Catalina Marketing Reports Financial Results for Fiscal 2004

Share Name	Share Symbol	Market	Type
Catalina Marketing Corp	NYSE:POS	NYSE	Ordinary Share

Catalina (NYSE:POS)
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Catalina Marketing Reports Financial Results for Fiscal 2004 Annual Report on Form 10-K Filed Today With SEC ST. PETERSBURG, Fla., July 15 /PRNewswire-FirstCall/ -- Catalina Marketing Corporation (NYSE:POS) today reported that the company has filed its Annual Report on Form 10-K for the year ended March 31, 2004 with the Securities and Exchange Commission (SEC). Investors are urged to review the 2004 Form 10-K for a detailed discussion of the financial results and business status descriptions. For the twelve-month period ended March 31, 2004, revenues were $473.0 million compared with revenues of $470.7 million reported for the comparable prior year period. The company incurred a net loss of $19.3 million, or $0.37 per diluted share, for fiscal 2004 compared to net income of $55.1 million, or $1.00 per diluted share, for fiscal 2003. Cash flows from operating activities were $138.1 million and $118.5 million for the years ended March 31, 2004 and 2003, respectively. On a pro forma non-GAAP basis (to exclude the results of businesses being planned for disposition, as described further below) revenues increased 6.5% to $408.6 million during the year ended March 31, 2004 from $383.8 million in fiscal year 2003. Pro forma non-GAAP net income was $62.1 million for the twelve months ended March 31, 2004, a 17.7% increase over $52.8 million of net income from the comparable prior year period. The reporting of fiscal year 2004 had been delayed because of the time and resources required to complete and file the company's Annual Report on Form 10-K for fiscal year 2003, which included the restated financial statements for fiscal years 2002 and 2001. This filing was made on May 17, 2004. The company reiterated that the timing of the filing of the 2004 annual report on Form 10-K did not have an impact on its credit facilities and that it is currently in compliance with all related financial covenants. "We are very pleased to have completed this process," said L. Dick Buell, chief executive officer. "Today's filing marks a significant milestone for Catalina Marketing, in that we have addressed the financial reporting and restatement issues that have faced the company for the past 13 months and can focus solely on building our core businesses." Pro Forma Non-GAAP Adjustments The pro forma non-GAAP financial information herein includes the results of the company's on-going business operations and, accordingly, excludes the financial results of the business units designated to be divested by the company including Direct Marketing Services (DMS), Japan Billboard and Catalina Marketing Research Solutions (CMRS). It should be noted that the company recognized impairment charges in fiscal 2004 with respect to each of these businesses and that the pro forma non-GAAP financial information does not reflect such impairment charges. During the third quarter of fiscal year 2004, the company announced its intent to divest DMS, Japan Billboard and CMRS. These businesses were deemed not to be strategically aligned with Catalina's current core competencies. The company tested the goodwill related to these operations for possible impairment in accordance with Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible Assets." As a result of this testing, the company recorded impairment charges related to goodwill in the amount of $81.5 million on the consolidated income statement for fiscal year 2004. The impairment charges consisted of $29.8 million related to DMS, $30.5 million related to Japan Billboard and $21.2 million related to CMRS. In addition to the $81.5 million of goodwill impairment charges described above, the company recognized an impairment charge on its billboard assets in Japan. The increased regulatory limitations on tobacco advertising on billboards in Japan resulted in a charge of $4.1 million related to the impairment of long-lived assets pursuant to SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets." Additional information related to how these impairment charges were derived is available in Management's Discussion and Analysis and the company's consolidated financial statements contained in the fiscal year 2004 Annual Report on Form 10-K. Webcast Scheduled The company also announced that it will host a webcast on Monday, July 19, 2004, at 10:00 a.m. EDT to discuss its financial results as filed in its fiscal year 2004 Annual Report on Form 10-K. The webcast may be accessed at http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=POS&script=1010&item_id=918706 and will be available for replay from Monday, July 19, 2004, through Monday, August 16, 2004. Catalina Marketing Corporation Selected Financial Data (in thousands, except per share amounts) Twelve Months Twelve Months Periods Ended March 31 2004 2004 2003 2003 GAAP Pro-Forma GAAP Pro-Forma Revenues $472,950 $408,632 $470,709 $383,848 Direct Operating Expenses 186,207 139,783 208,381 147,077 Selling, General and Administrative 140,815 123,095 125,449 107,958 Impairment Charges 85,565 -- 1,225 -- Depreciation and Amortization 47,637 44,938 43,268 40,682 Income from Operations 12,726 100,816 92,386 88,131 Other (Income) Expense 793 538 3,135 2,862 Provision for Income Taxes 30,436 38,198 34,153 32,517 Net Income (Loss) Before Accounting Change (18,503) 62,080 55,098 52,752 Cumulative Effect of Acctg Change (770) -- -- -- Net Income (Loss) After Acctg Change $(19,273) $62,080 $55,098 $52,752 Diluted: Earnings Per Share $(0.37) $1.19 $1.00 $0.96 Weighted Average Shares Outstanding 52,304 52,304 54,885 54,885 Basic: Earnings Per Share $(0.37) $1.19 $1.01 $0.97 Weighted Average Shares Outstanding 52,304 52,304 54,474 54,474 Selected Other Data March 31 2004 2003 Balance Sheet and Cash Flow (in thousands): Cash $72,704 $1,715 Stockholders' Equity $184,662 $215,995 Cash Flows from Operating Activities $138,133 $118,503 U.S. Core Domestic Business: Number of Stores at Quarter End 17,604 17,498 Net Stores Installed During Quarter /YTD 22/106 165/1,010 Promotions Printed During Quarter/ YTD (in millions) 878/3,118 922/3,334 Weekly Shopper Reach at Quarter End (in millions) 209 203 International Business: Number of Stores at Quarter End 5,545 4,069 Net Stores Installed During Quarter /YTD 287/1,476 271/731 Promotions Printed During Quarter/ YTD (in millions) 230/757 156/455 Weekly Shopper Reach at Quarter End (in millions) 65 47 Catalina Marketing Corporation Reconciliation of GAAP to Pro forma Non-GAAP Net Income (1) (in thousands, except per share amounts) Adjustments to reconcile from GAAP to Twelve Months Ended March 31, 2004 Non-GAAP Non-GAAP GAAP Pro forma Pro forma Revenues $472,950 $64,318 $408,632 Direct Operating Expenses 186,207 46,424 139,783 Selling, General and Administrative 140,815 17,720 123,095 Impairment Charges 85,565 85,565 -- Depreciation and Amortization 47,637 2,699 44,938 Income from Operations 12,726 (88,090) 100,816 Other (Income) Expense 793 255 538 Provision for Income Taxes 30,436 (7,762) 38,198 Net Income (Loss) Before Accounting Change (18,503) (80,583) 62,080 Cumulative Effect of Acctg Change (770) (770) -- Net Income (Loss) After Acctg Change $(19,273) $(81,353) $62,080 Earnings per Share, Diluted (52,304 shares) $(0.37) $(1.56) $1.19 Earnings per Share, Basic (52,304 shares) $(0.37) $(1.56) $1.19 (1) The non-GAAP pro forma net income results are a supplement to the financial data based on accounting principals generally accepted in the United States of America (GAAP). These non-GAAP pro forma results reflect adjustments primarily to exclude from operating results the financial statement information for business units that have been identified for divestiture or disposal and as such are not viewed by the company as part of the ongoing business. The company believes this presentation provides useful information to investors because it assists investors in better understanding the company's operations for the full fiscal year. It should be emphasized, however, that these measurements are not a substitution for GAAP- based financial statements. Catalina Marketing Corporation Reconciliation of GAAP to Pro forma Non-GAAP Net Income (1) (in thousands, except per share amounts) Adjustments to reconcile from GAAP to Non-GAAP Non-GAAP GAAP Pro forma Pro forma Period Ended March 31, 2003 Revenues $470,709 $86,861 $383,848 Direct Operating Expenses 208,381 61,304 147,077 Selling, General and Administrative 125,449 17,491 107,958 Impairment Charges 1,225 1,225 -- Depreciation and Amortization 43,268 2,586 40,682 Income from Operations 92,386 4,255 88,131 Other (Income) Expense 3,135 273 2,862 Provision for Income Taxes 34,153 1,636 32,517 Net Income (Loss) Before Accounting Change 55,098 2,346 52,752 Cumulative Effect of Acctg Change -- -- -- Net Income (Loss) After Acctg Change $55,098 $2,346 $52,752 Earnings per Share, Diluted (54,885 shares) $1.00 $0.04 $0.96 Earnings per Share, Basic (54,474 shares) $1.01 $0.04 $0.97 (1) The non-GAAP pro forma net income results are a supplement to the financial data based on accounting principles generally accepted in the United States of America (GAAP). These non-GAAP pro forma results reflect adjustments primarily to exclude from operating results the financial statement information for business units that have been identified for divestiture or disposal and as such are not viewed by the company as part of the ongoing business. The company believes this presentation provides useful information to investors because it assists investors in better understanding the company's operations for the full fiscal year. It should be emphasized, however, that these measurements are not a substitution for GAAP- based financial statements. 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 and pharmaceutical manufacturers and retailers, government and regulatory statutes, rules, regulations and policies, 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 the completion of the company's future SEC filings, the outcome and impact of an ongoing SEC investigation into certain of the company's prior fiscal years, and the outcome and impact of the pending shareholder class action and derivative lawsuits. Audio: www.corporate-ir.net/ireye/ir_site.zhtml?ticker=POS&script=1010&item_id=918706 DATASOURCE: Catalina Marketing Corporation CONTACT: Investors, Christopher W. Wolf, 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 of Catalina Marketing Web site: http://www.catalinamarketing.com/

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POS Catalina Marketing Corp