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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 recognized leader in marketing services and technology, today announced financial results for its second quarter ended September 30, 2012.
Revenue from continuing operations was $277 million, down 3 percent compared to $286 million for the second quarter last year. Income from continuing operations increased 12 percent to $30 million in the current quarter, compared to $27 million in the prior year. Marketing and data services segment revenue was roughly flat at $194 million, compared to $196 million; U.S. marketing and data services revenue was up 2 percent to $166 million, compared to $162 million. IT infrastructure management segment revenue decreased 5 percent to $70 million in the current quarter compared to $74 million. Earnings per diluted share attributable to Acxiom stockholders were up 40 percent in the current quarter to $0.21, compared to diluted earnings per share of $0.15. Diluted earnings per share increased 11 percent as compared to $0.19 in the prior year, excluding unusual items.
Operating cash flow was $176 million for the trailing twelve months, compared to $197 million for the comparable period a year ago. Free cash flow to equity increased 68 percent to $159 million for the trailing twelve months, compared to $95 million for the comparable period. Free cash flow to equity for the trailing twelve months included $73 million in proceeds from the sale of the company’s background screening business. Free cash flow available to equity is a non-GAAP financial measure. A reconciliation to the comparable GAAP measure, operating cash flow, is attached.
“We are encouraged by several aspects of our first half performance and direction,” said Acxiom CEO Scott Howe. “A leading indicator of our future success is the performance of our customers. We are pleased that two of our clients, United Airlines and Macy’s, were both recently named Marketer of the Year by the Direct Marketing Association. While we have much to do, particularly as it relates to our top-line growth, we are building success stories and are excited about what’s ahead for our company.”
Second Quarter Highlights:
Segment Results:
Financial Guidance
The following projections are forward looking and are subject to certain risks and uncertainties that could cause actual results to differ materially as detailed in the Forward Looking Statements section of this press release. Acxiom’s estimates for fiscal 2013 are as follows:
Conference Call
Acxiom will hold a conference call at 4:00 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. A slide presentation will be referenced during the call and can be accessed here.
Web Link to Financials
You may link to http://www.acxiom.com/FY13_Q2_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, 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 expected levels of revenue from continuing operations and earnings per share as well as statements regarding building momentum and future opportunities for 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 not be able to adequately adapt to rapidly changing computing environments, technologies and marketing practices; 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; the possibility that new laws may be enacted which limit our ability to provide services to our clients and/or which limit the use of data; 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 Report on Form 10-K for the year ended March 31, 2012, which was filed with the Securities and Exchange Commission on May 25, 2012.
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 September 30, $ % 2012 2011 Variance Variance Revenue: Marketing and data services 194,409 195,857 (1,448 ) (0.7 %) IT Infrastructure management services 70,061 73,712 (3,651 ) (5.0 %) Other services 12,997 16,863 (3,866 ) (22.9 %) Total revenue 277,467 286,432 (8,965 ) (3.1 %) Operating costs and expenses: Cost of revenue 209,886 217,487 7,601 3.5 % Selling, general and administrative 37,341 39,429 2,088 5.3 % Gains, losses and other items, net 32 2,465 2,433 98.7 % Total operating costs and expenses 247,259 259,381 12,122 4.7 % Income from operations 30,208 27,051 3,157 11.7 % % Margin 10.9 % 9.4 % Other expense: Interest expense (3,317 ) (4,719 ) 1,402 29.7 % Other, net (54 ) (965 ) 911 94.4 % Total other expense (3,371 ) (5,684 ) 2,313 40.7 % Earnings from continuing operations before income taxes 26,837 21,367 5,470 25.6 % Income taxes 10,465 9,528 (937 ) (9.8 %) Net earnings from continuing operations 16,372 11,839 4,533 38.3 % Earnings from discontinued operations, net of tax - 1,138 (1,138 ) (100.0 %) Net earnings 16,372 12,977 3,395 26.2 % Less: Net gain (loss) attributable to noncontrolling interest (139 ) 685 (824 ) (120.3 %) Net earnings attributable to Acxiom 16,511 12,292 4,219 34.3 % Basic earnings per share: Net earnings from continuing operations 0.22 0.15 0.07 46.7 % Earnings from discontinued operations 0.00 0.01 (0.01 ) (100.0 %) Net earnings 0.22 0.16 0.06 37.5 % Net earnings attributable to Acxiom stockholders 0.22 0.15 0.07 46.7 % Diluted earnings per share: Net earnings from continuing operations 0.21 0.15 0.06 40.0 % Earnings from discontinued operations 0.00 0.01 (0.01 ) (100.0 %) Net earnings 0.21 0.16 0.05 31.3 % Net earnings attributable to Acxiom stockholders 0.21 0.15 0.06 40.0 % ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Six Months Ended September 30, $ % 2012 2011 Variance Variance Revenue: Marketing and data services 380,148 380,853 (705 ) (0.2 %) IT Infrastructure management services 140,351 146,762 (6,411 ) (4.4 %) Other services 28,627 34,861 (6,234 ) (17.9 %) Total revenue 549,126 562,476 (13,350 ) (2.4 %) Operating costs and expenses: Cost of revenue 419,212 435,776 16,564 3.8 % Selling, general and administrative 74,090 76,236 2,146 2.8 % Gains, losses and other items, net 192 2,709 2,517 92.9 % Total operating costs and expenses 493,494 514,721 21,227 4.1 % Income from operations 55,632 47,755 7,877 16.5 % % Margin 10.1 % 8.5 % Other expense: Interest expense (6,557 ) (10,174 ) 3,617 35.6 % Other, net (601 ) (1,052 ) 451 42.9 % Total other expense (7,158 ) (11,226 ) 4,068 36.2 % Earnings from continuing operations before income taxes 48,474 36,529 11,945 32.7 % Income taxes 18,903 15,591 (3,312 ) (21.2 %) Net earnings from continuing operations 29,571 20,938 8,633 41.2 % Earnings from discontinued operations, net of tax - 2,054 (2,054 ) (100.0 %) Net earnings 29,571 22,992 6,579 28.6 % Less: Net loss attributable to noncontrolling interest (273 ) (275 ) 2 0.7 % Net earnings attributable to Acxiom 29,844 23,267 6,577 28.3 % Basic earnings per share: Net earnings from continuing operations 0.39 0.26 0.13 50.0 % Earnings from discontinued operations 0.00 0.03 (0.03 ) (100.0 %) Net earnings 0.39 0.28 0.11 39.3 % Net earnings attributable to Acxiom stockholders 0.39 0.29 0.10 34.5 % Diluted earnings per share: Net earnings from continuing operations 0.38 0.26 0.12 46.2 % Earnings from discontinued operations 0.00 0.03 (0.03 ) (100.0 %) Net earnings 0.38 0.28 0.10 35.7 % Net earnings attributable to Acxiom stockholders 0.38 0.28 0.10 35.7 % 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 Six Months Ended September 30, September 30, 2012 2011 2012 2011 Earnings from continuing operations before income taxes 26,837 21,367 48,474 36,529 Income taxes 10,465 9,528 18,903 15,591 Net earnings from continuing operations 16,372 11,839 29,571 20,938 Earnings from discontinued operations, net of tax - 1,138 - 2,054 Net earnings 16,372 12,977 29,571 22,992 Less: Net gain (loss) attributable to noncontrolling interest (139 ) 685 (273 ) (275 ) Net earnings attributable to Acxiom 16,511 12,292 29,844 23,267 Earnings per share attributable to Acxiom stockholders: Basic 0.22 0.15 0.39 0.29 Diluted 0.21 0.15 0.38 0.29 Unusual items: MENA disposal - 2,512 - 2,512 Disposal of Netherlands and Portugal operations - (47 ) - (75 ) Restructuring charges and other adjustments 32 - 192 272 Total unusual items, continuing operations 32 2,465 192 2,709 Earnings from continuing operations before income taxes and excluding unusual items 26,869 23,832 48,666 39,238 Income taxes 10,477 9,531 18,978 15,692 Non-GAAP earnings from continuing operations 16,392 14,301 29,688 23,546 Earnings from discontinued operations, net of tax - 1,138 - 2,054 Non-GAAP net earnings 16,392 15,439 29,688 25,600 Less: Net loss attributable to noncontrolling interest (139 ) (179 ) (273 ) (1,139 ) Non-GAAP Net earnings attributable to Acxiom 16,531 15,618 29,961 26,739 Non-GAAP earnings per share attributable to Acxiom stockholders: Basic 0.21 0.19 0.40 0.33 Diluted 0.21 0.19 0.39 0.33 Diluted weighted average shares 77,025 81,597 77,541 81,805 ACXIOM CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) For the Three Months Ended For the Six Months Ended September 30, September 30, 2012 2011 2012 2011 Income from operations 30,208 27,051 55,632 47,755 Unusual items 32 2,465 192 2,709 Income from operations before unusual items 30,240 29,516 55,824 50,464 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share) For the Three Months Ended September 30, September 30, 2012 2011 Basic earnings per share from continuing operations: Numerator - net earnings 16,372 11,839 Denominator - weighted-average shares outstanding 75,009 80,985 Basic earnings per share 0.22 0.15 Basic earnings per share - net earnings attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 16,511 12,292 Denominator - weighted-average shares outstanding 75,009 80,985 Basic earnings per share - net earnings attributable to Acxiom stockholders 0.22 0.15 Diluted earnings per share from continuing operations: Numerator - net earnings 16,372 11,839 Denominator - weighted-average shares outstanding 75,009 80,985 Dilutive effect of common stock options, warrants and restricted stock 2,016 612 77,025 81,597 Diluted earnings per share from continuing operations 0.21 0.15 Diluted earnings per share - net earnings attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 16,511 12,292 Denominator - weighted-average shares outstanding 75,009 80,985 Dilutive effect of common stock options, warrants, and restricted stock 2,016 612 77,025 81,597 Diluted earnings per share - net earnings attributable to Acxiom stockholders 0.21 0.15 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share) For the Six Months Ended September 30, September 30, 2012 2011 Basic earnings per share from continuing operations: Numerator - net earnings 29,571 20,938 Denominator - weighted-average shares outstanding 75,741 80,963 Basic earnings per share 0.39 0.26 Basic earnings per share - net earnings attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 29,844 23,267 Denominator - weighted-average shares outstanding 75,741 80,963 Basic earnings per share - net earnings attributable to Acxiom stockholders 0.39 0.29 Diluted earnings per share from continuing operations: Numerator - net earnings 29,571 20,938 Denominator - weighted-average shares outstanding 75,741 80,963 Dilutive effect of common stock options, warrants and restricted stock 1,800 842 77,541 81,805 Diluted earnings per share from continuing operations 0.38 0.26 Diluted earnings per share - net earnings attributable to Acxiom stockholders: Numerator - net earnings attributable to Acxiom 29,844 23,267 Denominator - weighted-average shares outstanding 75,741 80,963 Dilutive effect of common stock options, warrants, and restricted stock 1,800 842 77,541 81,805Diluted earnings per share - net earnings attributable to Acxiom stockholders
0.38 0.28 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, September 30, Revenue: 2012 2011 Marketing and data services 194,409 195,857 IT Infrastructure management services 70,061 73,712 Other services 12,997 16,863 Total revenue 277,467 286,432 Income from continuing operations: Marketing and data services 23,331 27,078 IT Infrastructure management services 8,520 5,091 Other services (1,611 ) (2,653 ) Corporate (32 ) (2,465 ) Total income from continuing operations 30,208 27,051 Margin: Marketing and data services 12.0 % 13.8 % IT Infrastructure management services 12.2 % 6.9 % Other services -12.4 % -15.7 % Total margin 10.9 % 9.4 % ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) For the Six Months Ended September 30, September 30, Revenue: 2012 2011 Marketing and data services 380,148 380,853 IT Infrastructure management services 140,351 146,762 Other services 28,627 34,861 Total revenue 549,126 562,476 Income from continuing operations: Marketing and data services 41,306 44,338 IT Infrastructure management services 17,351 9,338 Other services (2,833 ) (3,212 ) Corporate (192 ) (2,709 ) Total income from continuing operations 55,632 47,755 Margin: Marketing and data services 10.9 % 11.6 % IT Infrastructure management services 12.4 % 6.4 % Other services -9.9 % -9.2 % Total margin 10.1 % 8.5 % ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) September 30, March 31, $ % 2012 2012 Variance VarianceAssets
Current assets: Cash and cash equivalents 188,404 229,648 (41,244 ) (18.0 %) Trade accounts receivable, net 166,675 169,446 (2,771 ) (1.6 %) Deferred income taxes 14,837 15,107 (270 ) (1.8 %) Other current assets 58,990 57,804 1,186 2.1 % Total current assets 428,906 472,005 (43,099 ) (9.1 %) Property and equipment 805,620 913,073 (107,453 ) (11.8 %) Less - accumulated depreciation and amortization 569,340 659,700 (90,360 ) (13.7 %) Property and equipment, net 236,280 253,373 (17,093 ) (6.7 %) Software, net of accumulated amortization 16,280 13,211 3,069 23.2 % Goodwill 382,272 382,285 (13 ) (0.0 %) Purchased software licenses, net of accumulated amortization 23,791 25,294 (1,503 ) (5.9 %) Deferred costs, net 52,286 61,977 (9,691 ) (15.6 %) Data acquisition costs 11,985 15,009 (3,024 ) (20.1 %) Other assets, net 2,933 3,697 (764 ) (20.7 %) 1,154,733 1,226,851 (72,118 ) (5.9 %)Liabilities and Stockholders’ Equity
Current liabilities: Current installments of long-term debt 22,492 26,336 (3,844 ) (14.6 %) Trade accounts payable 17,781 31,030 (13,249 ) (42.7 %) Accrued payroll and related expenses 39,382 54,839 (15,457 ) (28.2 %) Other accrued expenses 81,073 77,062 4,011 5.2 % Deferred revenue 47,432 59,949 (12,517 ) (20.9 %) Income taxes 2,499 16,400 (13,901 ) (84.8 %) Total current liabilities 210,659 265,616 (54,957 ) (20.7 %) Long-term debt 244,347 251,886 (7,539 ) (3.0 %) Deferred income taxes 89,578 93,039 (3,461 ) (3.7 %) Other liabilities 4,354 4,455 (101 ) (2.3 %)Stockholders’ equity:
Common stock 12,094 12,003 91 0.8 % Additional paid-in capital 872,389 860,165 12,224 1.4 % Retained earnings 566,203 536,359 29,844 5.6 % Accumulated other comprehensive income 13,652 13,601 51 0.4 % Treasury stock, at cost (858,378 ) (810,381 ) (47,997 ) (5.9 %)Total Acxiom stockholders’ equity
605,960 611,747 (5,787 ) (0.9 %) Noncontrolling interest (165 ) 108 (273 ) (252.8 %) Total equity 605,795 611,855 (6,060 ) (1.0 %) 1,154,733 1,226,851 (72,118 ) (5.9 %) ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Three Months Ended September 30, 2012 2011 Cash flows from operating activities: Net earnings 16,372 12,977 Non-cash operating activities: Depreciation and amortization 29,236 34,959 Loss on disposal or impairment of assets 1 2,888 Deferred income taxes (2,063 ) 1,098 Non-cash stock compensation expense 3,150 2,845 Changes in operating assets and liabilities: Accounts receivable 6,551 (6,054 ) Other assets (3,339 ) 3,925 Deferred costs (627 ) (445 ) Accounts payable and other liabilities (4,668 ) 9,750 Deferred revenue (5,378 ) (4,229 ) Net cash provided by operating activities 39,235 57,714 Cash flows from investing activities: Disposition of operations - (1,043 ) Capitalized software (4,074 ) (991 ) Capital expenditures (8,178 ) (12,134 ) Data acquisition costs (1,396 ) (1,774 ) Net cash used by investing activities (13,648 ) (15,942 ) Cash flows from financing activities: Payments of debt (6,682 ) (81,463 ) Sale of common stock 3,974 2,779 Acquisition of treasury stock (14,003 ) (34,100 ) Net cash used by financing activities (16,711 ) (112,784 ) Effect of exchange rate changes on cash 246 (919 ) Net change in cash and cash equivalents 9,122 (71,931 ) Cash and cash equivalents at beginning of period 179,282 191,094 Cash and cash equivalents at end of period 188,404 119,163 Supplemental cash flow information: Cash paid during the period for: Interest 3,277 5,742 Income taxes 19,971 4,289 Payments on capital leases and installment payment arrangements 4,384 4,184 Payments on software and data license liabilities 130 124 Other debt payments 2,168 2,155 Prepayment of debt - 75,000 Noncash investing and financing activities:Acquisition of property and equipment under capital lease and installment payment arrangements
- 944 ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) For the Six Months Ended September 30, 2012 2011 Cash flows from operating activities: Net earnings 29,571 22,992 Non-cash operating activities: Depreciation and amortization 60,231 70,254 Loss on disposal or impairment of assets 25 2,893 Deferred income taxes (3,466 ) 1,135 Non-cash stock compensation expense 5,803 5,200 Changes in operating assets and liabilities: Accounts receivable 1,942 (9,676 ) Other assets (4,736 ) (4,592 ) Deferred costs (1,274 ) (831 ) Accounts payable and other liabilities (38,132 ) 6,071 Deferred revenue (12,596 ) (2,978 ) Net cash provided by operating activities 37,368 90,468 Cash flows from investing activities: Disposition of operations (1,043 ) Capitalized software (7,747 ) (1,520 ) Capital expenditures (11,716 ) (24,711 ) Data acquisition costs (3,698 ) (4,550 ) Net cash paid in acquisitions - (255 ) Net cash used by investing activities (23,161 ) (32,079 ) Cash flows from financing activities: Payments of debt (13,538 ) (113,775 ) Sale of common stock 5,735 2,818 Acquisition of treasury stock (47,100 ) (34,100 ) Contingent consideration paid for prior acquisitions (287 ) (326 ) Net cash used by financing activities (55,190 ) (145,383 ) Effect of exchange rate changes on cash (261 ) (866 ) Net change in cash and cash equivalents (41,244 ) (87,860 ) Cash and cash equivalents at beginning of period 229,648 207,023 Cash and cash equivalents at end of period 188,404 119,163 Supplemental cash flow information: Cash paid during the period for: Interest 6,500 11,331 Income taxes 36,134 5,387 Payments on capital leases and installment payment arrangements 8,946 8,978 Payments on software and data license liabilities 259 491 Other debt payments 4,333 4,306 Prepayment of debt - 100,000 Noncash investing and financing activities:Acquisition of property and equipment under capital lease and installment payment arrangements
2,157 4,691 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in thousands) 06/30/11 09/30/11 12/31/11 03/31/12 FY2012 06/30/12 09/30/12 YTD FY2013 TTM 9/30/11 TTM 9/30/12Net cash provided (used) by operating activities
32,754 57,714 82,540 56,443 229,451 (1,867 ) 39,235 37,368 196,733 176,351 Less: Disposition of operations - (1,043 ) - 73,468 72,425 - - - (1,043 ) 73,468 Capitalized software (529 ) (991 ) (1,647 ) (2,095 ) (5,262 ) (3,673 ) (4,074 ) (7,747 ) (3,508 ) (11,489 ) Capital expenditures (12,577 ) (12,134 ) (14,436 ) (12,444 ) (51,591 ) (3,538 ) (8,178 ) (11,716 ) (53,246 ) (38,596 ) Data acquisition costs (2,776 ) (1,774 ) (3,999 ) (3,763 ) (12,312 ) (2,302 ) (1,396 ) (3,698 ) (10,965 ) (11,460 ) Payments on capital leases and installment payment arrangements (4,794 ) (4,184 ) (4,709 ) (4,644 ) (18,331 ) (4,562 ) (4,384 ) (8,946 ) (19,956 ) (18,299 ) Payments on software and data license liabilities (367 ) (124 ) (125 ) (2,300 ) (2,916 ) (129 ) (130 ) (259 ) (4,750 ) (2,684 ) Other required debt payments (2,151 ) (2,155 ) (2,159 ) (2,164 ) (8,629 ) (2,165 ) (2,168 ) (4,333 ) (8,603 ) (8,656 ) Total 9,560 35,309 55,465 102,501 202,835 (18,236 ) 18,905 669 94,662 158,635 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share) Q2 FY13 to Q2 FY12 06/30/11 09/30/11 12/31/11 03/31/12 FY2012 06/30/12 09/30/12 YTD FY2013 % $ Revenue: Marketing and data services 184,996 195,857 187,461 203,400 771,714 185,739 194,409 380,148 -0.7 % (1,448 ) IT Infrastructure management services 73,050 73,712 77,173 67,590 291,525 70,290 70,061 140,351 -5.0 % (3,651 ) Other services 17,998 16,863 16,259 16,265 67,385 15,630 12,997 28,627 -22.9 % (3,866 ) Total revenue 276,044 286,432 280,893 287,255 1,130,624 271,659 277,467 549,126 -3.1 % (8,965 ) Operating costs and expenses: Cost of revenue 218,289 217,487 213,925 213,788 863,489 209,326 209,886 419,212 -3.5 % (7,601 ) Selling, general and administrative 36,807 39,429 36,318 38,577 151,131 36,749 37,341 74,090 -5.3 % (2,088 ) Impairment of goodwill and other intangibles - - 17,803 - 17,803 - - - 0 Gains, losses and other items, net 244 2,465 (2,671 ) 12,600 12,638 160 32 192 -98.7 % (2,433 ) Total operating costs and expenses 255,340 259,381 265,375 264,965 1,045,061 246,235 247,259 493,494 4.7 % 12,122 Income from operations 20,704 27,051 15,518 22,290 85,563 25,424 30,208 55,632 11.7 % 3,157 % Margin 7.5 % 9.4 % 5.5 % 7.8 % 7.6 % 9.4 % 10.9 % 10.1 % Other expense Interest expense (5,455 ) (4,719 ) (3,883 ) (3,391 ) (17,448 ) (3,240 ) (3,317 ) (6,557 ) 29.7 % 1,402 Other, net (87 ) (965 ) (98 ) (219 ) (1,369 ) (547 ) (54 ) (601 ) 94.4 % 911 Total other expense (5,542 ) (5,684 ) (3,981 ) (3,610 ) (18,817 ) (3,787 ) (3,371 ) (7,158 ) 40.7 % 2,313 Earnings from continuing operations before income taxes 15,162 21,367 11,537 18,680 66,746 21,637 26,837 48,474 25.6 % 5,470 Income taxes 6,063 9,528 9,700 3,838 29,129 8,438 10,465 18,903 -9.8 % (937 ) Net earnings from continuing operations 9,099 11,839 1,837 14,842 37,617 13,199 16,372 29,571 38.3 % 4,533 Earnings from discontinued operations, net of tax 916 1,138 814 31,031 33,899 - - - -100.0 % (1,138 ) Net earnings 10,015 12,977 2,651 45,873 71,516 13,199 16,372 29,571 26.2 % 3,395 Less: Net earnings (loss) attributable to noncontrolling interest (960 ) 685 (5,279 ) (193 ) (5,747 ) (134 ) (139 ) (273 ) -120.3 % (824 ) Net earnings attributable to Acxiom 10,975 12,292 7,930 46,066 77,263 13,333 16,511 29,844 34.3 % 4,219Diluted earnings per share - net earnings attributable to Acxiom stockholders
0.13 0.15 0.10 0.58 0.96 0.17 0.21 0.38 40.0 % 0.06 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands) Q2 FY13 to Q2 FY12 06/30/11 09/30/11 12/31/11 03/31/12 FY2012 06/30/12 09/30/12 YTD FY2013 % $ Revenue: Marketing and data services 184,996 195,857 187,461 203,400 771,714 185,739 194,409 380,148 -1 % (1,448 ) IT Infrastructure management services 73,050 73,712 77,173 67,590 291,525 70,290 70,061 140,351 -5 % (3,651 ) Other services 17,998 16,863 16,259 16,265 67,385 15,630 12,997 28,627 -23 % (3,866 ) Total revenue 276,044 286,432 280,893 287,255 1,130,624 271,659 277,467 549,126 -3 % (8,965 ) Income (loss) from operations: Marketing and data services 17,260 27,078 21,388 30,094 95,820 17,975 23,331 41,306 -14 % (3,747 ) IT Infrastructure management services 4,247 5,091 9,795 5,855 24,988 8,831 8,520 17,351 67 % 3,429 Other services (559 ) (2,653 ) (533 ) (1,059 ) (4,804 ) (1,222 ) (1,611 ) (2,833 ) 39 % 1,042 Corporate (244 ) (2,465 ) (15,132 ) (12,600 ) (30,441 ) (160 ) (32 ) (192 ) 99 % 2,433 Total income from operations 20,704 27,051 15,518 22,290 85,563 25,424 30,208 55,632 12 % 3,157 Margin: Marketing and data services 9.3 % 13.8 % 11.4 % 14.8 % 12.4 % 9.7 % 12.0 % 10.9 % IT Infrastructure management services 5.8 % 6.9 % 12.7 % 8.7 % 8.6 % 12.6 % 12.2 % 12.4 % Other services -3.1 % -15.7 % -3.3 % -6.5 % -7.1 % -7.8 % -12.4 % -9.9 % Total 7.5 % 9.4 % 5.5 % 7.8 % 7.6 % 9.4 % 10.9 % 10.1 %Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50454727&lang=en
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