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Share Name | Share Symbol | Market | Type |
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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 | |
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0.00 | 0.00% | 48.48 | 48.34 | 51.50 | 0 | 01:00:00 |
Acxiom® Corporation (Nasdaq: ACXM), a recognized leader in marketing services and technology, today announced financial results for the fourth quarter and fiscal year ended March 31, 2011. 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.
Jerry Gramaglia, Acxiom’s interim chief executive officer, said, “Our results for the fourth quarter and for the entire fiscal 2011 year were in line with our expectations expressed in our March 30th announcement. In the fourth quarter and continuing into fiscal year 2012, Acxiom’s focus is on delivering exceptional value to the world’s top marketers. In turn, we continue to be rewarded with long term renewals and significantly expanded business relationships.”
Fourth Quarter 2011 Highlights:
A schedule is attached to this release outlining the impact of the unusual items on the current and prior-year fourth quarter and current and prior-year full year results.
Goodwill/Asset Impairment and Other Charges
Fourth-quarter loss per diluted share attributable to Acxiom stockholders of $0.83 includes $89.4 million or the equivalent of $1.04 per share in unusual expenses. The major components of the unusual expenses are:
Operational Highlights:
Fiscal Year 2011 Highlights:
Web Link to Financials
You may link to http://www.acxiom.com/FY11_Q4_Financials for the detailed financial information we typically attach to our earnings releases.
About Acxiom
Acxiom is a recognized leader in marketing services and technology 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 in 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, the Middle East and South America. 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 future cash outlays included in unusual expenses recorded in the fourth quarter of fiscal 2011, an improvement in the economic outlook, and the possibility of continued future growth. 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 data suppliers might withdraw data from us, leading to our inability to provide certain products and services to our clients, which could lead to decreases in our operating results; 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; the possibility that we may be unable to quickly and seamlessly integrate a new chief executive officer and chief financial officer; 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; the possibility that we could experience loss of data center capacity or interruption of telecommunication links; 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 reports on Form 10-K, particularly the discussion under the caption “Item 1A, RISK FACTORS” in our Annual Reports 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 March 31, $ % 2011 2010 Variance Variance Revenue: Services 224,556 221,553 3,003 1.4 % Products 74,240 66,789 7,451 11.2 % Total revenue 298,796 288,342 10,454 3.6 % Operating costs and expenses: Cost of revenue Services 176,065 166,085 (9,980 ) (6.0 %) Products 47,551 45,835 (1,716 ) (3.7 %) Total cost of revenue 223,616 211,920 (11,696 ) (5.5 %) Services gross margin 21.6 % 25.0 % Products gross margin 35.9 % 31.4 % Total gross margin 25.2 % 26.5 % Selling, general and administrative 40,324 43,013 2,689 6.3 % Impairment of goodwill and other intangibles 79,674 - Gains, losses and other items, net 8,219 (1,802 ) (10,021 ) (556.1 %) Total operating costs and expenses 351,833 253,131 (98,702 ) (39.0 %) Income (loss) from operations (53,037 ) 35,211 (88,248 ) (250.6 %) Other income (expense): Interest expense (5,659 ) (5,865 ) 206 3.5 % Other, net (827 ) 122 (949 ) (777.9 %) Total other income (expense) (6,486 ) (5,743 ) (743 ) (12.9 %) Earnings (loss) before income taxes (59,523 ) 29,468 (88,991 ) (302.0 %) Income taxes 11,466 13,106 1,640 12.5 % Net earnings (loss) (70,989 ) 16,362 (87,351 ) (533.9 %) Less: Net loss attributable to noncontrolling interest (3,933 ) (286 ) (3,647 ) - Net earnings (loss) attributable to Acxiom (67,056 ) 16,648 (83,704 ) (502.8 %) Earnings (loss) per share: Basic (0.88 ) 0.21 (1.09 ) (519.0 %) Diluted (0.88 ) 0.20 (1.08 ) (540.0 %) Earnings (loss) per share attributable to Acxiom stockholders: Basic (0.83 ) 0.21 (1.04 ) (495.2 %) Diluted (0.83 ) 0.21 (1.04 ) (495.2 %) ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Twelve Months Ended March 31, $ % 2011 2010 Variance Variance Revenue: Services 893,594 849,432 44,162 5.2 % Products 266,376 249,803 16,573 6.6 % Total revenue 1,159,970 1,099,235 60,735 5.5 % Operating costs and expenses: Cost of revenue Services 694,988 654,659 (40,329 ) (6.2 %) Products 189,900 184,610 (5,290 ) (2.9 %) Total cost of revenue 884,888 839,269 (45,619 ) (5.4 %) Services gross margin 22.2 % 22.9 % Products gross margin 28.7 % 26.1 % Total gross margin 23.7 % 23.6 % Selling, general and administrative 159,884 162,097 2,213 1.4 % Impairment of goodwill and other intangibles 79,674 - Gains, losses and other items, net 4,600 (944 ) (5,544 ) (587.3 %) Total operating costs and expenses 1,129,046 1,000,422 (128,624 ) (12.9 %) Income from operations 30,924 98,813 (67,889 ) (68.7 %) Other income (expense): Interest expense (23,823 ) (22,480 ) (1,343 ) (6.0 %) Other, net (1,466 ) 425 (1,891 ) (444.9 %) Total other income (expense) (25,289 ) (22,055 ) (3,234 ) (14.7 %) Earnings before income taxes 5,635 76,758 (71,123 ) (92.7 %) Income taxes 34,077 32,599 (1,478 ) (4.5 %) Net earnings (loss) (28,442 ) 44,159 (72,601 ) (164.4 %) Less: Net loss attributable to noncontrolling interest (5,295 ) (390 ) (4,905 ) - Net earnings (loss) attributable to Acxiom (23,147 ) 44,549 (67,696 ) (152.0 %) Earnings (loss) per share: Basic (0.36 ) 0.56 (0.92 ) (164.3 %) Diluted (0.36 ) 0.55 (0.91 ) (165.5 %) Earnings (loss) per share attributable to Acxiom stockholders: Basic (0.29 ) 0.56 (0.85 ) (151.8 %) Diluted (0.29 ) 0.56 (0.85 ) (151.8 %) ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP EPS (Unaudited) (Dollars in thousands, except earnings per share) For the Three Months Ended For the Twelve Months Ended March 31, March 31, 2011 2010 2011 2010 Earnings (loss) before income taxes (59,523 ) 29,468 5,635 76,758 Unusual items 89,449 (1,802 ) 85,830 (944 ) Earnings before income taxes and unusual items 29,926 27,666 91,465 75,814 Earnings (loss) before income taxes (59,523 ) 29,468 5,635 76,758 Income taxes 11,466 13,106 34,077 32,599 Net earnings (loss) (70,989 ) 16,362 (28,442 ) 44,159 Less: Net earnings attributable to noncontrolling interest (3,933 ) (286 ) (5,295 ) (390 ) Net earnings (loss) attributable to Acxiom (67,056 ) 16,648 (23,147 ) 44,549 Earnings (loss) per share attributable to Acxiom stockholders: Basic (0.83 ) 0.21 (0.29 ) 0.56 Diluted (0.83 ) 0.21 (0.29 ) 0.56 Unusual items: Disposal of Netherlands and Portugal operations 3,340 - 3,340 - Restructuring costs 5,503 - 5,503 - Goodwill and other intangibles impairment 79,674 - 79,674 - Earnout adjustments (624 ) - (1,058 ) - Investment impairment 1,556 - 1,556 - Adjustments to previous reserves - (1,802 ) (3,185 ) (944 ) Total unusual items 89,449 (1,802 ) 85,830 (944 )Earnings before income taxes and excluding unusual items
29,926 27,666 91,465 75,814 Income taxes 13,260 12,314 37,848 32,141 Non-GAAP net earnings 16,666 15,352 53,617 43,673 Less: Net earnings attributable to noncontrolling interest (827 ) (286 ) (2,189 ) (390 ) Non-GAAP Net earnings attributable to Acxiom 17,493 15,638 55,806 44,063 Non-GAAP earnings per share attributable to Acxiom stockholders: Basic 0.22 0.20 0.70 0.56 Diluted 0.21 0.19 0.68 0.55 Diluted weighted average shares 82,224 81,765 ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP INCOME (LOSS) FROM OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Three Months Ended For the Twelve Months Ended March 31, March 31, 2011 2010 2011 2010 Income (loss) from operations (53,037 ) 35,211 30,924 98,813 Unusual items 87,893 (1,802 ) 84,274 (944 ) Income from operations before unusual items 34,856 33,409 115,198 97,869 Unusual items: Disposal of Netherlands and Portugal operations 3,340 - 3,340 - Restructuring costs 5,503 - 5,503 - Goodwill and other intangibles impairment 79,674 - 79,674 - Earnout adjustments (624 ) - (1,058 ) - Adjustments to previous reserves - (1,802 ) (3,185 ) (944 ) Total unusual items 87,893 (1,802 ) 84,274 (944 ) ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS (LOSS) PER SHARE (Unaudited) (In thousands, except earnings per share) For the Three Months Ended March 31, March 31, 2011 2010 Basic earnings (loss) per share: Numerator - net earnings (loss) (70,989 ) 16,362 Denominator - weighted-average shares outstanding 80,423 79,245 Basic earnings (loss) per share (0.88 ) 0.21 Diluted earnings (loss) per share: Numerator - net earnings (loss) (70,989 ) 16,362 Denominator - weighted-average shares outstanding 80,423 79,245 Dilutive effect of common stock options, warrants and restricted stock - 1,395 80,423 80,640 Diluted earnings (loss) per share (0.88 ) 0.20 Basic earnings (loss) per share attributable to Acxiom stockholders: Numerator - net earnings (loss) attributable to Acxiom (67,056 ) 16,648 Denominator - weighted-average shares outstanding 80,423 79,245 Basic earnings (loss) per share attributable to Acxiom stockholders (0.83 ) 0.21 Diluted earnings (loss) per share attributable to Acxiom stockholders: Numerator - net earnings (loss) attributable to Acxiom (67,056 ) 16,648 Denominator - weighted-average shares outstanding 80,423 79,245 Dilutive effect of common stock options, warrants, and restricted stock - 1,395 80,423 80,640 Diluted earnings (loss) per share attributable to Acxiom stockholders (0.83 ) 0.21 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS (LOSS) PER SHARE (Unaudited) (In thousands, except earnings per share) For the Twelve Months Ended March 31, March 31, 2011 2010 Basic earnings (loss) per share: Numerator - net earnings (loss) (28,442 ) 44,159 Denominator - weighted-average shares outstanding 80,111 78,974 Basic earnings (loss) per share (0.36 ) 0.56 Diluted earnings (loss) per share: Numerator - net earnings (loss) (28,442 ) 44,159 Denominator - weighted-average shares outstanding 80,111 78,974 Dilutive effect of common stock options, warrants and restricted stock - 751 80,111 79,725 Diluted earnings (loss) per share (0.36 ) 0.55 Basic earnings (loss) per share attributable to Acxiom stockholders: Numerator - net earnings (loss) attributable to Acxiom (23,147 ) 44,549 Denominator - weighted-average shares outstanding 80,111 78,974 Basic earnings (loss) per share attributable to Acxiom stockholders (0.29 ) 0.56 Diluted earnings (loss) per share attributable to Acxiom stockholders: Numerator - net earnings (loss) attributable to Acxiom (23,147 ) 44,549 Denominator - weighted-average shares outstanding 80,111 78,974 Dilutive effect of common stock options, warrants, and restricted stock - 751 80,111 79,725 Diluted earnings (loss) per share attributable to Acxiom stockholders (0.29 ) 0.56 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Three Months Ended March 31, March 31, Revenue: 2011 2010 Information services 224,556 221,553 Information products 74,240 66,789 Total revenue 298,796 288,342 Income from operations: Information services 21,181 27,639 Information products 13,675 5,770 Other (87,893 ) 1,802 Total income (loss) from operations (53,037 ) 35,211 Margin: Information services 9.4 % 12.5 % Information products 18.4 % 8.6 % Total margin -17.8 % 12.2 % ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Twelve Months Ended March 31, March 31, Revenue: 2011 2010 Information services 893,594 849,432 Information products 266,376 249,803 Total revenue 1,159,970 1,099,235 Income from operations: Information services 91,402 91,013 Information products 23,796 6,856 Other (84,274 ) 944 Total income from operations 30,924 98,813 Margin: Information services 10.2 % 10.7 % Information products 8.9 % 2.7 % Total margin 2.7 % 9.0 % ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) March 31, March 31, $ % 2011 2010 Variance VarianceAssets
Current assets: Cash and cash equivalents 207,023 224,104 (17,081 ) (7.6 %) Trade accounts receivable, net 176,654 168,522 8,132 4.8 % Deferred income taxes 12,480 11,874 606 5.1 % Refundable income taxes 7,402 - 7,402 100.0 % Other current assets 55,691 54,205 1,486 2.7 % Total current assets 459,250 458,705 545 0.1 % Property and equipment 888,717 824,084 64,633 7.8 % Less - accumulated depreciation and amortization 633,410 587,245 46,165 7.9 % Property and equipment, net 255,307 236,839 18,468 7.8 % Software, net of accumulated amortization 26,412 38,845 (12,433 ) (32.0 %) Goodwill 417,654 470,261 (52,607 ) (11.2 %) Purchased software licenses, net of accumulated amortization 38,583 51,356 (12,773 ) (24.9 %) Deferred costs, net 81,837 68,914 12,923 18.8 % Data acquisition costs 17,627 21,931 (4,304 ) (19.6 %) Other assets, net 9,955 16,569 (6,614 ) (39.9 %) 1,306,625 1,363,420 (56,795 ) (4.2 %)Liabilities and Stockholders' Equity
Current liabilities: Current installments of long-term debt 27,978 42,106 14,128 33.6 % Trade accounts payable 27,506 42,774 15,268 35.7 % Accrued payroll and related expenses 42,236 36,517 (5,719 ) (15.7 %) Other accrued expenses 75,852 75,631 (221 ) (0.3 %) Deferred revenue 55,921 55,567 (354 ) (0.6 %) Income taxes - 2,460 2,460 100.0 % Total current liabilities 229,493 255,055 25,562 10.0 % Long-term debt 394,260 458,629 64,369 14.0 % Deferred income taxes 84,360 61,284 (23,076 ) (37.7 %) Other liabilities 7,478 9,954 2,476 24.9 % Stockholders' equity: Common stock 11,777 11,662 115 1.0 % Additional paid-in capital 837,439 814,929 22,510 2.8 % Retained earnings 459,096 482,243 (23,147 ) (4.8 %) Accumulated other comprehensive income 15,991 4,167 11,824 283.8 % Treasury stock, at cost (739,125 ) (738,601 ) (524 ) 0.1 % Total Acxiom stockholders' equity 585,178 574,400 10,778 1.9 % Noncontrolling interest 5,856 4,097 1,759 42.9 % Total equity 591,034 578,497 12,537 2.2 % 1,306,625 1,363,419 (56,794 ) (4.2 %) ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Three Months Ended March 31, 2011 2010 Cash flows from operating activities: Net earnings (loss) (70,989 ) 16,362 Non-cash operating activities: Impairment of goodwill and other intangibles 79,674 - Depreciation and amortization 37,769 42,652 Loss (Gain) on disposal or impairment of assets 4,155 7 Deferred income taxes 15,102 9,710 Non-cash stock compensation expense 3,200 2,502 Changes in operating assets and liabilities: Accounts receivable (5,111 ) 10,290 Other assets 2,197 (9,742 ) Deferred costs (978 ) (4,908 ) Accounts payable and other liabilities (12,015 ) 22,999 Deferred revenue (10,969 ) (1,968 ) Net cash provided by operating activities 42,035 87,904 Cash flows from investing activities: Disposal of operations (1,079 ) - Capitalized software (963 ) (1,596 ) Capital expenditures (12,213 ) (26,536 ) Data acquisition costs (2,650 ) (4,577 ) Payments for investments - (1,000 ) Net cash used by investing activities (16,905 ) (33,709 ) Cash flows from financing activities: Payments of debt (24,012 ) (32,079 ) Sale of common stock 1,997 2,911 Tax impact of stock options exercised (316 ) (683 ) Net cash used by financing activities (22,331 ) (29,851 ) Effect of exchange rate changes on cash 288 (822 ) Net change in cash and cash equivalents 3,087 23,522 Cash and cash equivalents at beginning of period 203,936 200,582 Cash and cash equivalents at end of period 207,023 224,104 Supplemental cash flow information: Cash paid (received) during the period for: Interest 6,158 4,530 Income taxes 2,345 901 Payments on capital leases and installment payment arrangements 5,252 7,090 Payments on software and data license liabilities 4,139 1,392 Other debt payments, excluding line of credit 2,154 3,597 Prepayment of debt 12,467 20,000 Noncash investing and financing activities:Acquisition of property and equipment under capital lease and installment payment arrangements
1,324 5,946 Software licenses and maintenance acquired under software obligation - 1,560 ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Twelve Months Ended March 31, 2011 2010 Cash flows from operating activities: Net earnings (28,442 ) 44,159 Non-cash operating activities: Impairment of goodwill and other intangibles 79,674 - Depreciation and amortization 146,355 167,564 Loss (gain) on disposal or impairment of assets 3,883 417 Deferred income taxes 19,347 32,810 Non-cash stock compensation expense 13,097 10,790 Changes in operating assets and liabilities: Accounts receivable (13,024 ) 10,295 Other assets (2,394 ) 2,171 Deferred costs (29,385 ) (20,289 ) Accounts payable and other liabilities (23,667 ) (8,215 ) Deferred revenue 775 (420 ) Net cash provided by operating activities 166,219 239,282 Cash flows from investing activities: Disposal of operations (1,079 ) - Sale of assets - 1,058 Capitalized software (4,555 ) (8,257 ) Capital expenditures (59,021 ) (57,908 ) Data acquisition costs (13,366 ) (18,808 ) Payments from (for) investments 175 (2,000 ) Net cash paid in acquisitions (12,927 ) (3,428 ) Net cash used by investing activities (90,773 ) (89,343 ) Cash flows from financing activities: Payments of debt (102,101 ) (104,521 ) Fees for debt refinancing - (4,564 ) Sale of common stock 9,320 5,926 Tax impact of stock options exercised (316 ) (683 ) Acquisition of treasury stock - (307 ) Noncontrolling interests equity contributions 480 457 Net cash used by financing activities (92,617 ) (103,692 ) Effect of exchange rate changes on cash 90 691 Net change in cash and cash equivalents (17,081 ) 46,938 Cash and cash equivalents at beginning of period 224,104 177,166 Cash and cash equivalents at end of period 207,023 224,104 Supplemental cash flow information: Cash paid (received) during the period for: Interest 23,886 21,337 Income taxes 25,339 (7,549 ) Payments on capital leases and installment payment arrangements 22,357 29,697 Payments on software and data license liabilities 5,316 7,526 Other debt payments, excluding line of credit 8,428 9,798 Prepayment of debt 66,000 57,500 Noncash investing and financing activities:Acquisition of property and equipment under capital lease and installment payment arrangements
23,753 24,193 Software licenses and maintenance acquired under software obligation - 2,171 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 09/30/10 12/31/10 03/31/11 FY2011 Net cash provided by operating activities 16,166 60,703 74,509 87,904 239,282 16,988 42,966 64,230 42,035 166,219 Plus: Sale of assets - - 1,058 - 1,058 - - - - - Less: Capitalized software (2,384 ) (2,431 ) (1,846 ) (1,596 ) (8,257 ) (1,226 ) (1,341 ) (1,025 ) (963 ) (4,555 ) Capital expenditures (7,431 ) (14,462 ) (9,479 ) (26,536 ) (57,908 ) (8,752 ) (21,734 ) (16,322 ) (12,213 ) (59,021 ) Data acquisition costs (5,777 ) (3,004 ) (5,450 ) (4,577 ) (18,808 ) (4,326 ) (2,625 ) (3,765 ) (2,650 ) (13,366 ) Payments on capital leases and installment payment arrangements (7,794 ) (7,504 ) (7,309 ) (7,090 ) (29,697 ) (5,968 ) (5,411 ) (5,726 ) (5,252 ) (22,357 ) Payments on software and data license liabilities (3,878 ) (1,840 ) (416 ) (1,392 ) (7,526 ) (893 ) (164 ) (120 ) (4,139 ) (5,316 ) Other required debt payments (2,052 ) (2,058 ) (2,091 ) (3,597 ) (9,798 ) (2,103 ) (2,028 ) (2,143 ) (2,154 ) (8,428 ) Total (13,150 ) 29,404 48,976 43,116 108,346 (6,280 ) 9,663 35,129 14,664 53,176 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) Q4 FY10 to Q4 FY11 06/30/09 09/30/09 12/31/09 03/31/10 FY2010 06/30/10 09/30/10 12/31/10 03/31/11 FY2011 % $ Revenue: Services 199,326 210,213 218,340 221,553 849,432 210,656 225,584 232,798 224,556 893,594 1.4 % 3,003 Products 56,655 60,892 65,467 66,789 249,803 59,739 66,085 66,312 74,240 266,376 11.2 % 7,451 Total revenue 255,981 271,105 283,807 288,342 1,099,235 270,395 291,669 299,110 298,796 1,159,970 3.6 % 10,454 Operating costs and expenses: Cost of revenue Services 159,576 165,792 163,206 166,085 654,659 164,650 175,687 178,586 176,065 694,988 6.0 % 9,980 Products 45,919 46,129 46,727 45,835 184,610 45,771 48,320 48,258 47,551 189,900 3.7 % 1,716 Total cost of revenue 205,495 211,921 209,933 211,920 839,269 210,421 224,007 226,844 223,616 884,888 5.5 % 11,696 Selling, general and administrative 37,643 37,964 43,477 43,013 162,097 37,955 40,274 41,331 40,324 159,884 -6.3 % (2,689 ) Impairment of goodwill and other intangibles 79,674 79,674 79,674 Gains, losses and other items, net 347 (27 ) 538 (1,802 ) (944 ) (57 ) 78 (3,640 ) 8,219 4,600 -556.1 % 10,021 Total operating costs and expenses 243,485 249,858 253,948 253,131 1,000,422 248,319 264,359 264,535 351,833 1,129,046 -39.0 % (98,702 ) Income from operations 12,496 21,247 29,859 35,211 98,813 22,076 27,310 34,575 (53,037 ) 30,924 -250.6 % (88,248 ) % Margin 4.9 % 7.8 % 10.5 % 12.2 % 9.0 % 8.2 % 9.4 % 11.6 % -17.8 % 2.7 % Other income (expense) Interest expense (5,505 ) (5,423 ) (5,687 ) (5,865 ) (22,480 ) (5,898 ) (6,260 ) (6,006 ) (5,659 ) (23,823 ) -3.5 % 206 Other, net (118 ) 223 198 122 425 (451 ) 111 (299 ) (827 ) (1,466 ) -777.9 % (949 ) Total other income (expense) (5,623 ) (5,200 ) (5,489 ) (5,743 ) (22,055 ) (6,349 ) (6,149 ) (6,305 ) (6,486 ) (25,289 ) 12.9 % (743 ) Earnings before income taxes 6,873 16,047 24,370 29,468 76,758 15,727 21,161 28,270 (59,523 ) 5,635 -302.0 % (88,991 ) Income taxes 2,679 6,602 10,212 13,106 32,599 6,291 8,464 7,856 11,466 34,077 12.5 % 1,640 Net earnings (loss) 4,194 9,445 14,158 16,362 44,159 9,436 12,697 20,414 (70,989 ) (28,442 ) -533.9 % (87,351 )Less: Net loss attributable to noncontrolling interest
- - (104 ) (286 ) (390 ) (369 ) (584 ) (409 ) (3,933 ) (5,295 ) 1275.2 % (3,647 ) Net earnings (loss) attributable to Acxiom 4,194 9,445 14,262 16,648 44,549 9,805 13,281 20,823 (67,056 ) (23,147 ) -502.8 % (83,704 )Diluted earnings (loss) per share attributable to Acxiom shareholders
0.05 0.12 0.18 0.21 0.56 0.12 0.16 0.25 (0.83 ) (0.29 ) -495.2 % (1.04 ) ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) Q4 FY10 to Q4 FY11 06/30/09 09/30/09 12/31/09 03/31/10 FY2010 06/30/10 09/30/10 12/31/10 03/31/11 FY2011 % $ Revenue: Services 199,326 210,213 218,340 221,553 849,432 210,656 225,584 232,798 224,556 893,594 1.4 % 3,003 Products 56,655 60,892 65,467 66,789 249,803 59,739 66,085 66,312 74,240 266,376 11.2 % 7,451 Total revenue 255,981 271,105 283,807 288,342 1,099,235 270,395 291,669 299,110 298,796 1,159,970 3.6 % 10,454 Income from operations: Services 15,838 19,971 27,565 27,639 91,013 20,879 22,952 26,390 21,181 91,402 -23.4 % (6,458 ) Products (2,995 ) 1,249 2,832 5,770 6,856 1,140 4,436 4,545 13,675 23,796 137.0 % 7,905 Other (347 ) 27 (538 ) 1,802 944 57 (78 ) 3,640 (87,893 ) (84,274 ) -4977.5 % (89,695 ) Total income (loss) from operations 12,496 21,247 29,859 35,211 98,813 22,076 27,310 34,575 (53,037 ) 30,924 -250.6 % (88,248 ) Margin: Services 7.9 % 9.5 % 12.6 % 12.5 % 10.7 % 9.9 % 10.2 % 11.3 % 9.4 % 10.2 % Products -5.3 % 2.1 % 4.3 % 8.6 % 2.7 % 1.9 % 6.7 % 6.9 % 18.4 % 8.9 % Total 4.9 % 7.8 % 10.5 % 12.2 % 9.0 % 8.2 % 9.4 % 11.6 % -17.8 % 2.7 %Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6718265&lang=en
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