Catalina Marketing Reports Financial Results for its Quarter Ended September 30, 2006

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

Catalina (NYSE:POS)
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Catalina Marketing Corporation (NYSE:POS) today reported financial results for its quarter ended September 30, 2006. For the three months ended September 30, 2006, consolidated revenues were $112.6 million, a 9.6% increase over revenues of $102.8 million in the same period of the prior year. Consolidated net income, which reflected increased spending associated with the color printer and channel expansion initiatives in the current year quarter, was $15.2 million, or $0.33 per diluted shared, compared with net income of $19.7 million, or $0.40 per diluted share, in the same quarter of the prior year. Results for the three months ended September 30, 2006 included stock-based compensation expense of $2.9 million, net of related income taxes, as the result of the company�s adoption of SFAS No. 123R, Share-Based Payment, effective April 1, 2006. Excluding the impact of stock-based compensation expense under the fair value method, net income for the quarter ended September 30, 2006 would have been $18.2 million, or $0.39 per diluted share. For the six-month period ended September 30, 2006, consolidated revenues were $217.7 million, an increase of 11.9% over revenues of $194.6 million in the comparable six month period of the prior year. Consolidated net income, which reflected increased spending associated with the color printer and channel expansion initiatives in the current year period, was $29.2 million, or $0.63 per diluted share, compared with net income of $33.4 million, or $0.67 per diluted share, in the prior year period. Results for the six months ended September 30, 2006 included stock-based compensation expense of $5.3 million, net of related income taxes. Excluding the impact of stock based compensation, net income for the six months ended September 30, 2006 would have been $34.5 million, or $0.74 per diluted share. �On a consolidated basis we had solid revenue growth of nearly 10% for the quarter,� executive vice president and chief financial officer, Rick Frier, commented. �Catalina Marketing International and Catalina Marketing Services led the way with 24.0% and 8.5% growth, respectively. Catalina Health Resource had a strong quarter, its second highest revenue producing quarter ever, even without the opportunistic spending by certain of our manufacturer clients that we benefited from in the comparable prior year quarter.� Frier continued, �We are excited about the progress we have made on the color printer initiative and the feedback that we have received from manufacturers, retailers, and consumers. We have completed the installation of color printers in approximately half of the planned grocery store installations across our domestic network. We began to see the impact of this investment in consolidated results during the current quarter, as year-to-date operating margins, excluding the impact of stock-based compensation expense, declined approximately 200 basis points compared with the same period in the prior fiscal year. Consistent with information we previously provided, on a full fiscal year basis we expect operating margins to decrease by three to four percentage points on a consolidated basis and five to seven percentage points on the CMS segment as compared with the twelve months ended March 31, 2006. The investment that we are making on both the balance sheet and income statement is significant, but will provide the foundation for long-term revenue and profit growth.� Segment Results: � � Three Months Ended September 30, 2006 (GAAP) FAS 123R Expense 2006 (Pro forma)(1) 2005� % Change� (in thousands) Revenues CMS $ 65,796� $ -� $ 65,796� $ 60,618� 8.5% CHR 22,898� -� 22,898� 22,880� 0.1% CMI 23,886� -� 23,886� 19,256� 24.0% Corporate and eliminations -� -� -� 2� -100.0% Total Revenues $112,580� $ -� $ 112,580� $102,756� 9.6% � � Income (Loss) from Operations CMS $ 25,450� $ 873� $ 26,323� $ 26,969� -2.4% CHR 7,320� 322� 7,642� 8,335� -8.3% CMI 6,504� 703� 7,207� 5,682� 26.8% Corporate (14,143) 2,021� (12,122) (8,892) -36.3% Total Income from Operations $ 25,131� $ 3,919� $ 29,050� $ 32,094� -9.5% � � � Six Months Ended September 30, 2006 (GAAP) FAS 123R Expense 2006 (Pro forma)(1) 2005� % Change� (in thousands) Revenues CMS $128,023� $ -� $ 128,023� $118,307� 8.2% CHR 44,824� -� $ 44,824� 41,410� 8.2% CMI 44,900� -� $ 44,900� 34,884� 28.7% Corporate and eliminations -� -� $ -� 9� -100.0% Total Revenues $217,747� $ -� $ 217,747� $194,610� 11.9% � � Income (Loss) from Operations CMS $ 50,352� $ 1,656� $ 52,008� $ 51,836� 0.3% CHR 13,668� 611� $ 14,279� 13,056� 9.4% CMI 12,441� 703� $ 13,144� 8,450� 55.6% Corporate (27,401) 3,832� $ (23,569) (19,384) -21.6% Total Income from Operations $ 49,060� $ 6,802� $ 55,862� $ 53,958� 3.5% � (1) The non-GAAP pro forma results are a supplement to the financial data based on generally accepted accounting principles (GAAP). These non-GAAP pro forma amounts exclude the expense for stock-based compensation recognized under the provisions of SFAS No. 123R, Share-Based Payment. The Company believes this presentation provides useful information to investors because it assists investors in better understanding the company's operations for the current fiscal year compared to the prior comparable quarters as there was no comparable expense under then existing accounting requirements for the fiscal year ended March 31, 2006. It should be emphasized, however, that these measurements are not a substitution for GAAP-based financial statements. Share Repurchase Authorization During the quarter and six months ended September 30, 2006, the company repurchased 287,751 shares of its common stock for a total of $8.0 million, at an average price of $27.74 per share. As of September 30, 2006, the company had authority to repurchase an additional $133.5 million of common stock under authorization of the Board of Directors. Amended Credit Facility Agreement On October 24, 2006, the company entered into a five-year $175 million multicurrency revolving credit facility. This facility has a feature that allows the company, subject to certain conditions, to increase the revolving credit line up to $275 million. The facility is unsecured and may be used for general corporate purposes, which include, but are not limited to, refinancing existing debt, share repurchases and capital expenditures. The sole lead arranger for the facility is J.P. Morgan Securities Inc., with JPMorgan Chase, National Association as administrative agent. This refinancing replaced the company's $125 million revolving credit facility. Webcast and Investor Conference Scheduled The company will host a webcast on Thursday, October 26, 2006 at 10:00 a.m. EDT to discuss its financial results for its quarter ended September 30, 2006. The webcast may be accessed at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=72727& eventID=1395206 and will be available for replay from Thursday, October 26, 2006 through Monday, November 27, 2006. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) � � Catalina Marketing Corporation Selected Operating Data (In thousands except per share data) � Three Months Ended September 30, 2006 (GAAP) FAS 123R Expense 2006 (Pro forma)(1) 2005� � Revenues $ 112,580� $ -� $ 112,580� $102,756� � Direct operating expenses 37,532� (577) 36,955� 32,318� Selling, general and administrative 40,625� (3,342) 37,283� 29,622� Depreciation and amortization 9,292� -� 9,292� 8,722� Total costs and expenses 87,449� (3,919) 83,530� 70,662� � Income from operations 25,131� 3,919� 29,050� 32,094� � Other income (expense) 275� -� 275� (242) � Provision for income taxes 10,172� 982� 11,154� 12,104� � � � � Net Income $ 15,234� $ 2,937� $ 18,171� $ 19,748� � Earnings per share � basic $ 0.33� $ 0.06� $ 0.39� $ 0.41� Earnings per share � diluted $ 0.33� $ 0.06� $ 0.39� $ 0.40� � Weighted average shares outstanding - basic 46,345� 46,345� 46,345� 48,709� Weighted average shares outstanding - diluted 46,865� 46,865� 46,865� 48,996� � � Six Months Ended September 30, 2006 (GAAP) FAS 123R Expense 2006 (Pro forma)(1) 2005� � Revenues $ 217,747� $ -� $ 217,747� $194,610� � Direct operating expenses 72,019� (998) 71,021� 63,002� Selling, general and administrative 78,570� (5,804) 72,766� 59,423� Depreciation and amortization 18,098� -� 18,098� 18,227� Total costs and expenses 168,687� (6,802) 161,885� 140,652� � Income from operations 49,060� 6,802� 55,862� 53,958� � Other income (expense) 152� -� 152� (69) � Provision for income taxes 19,980� 1,530� 21,510� 20,478� � � � � Net Income 29,232� 5,272� 34,504� 33,411� � Earnings per share � basic $ 0.63� $ 0.11� $ 0.74� $ 0.67� Earnings per share � diluted $ 0.63� $ 0.11� $ 0.74� $ 0.67� � Weighted average shares outstanding - basic 46,307� 46,307� 46,307� 49,625� Weighted average shares outstanding - diluted 46,738� 46,738� 46,738� 49,927� (1) The non-GAAP pro forma results are a supplement to the financial data based on generally accepted accounting principles (GAAP). These non-GAAP pro forma amounts exclude the expense for stock-based compensation recognized under the provisions of SFAS No. 123R, Share-Based Payment. The Company believes this presentation provides useful information to investors because it assists investors in better understanding the company's operations for the current fiscal year compared to the prior comparable quarters as there was no comparable expense under then existing accounting requirements for the fiscal year ended March 31, 2006. It should be emphasized, however, that these measurements are not a substitution for GAAP-based financial statements. Catalina Marketing Corporation Selected Other Data (in thousands, except store data) � � September 30, 2006 September 30, 2005 � Selected Balance Sheet and Cash Flow Data: � Cash $ 32,225� $ 22,731� � Debt 111,564� 34,779� � Stockholders' Equity 164,655� 146,442� � Cash Flows from Operating Activities - QTD / YTD 30,943 / 34,806� 17,575 / 31,762� � Capital Expenditures - QTD / YTD 50,011 / 64,272� 16,110 / 24,594� � Net Borrowings/(Payments) on LT Debt - QTD / YTD 41,859 / 48,684� 2,928 / (27,194) � Repurchase of Common Stock - QTD / YTD 7,990 / 7,990� 28,281 / 70,113� � Cash Dividends Paid - QTD / YTD 13,901 / 13,901� - / -� � � Catalina Marketing Services: � Number of Stores 21,879� 16,693� � Net Stores Installed (Deinstalled) - QTD / YTD 6 / 831� (888) / (916) � Promotions Printed (in millions) - QTD / YTD 822 / 1,611� 744 / 1,457� � Weekly Shopper Reach at Quarter End (in millions) 242� 211� � � Catalina Health Resource: � Number of Stores 13,000� 12,404� � Net Stores Installed - QTD / YTD 173 / 220� (47) / (19) � � Catalina Marketing International: � Number of Stores 7,844� 6,699� � Net Stores Installed - QTD / YTD 330 / 528� 696 / 792� � Promotions Printed (in millions) - QTD / YTD 420 / 811� 279 / 488� � Weekly Shopper Reach at Quarter End (in millions) 86� 72� About Catalina Marketing Corporation Based in St. Petersburg, FL, Catalina Marketing Corporation (www.catalinamarketing.com) was founded over 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 provided 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, potential complications, hardware and software issues and delays related to the schedule, installation and operation of color printers, the effectiveness of color printers to increase sales and redemption rates or provide a more effective advertising medium, 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 including as it relates to the installation of color printers in existing and future retail channels, the acceptance by the company's manufacturer clients and retailers of color printers and related new and additional terms and conditions, the success of new services and businesses and the pace of their implementation, the company's ability to maintain favorable client and retailer relationships, and the outcome and impact of the pending shareholder class action and derivative lawsuits. Catalina Marketing Corporation (NYSE:POS) today reported financial results for its quarter ended September 30, 2006. For the three months ended September 30, 2006, consolidated revenues were $112.6 million, a 9.6% increase over revenues of $102.8 million in the same period of the prior year. Consolidated net income, which reflected increased spending associated with the color printer and channel expansion initiatives in the current year quarter, was $15.2 million, or $0.33 per diluted shared, compared with net income of $19.7 million, or $0.40 per diluted share, in the same quarter of the prior year. Results for the three months ended September 30, 2006 included stock-based compensation expense of $2.9 million, net of related income taxes, as the result of the company's adoption of SFAS No. 123R, Share-Based Payment, effective April 1, 2006. Excluding the impact of stock-based compensation expense under the fair value method, net income for the quarter ended September 30, 2006 would have been $18.2 million, or $0.39 per diluted share. For the six-month period ended September 30, 2006, consolidated revenues were $217.7 million, an increase of 11.9% over revenues of $194.6 million in the comparable six month period of the prior year. Consolidated net income, which reflected increased spending associated with the color printer and channel expansion initiatives in the current year period, was $29.2 million, or $0.63 per diluted share, compared with net income of $33.4 million, or $0.67 per diluted share, in the prior year period. Results for the six months ended September 30, 2006 included stock-based compensation expense of $5.3 million, net of related income taxes. Excluding the impact of stock based compensation, net income for the six months ended September 30, 2006 would have been $34.5 million, or $0.74 per diluted share. "On a consolidated basis we had solid revenue growth of nearly 10% for the quarter," executive vice president and chief financial officer, Rick Frier, commented. "Catalina Marketing International and Catalina Marketing Services led the way with 24.0% and 8.5% growth, respectively. Catalina Health Resource had a strong quarter, its second highest revenue producing quarter ever, even without the opportunistic spending by certain of our manufacturer clients that we benefited from in the comparable prior year quarter." Frier continued, "We are excited about the progress we have made on the color printer initiative and the feedback that we have received from manufacturers, retailers, and consumers. We have completed the installation of color printers in approximately half of the planned grocery store installations across our domestic network. We began to see the impact of this investment in consolidated results during the current quarter, as year-to-date operating margins, excluding the impact of stock-based compensation expense, declined approximately 200 basis points compared with the same period in the prior fiscal year. Consistent with information we previously provided, on a full fiscal year basis we expect operating margins to decrease by three to four percentage points on a consolidated basis and five to seven percentage points on the CMS segment as compared with the twelve months ended March 31, 2006. The investment that we are making on both the balance sheet and income statement is significant, but will provide the foundation for long-term revenue and profit growth." Segment Results: -0- *T Three Months Ended September 30, --------------------------------------------- 2006 2006 FAS 123R (Pro % (GAAP) Expense forma)(1) 2005 Change ------------------------------------- ------- (in thousands) Revenues ----------------------- CMS $65,796 $- $65,796 $60,618 8.5% CHR 22,898 - 22,898 22,880 0.1% CMI 23,886 - 23,886 19,256 24.0% Corporate and eliminations - - - 2 -100.0% --------- ------- --------- --------- Total Revenues $112,580 $- $112,580 $102,756 9.6% ========= ======= ========= ========= Income (Loss) from Operations ----------------------- CMS $25,450 $873 $26,323 $26,969 -2.4% CHR 7,320 322 7,642 8,335 -8.3% CMI 6,504 703 7,207 5,682 26.8% Corporate (14,143) 2,021 (12,122) (8,892) -36.3% --------- ------- --------- --------- Total Income from Operations $25,131 $3,919 $29,050 $32,094 -9.5% ========= ======= ========= ========= Six Months Ended September 30, --------------------------------------------- 2006 2006 FAS 123R (Pro % (GAAP) Expense forma)(1) 2005 Change ------------------------------------- ------- (in thousands) Revenues ----------------------- CMS $128,023 $- $128,023 $118,307 8.2% CHR 44,824 - $44,824 41,410 8.2% CMI 44,900 - $44,900 34,884 28.7% Corporate and eliminations - - $- 9 -100.0% --------- ------- --------- --------- Total Revenues $217,747 $- $217,747 $194,610 11.9% ========= ======= ========= ========= Income (Loss) from Operations ----------------------- CMS $50,352 $1,656 $52,008 $51,836 0.3% CHR 13,668 611 $14,279 13,056 9.4% CMI 12,441 703 $13,144 8,450 55.6% Corporate (27,401) 3,832 $(23,569) (19,384) -21.6% --------- ------- --------- --------- Total Income from Operations $49,060 $6,802 $55,862 $53,958 3.5% ========= ======= ========= ========= *T (1) The non-GAAP pro forma results are a supplement to the financial data based on generally accepted accounting principles (GAAP). These non-GAAP pro forma amounts exclude the expense for stock-based compensation recognized under the provisions of SFAS No. 123R, Share-Based Payment. The Company believes this presentation provides useful information to investors because it assists investors in better understanding the company's operations for the current fiscal year compared to the prior comparable quarters as there was no comparable expense under then existing accounting requirements for the fiscal year ended March 31, 2006. It should be emphasized, however, that these measurements are not a substitution for GAAP-based financial statements. Share Repurchase Authorization During the quarter and six months ended September 30, 2006, the company repurchased 287,751 shares of its common stock for a total of $8.0 million, at an average price of $27.74 per share. As of September 30, 2006, the company had authority to repurchase an additional $133.5 million of common stock under authorization of the Board of Directors. Amended Credit Facility Agreement On October 24, 2006, the company entered into a five-year $175 million multicurrency revolving credit facility. This facility has a feature that allows the company, subject to certain conditions, to increase the revolving credit line up to $275 million. The facility is unsecured and may be used for general corporate purposes, which include, but are not limited to, refinancing existing debt, share repurchases and capital expenditures. The sole lead arranger for the facility is J.P. Morgan Securities Inc., with JPMorgan Chase, National Association as administrative agent. This refinancing replaced the company's $125 million revolving credit facility. Webcast and Investor Conference Scheduled The company will host a webcast on Thursday, October 26, 2006 at 10:00 a.m. EDT to discuss its financial results for its quarter ended September 30, 2006. The webcast may be accessed at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=72727& eventID=1395206 and will be available for replay from Thursday, October 26, 2006 through Monday, November 27, 2006. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) -0- *T Catalina Marketing Corporation Selected Operating Data (In thousands except per share data) Three Months Ended September 30, ------------------------------------- 2006 2006 FAS 123R (Pro (GAAP) Expense forma)(1) 2005 ------------------------------------- Revenues $112,580 $- $112,580 $102,756 Direct operating expenses 37,532 (577) 36,955 32,318 Selling, general and administrative 40,625 (3,342) 37,283 29,622 Depreciation and amortization 9,292 - 9,292 8,722 --------- ------- --------- --------- Total costs and expenses 87,449 (3,919) 83,530 70,662 --------- ------- --------- --------- Income from operations 25,131 3,919 29,050 32,094 Other income (expense) 275 - 275 (242) Provision for income taxes 10,172 982 11,154 12,104 --------- ------- --------- --------- Net Income $15,234 $2,937 $18,171 $19,748 ========= ======= ========= ========= Earnings per share - basic $0.33 $0.06 $0.39 $0.41 Earnings per share - diluted $0.33 $0.06 $0.39 $0.40 Weighted average shares outstanding - basic 46,345 46,345 46,345 48,709 Weighted average shares outstanding - diluted 46,865 46,865 46,865 48,996 Six Months Ended September 30, ------------------------------------- 2006 2006 FAS 123R (Pro (GAAP) Expense forma)(1) 2005 ------------------------------------- Revenues $217,747 $- $217,747 $194,610 Direct operating expenses 72,019 (998) 71,021 63,002 Selling, general and administrative 78,570 (5,804) 72,766 59,423 Depreciation and amortization 18,098 - 18,098 18,227 --------- ------- --------- --------- Total costs and expenses 168,687 (6,802) 161,885 140,652 --------- ------- --------- --------- Income from operations 49,060 6,802 55,862 53,958 Other income (expense) 152 - 152 (69) Provision for income taxes 19,980 1,530 21,510 20,478 --------- ------- --------- --------- Net Income 29,232 5,272 34,504 33,411 ========= ======= ========= ========= Earnings per share - basic $0.63 $0.11 $0.74 $0.67 Earnings per share - diluted $0.63 $0.11 $0.74 $0.67 Weighted average shares outstanding - basic 46,307 46,307 46,307 49,625 Weighted average shares outstanding - diluted 46,738 46,738 46,738 49,927 *T (1) The non-GAAP pro forma results are a supplement to the financial data based on generally accepted accounting principles (GAAP). These non-GAAP pro forma amounts exclude the expense for stock-based compensation recognized under the provisions of SFAS No. 123R, Share-Based Payment. The Company believes this presentation provides useful information to investors because it assists investors in better understanding the company's operations for the current fiscal year compared to the prior comparable quarters as there was no comparable expense under then existing accounting requirements for the fiscal year ended March 31, 2006. It should be emphasized, however, that these measurements are not a substitution for GAAP-based financial statements. -0- *T Catalina Marketing Corporation Selected Other Data (in thousands, except store data) September 30, September 30, 2006 2005 --------------------------------- Selected Balance Sheet and Cash Flow Data: Cash $32,225 $22,731 Debt 111,564 34,779 Stockholders' Equity 164,655 146,442 Cash Flows from Operating Activities - QTD / YTD 30,943 / 34,806 17,575 / 31,762 Capital Expenditures - QTD / YTD 50,011 / 64,272 16,110 / 24,594 Net Borrowings/(Payments) on LT Debt - QTD / YTD 41,859 / 48,684 2,928 / (27,194) Repurchase of Common Stock - QTD / YTD 7,990 / 7,990 28,281 / 70,113 Cash Dividends Paid - QTD / YTD 13,901 / 13,901 - / - Catalina Marketing Services: Number of Stores 21,879 16,693 Net Stores Installed (Deinstalled) - QTD / YTD 6 / 831 (888) / (916) Promotions Printed (in millions) - QTD / YTD 822 / 1,611 744 / 1,457 Weekly Shopper Reach at Quarter End (in millions) 242 211 Catalina Health Resource: Number of Stores 13,000 12,404 Net Stores Installed - QTD / YTD 173 / 220 (47) / (19) Catalina Marketing International: Number of Stores 7,844 6,699 Net Stores Installed - QTD / YTD 330 / 528 696 / 792 Promotions Printed (in millions) - QTD / YTD 420 / 811 279 / 488 Weekly Shopper Reach at Quarter End (in millions) 86 72 *T About Catalina Marketing Corporation Based in St. Petersburg, FL, Catalina Marketing Corporation (www.catalinamarketing.com) was founded over 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 provided 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, potential complications, hardware and software issues and delays related to the schedule, installation and operation of color printers, the effectiveness of color printers to increase sales and redemption rates or provide a more effective advertising medium, 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 including as it relates to the installation of color printers in existing and future retail channels, the acceptance by the company's manufacturer clients and retailers of color printers and related new and additional terms and conditions, the success of new services and businesses and the pace of their implementation, the company's ability to maintain favorable client and retailer relationships, and the outcome and impact of the pending shareholder class action and derivative lawsuits.

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POS Catalina Marketing Corp