Catalina (NYSE:POS)
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Catalina Marketing Announces Restated Financial Results
INVESTORS: ALL FINANCIAL AND STATISTICAL INFORMATION CONTAINED HEREIN IS
UNAUDITED. THE COMPANY HAS INCLUDED THE ESTIMATED IMPACT OF ITS CURRENT
RESTATEMENT ANALYSIS IN THIS RELEASE. CATALINA CAN GIVE NO ASSURANCE THAT THE
AGGREGATE ADJUSTMENTS TO THE FINANCIAL INFORMATION CONTAINED HEREIN ARE FINAL
OR THAT ALL ADJUSTMENTS NECESSARY TO PRESENT ITS FINANCIAL STATEMENTS IN
ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPALS (GAAP) HAVE BEEN
IDENTIFIED.
ST. PETERSBURG, Fla., May 3 /PRNewswire-FirstCall/ -- Catalina Marketing
Corporation today announced the financial results it expects to report for
fiscal year 2003, and the restated financial results for fiscal years 2002 and
2001.
The Company expects to report consolidated revenues for the three years ended
March 31, 2003, 2002 and 2001 of $470.7 million, $442.7 million and $413.1
million, respectively. The Company expects to report consolidated net income
of $56.4 million, $59.2 million and $47.5 million, for fiscal years 2003, 2002
and 2001, respectively. Consolidated earnings per share (EPS) for fiscal years
2003, 2002 and 2001 are expected to be reported as $1.03, $1.04 and $0.82,
respectively. The financial results for fiscal 2003 had previously been
reported in a press release dated May 8, 2003, and the financial results for
fiscal 2002 and 2001 had previously been reported in audited financial
statements as part of the Company's filings on Form 10-K for those years. The
consolidated revenues announced today reflect adjustments to the previously
reported amounts and are related primarily to the timing of revenue
recognition. The Company anticipates that aggregate revenues will remain
substantially unchanged as they are realized over the life of customer
contracts; however, the timing of the revenue recognition on certain customer
contracts will change, and some amount of such revenue is expected to be
included in results for the year ended March 31, 2004 or future periods.
The Company is preparing its report on Form 10-K, which will include audited
financial statements for fiscal year 2003, and restated audited financial
statements for fiscal years 2002 and 2001. The report on Form 10-K is expected
to be filed on or about May 17, 2004. Catalina will host a conference call
following the filing of its report on Form 10-K to discuss the financial
results for fiscal years 2003, 2002 and 2001.
Anticipated Restatement Adjustments
The following tables reflect the anticipated restatement adjustments for 2003,
2002 and 2001 on revenues, net income and EPS. Catalina can give no assurance
that the aggregate adjustments to the financial information contained herein
are final or that all adjustments necessary to present its financial statements
in accordance with GAAP have been identified.
Anticipated Adjustments to 2003, 2002 and 2001 Financial Results
($ in 000's, except EPS) Fiscal Year ended,
March 31 (UNAUDITED)
Fiscal 2003 As Reported Adjustments As Restated
Revenue $474,352 ($3,643) $470,709
Net Income $43,376 $13,030 $56,406
Earnings per Share* $0.79 $0.24 $1.03
Fiscal 2002
Revenue $446,668 ($3,966) $442,702
Net Income $61,880 ($2,667) $59,213
Earnings per Share* $1.08 ($0.04) $1.04
Fiscal 2001
Revenue $417,881 ($4,778) $413,103
Net Income $58,135 ($10,599) $47,536
Earnings per Share* $1.00 ($0.18) $0.82
*Earnings per Share are fully diluted
Nature of Anticipated Financial Restatements
The anticipated financial results and restated financial results are based on
an extensive review directed by the Audit Committee of Catalina's Board of
Directors and management of the Company. The Audit Committee and the Company's
management have conducted a review of the financial results for the fiscal
years of 2003, 2002 and 2001, and as indicated in the table above, the restated
financial results include adjustments to both revenue and net income.
Adjustments to revenue relate primarily to the timing of revenue recognition.
The Company anticipates that aggregate revenues will remain substantially
unchanged as they are realized over the life of customer contracts; however,
the timing of the revenue recognition on certain customer contracts will
change, and some amount of such revenue is expected to be included in results
for the year ended March 31, 2004 or future periods. Catalina has also
identified other accounting adjustments requiring restatement that impact
various areas of the Company's financial statements such as adjustments related
to the timing of the impairment of assets and timing of expense recognition.
These other adjustments are captured in the anticipated restated financial
results set forth above and will be detailed further in the Company's report on
Form 10-K. Additionally, certain adjustments, primarily related to impairment
of assets, will be recorded for periods prior to fiscal 2001 and will be
detailed further in the forthcoming Form 10-K. Catalina can give no assurance
that the aggregate adjustments to the financial information contained herein
are final or that all adjustments necessary to present its financial statements
in accordance with GAAP have been identified. All financial results should be
reviewed in the context of the full audited financial statements, and notes
thereto, and the other information to be included in the Company's report on
Form 10-K which is expected to be filed on or about May 17, 2004.
Investigation Update
On March 9, 2004, the Company announced that it was informed that the
Securities and Exchange Commission (SEC) had issued a formal order in
connection with its investigation of certain aspects of the Company's financial
accounting policies. Catalina is cooperating with the agency and will continue
to do so in order to bring the inquiry to a conclusion as promptly as possible.
The Company has alerted the SEC that it intends to restate financial
information for the relevant periods.
No Impact Expected on Credit Facility
The Company expects that the restatements will not have an impact on its credit
facilities and that it will remain in compliance with all related financial
covenants.
Based in St. Petersburg, FL., Catalina Marketing Corporation
(http://www.catalinamarketing.com/) was founded 20 years ago based on the
premise that targeting communications based on actual purchase behavior would
generate more effective consumer response. Today, Catalina Marketing combines
unparalleled insight into consumer behavior with dynamic consumer access. This
combination of insight and access provides marketers with the ability to
execute behavior- based marketing programs, ensuring that the right consumer
receives the right message at exactly the right time. Catalina Marketing offers
an array of behavior-based promotional messaging, loyalty programs and direct
to patient information. Personally identifiable data that may be collected from
the Company's targeted marketing programs, as well as its research programs,
are never sold or given to any outside party without the express permission of
the consumer.
Certain statements in the preceding paragraphs are forward looking, and actual
results may differ materially. Statements not based on historic facts involve
risks and uncertainties, including, but not limited to, the changing market for
promotional activities, especially as it relates to policies and programs of
packaged goods manufacturers for the issuance of certain product coupons, the
effect of economic and competitive conditions and seasonal variations, actual
promotional activities and programs with the Company's customers, the pace of
installation of the Company's store network, the success of new services and
businesses and the pace of their implementation, the Company's ability to
maintain favorable client relationships, the timing of completion of the
Company's audits, the timing of the completion of the Company's future SEC
filings, the nature and extent of any changes to the Company's audits and
re-audits, the outcome and impact of the ongoing SEC investigation, the outcome
of the resolution of the other reportable events disclosed in the Company's
Form 8-K dated August 20, 2003, and the outcome and impact of the pending
shareholder class action.
DATASOURCE: Catalina Marketing Corporation
CONTACT: Investors, Christopher W. Wolf, Executive Vice President and
Chief Financial Officer, +1-727-579-5218, or Joanne Freiberger, Vice
President, Finance, +1-727-579-5116, or Media, Susan Gear, Executive Director,
Marketing, +1-727-579-5452, all for Catalina Marketing Corporation
Web site: http://www.catalinamarketing.com/