used by financing activities (5,163 ) (11,604 ) Effect of exchange rate changes on cash (1,365 ) 1,534 Net change in cash and cash equivalents (5,647 ) (9,496 ) Cash and cash equivalents at beginning of period 224,104 177,166 Cash and cash equivalents at end of period 218,457 167,670 Supplemental cash flow information: Cash paid (received) during the period for: Interest 5,780 5,258 Income taxes 3,358 (5,052 ) Payments on capital leases and installment payment arrangements 5,968 7,794 Payments on software and data license liabilities 893 3,878 Other debt payments, excluding line of credit 2,103 2,052 Noncash investing and financing activities:Acquisition of property and equipment under capital lease and installment payment arrangements
10,268 3,823 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in thousands) 06/30/09 09/30/09 12/31/09 03/31/10 FY2010 06/30/10 Net cash provided by operating activities 16,166 60,703 74,509 87,904 239,282 16,988 Plus: Sale of assets - - 1,058 - 1,058 - Less: Capitalized software (2,384 ) (2,431 ) (1,846 ) (1,596 ) (8,257 ) (1,226 ) Capital expenditures (7,431 ) (14,462 ) (9,479 ) (26,536 ) (57,908 ) (8,752 ) Data acquisition costs (5,777 ) (3,004 ) (5,450 ) (4,577 ) (18,808 ) (4,326 ) Payments on capital leases and installment payment arrangements (7,794 ) (7,504 ) (7,309 ) (7,090 ) (29,697 ) (5,968 ) Payments on software and data license liabilities (3,878 ) (1,840 ) (416 ) (1,392 ) (7,526 ) (893 ) Other required debt payments (2,052 ) (2,058 ) (2,091 ) (3,597 ) (9,798 ) (2,103 ) Total (13,150 ) 29,404 48,976 43,116 108,346 (6,280 ) ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) Q1 FY10 to Q1 FY11 06/30/09 09/30/09 12/31/09 03/31/10 FY2010 06/30/10 % $ Revenue: Services 199,326 210,213 218,340 221,553 849,432 210,656 5.7 % 11,330 Products 56,655 60,892 65,467 66,789 249,803 59,739 5.4 % 3,084 Total revenue 255,981 271,105 283,807 288,342 1,099,235 270,395 5.6 % 14,414 Operating costs and expenses: Cost of revenue Services 159,576 165,792 163,206 166,085 654,659 164,650 3.2 % 5,074 Products 45,919 46,129 46,727 45,835 184,610 45,771 -0.3 % (148 ) Total cost of revenue 205,495 211,921 209,933 211,920 839,269 210,421 2.4 % 4,926 Selling, general and administrative 37,643 37,964 43,477 43,013 162,097 37,955 0.8 % 312 Gains, losses and other items, net 347 (27 ) 538 (1,802 ) (944 ) (57 ) -116.4 % (404 ) Total operating costs and expenses 243,485 249,858 253,948 253,131 1,000,422 248,319 2.0 % 4,834 Income from operations 12,496 21,247 29,859 35,211 98,813 22,076 76.7 % 9,580 % Margin 4.9 % 7.8 % 10.5 % 12.2 % 9.0 % 8.2 % Other income (expense) Interest expense (5,505 ) (5,423 ) (5,687 ) (5,865 ) (22,480 ) (5,898 ) 7.1 % (393 ) Other, net (118 ) 223 198 122 425 (451 ) 282.2 % (333 ) Total other income (expense) (5,623 ) (5,200 ) (5,489 ) (5,743 ) (22,055 ) (6,349 ) 12.9 % (726 ) Earnings before income taxes 6,873 16,047 24,370 29,468 76,758 15,727 128.8 % 8,854 Income taxes 2,679 6,602 10,212 13,106 32,599 6,291 134.8 % 3,612 Net earnings 4,194 9,445 14,158 16,362 44,159 9,436 125.0 % 5,242Less: Net earnings (loss) attributable to noncontrolling interest
- - (104 ) (286 ) (390 ) (369 ) - (369 ) Net earnings attributable to Acxiom 4,194 9,445 14,262 16,648 44,549 9,805 133.8 % 5,611
Diluted earnings per share attributable to Acxiom shareholders
0.05 0.12 0.18 0.21 0.56 0.12 140.0 % 0.07 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) Q1 FY10 to Q1 FY11 06/30/09 09/30/09 12/31/09 03/31/10 FY2010 06/30/10 % $ Revenue: Services 199,326 210,213 218,340 221,553 849,432 210,656 5.7 % 11,330 Products 56,655 60,892 65,467 66,789 249,803 59,739 5.4 % 3,084 Total revenue 255,981 271,105 283,807 288,342 1,099,235 270,395 5.6 % 14,414 Income from operations: Services 15,838 19,971 27,565 27,639 91,013 20,879 31.8 % 5,041 Products (2,995 ) 1,249 2,832 5,770 6,856 1,140 -138.1 % 4,135 Other (347 ) 27 (538 ) 1,802 944 57 -116.4 % 404 Total income from operations 12,496 21,247 29,859 35,211 98,813 22,076 76.7 % 9,580 Margin: Services 7.9 % 9.5 % 12.6 % 12.5 % 10.7 % 9.9 % Products -5.3 % 2.1 % 4.3 % 8.6 % 2.7 % 1.9 % Total 4.9 % 7.8 % 10.5 % 12.2 % 9.0 % 8.2 %Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6374928&lang=en
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