Catalina (NYSE:POS)
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Catalina Marketing Corporation (NYSE: POS) today
reported financial results for its second quarter and first six months
ended September 30, 2005.
For the three months ended September 30, 2005, consolidated
revenues were $102.8 million, compared with revenues of $102.4 million
in the comparable period of fiscal year 2005. Consolidated net income
for the second quarter was $19.7 million, or $0.40 per diluted share,
compared with net income of $20.3 million, or $0.39 per diluted share,
in the second quarter of fiscal year 2005. Second quarter results in
fiscal year 2005 included $1.4 million of income from discontinued
operations related to the operation and divesture of non-core
businesses.
The company reported consolidated income from continuing
operations for the quarter ended September 30, 2005 of $19.7 million,
or $0.40 per diluted share, compared with $18.9 million, or $0.36 per
diluted share, for the quarter ended September 30, 2004.
For the six-month period ended September 30, 2005, consolidated
revenues were $194.6 million, compared with revenues of $197.8 million
in the comparable period of fiscal year 2005. Consolidated net income
for the first six months of fiscal year 2006 was $33.4 million, or
$0.67 per diluted share, compared with net income of $31.2 million, or
$0.60 per diluted share, in fiscal year 2005. First half results in
fiscal year 2005 included a loss from discontinued operations of $1.0
million related to the operation and divestiture of non-core
businesses.
The company reported consolidated income from continuing
operations for the six months ended September 30, 2005 of $33.4
million, or $0.67 per diluted share, compared with $32.2 million, or
$0.62 per diluted share, for the six months ended September 30, 2004.
"Second quarter earnings improved year-over-year, while revenues
were comparable with the prior year as double digit growth in Catalina
Health Resource and International were offset by a revenue decline at
Catalina Marketing Services," chief executive officer, Dick Buell
commented. "We remain focused on our long-term growth objectives as we
continue to make steady progress with the introduction of new products
and services and entry into new channels. The results of our efforts
should begin to appear in CMS results during the fourth quarter of
this fiscal year."
Summary of Segment Results
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*T
----------------------------------------------------------------------
Three Months Ended Three Months Ended
September 30, 2005 September 30, 2004
(In millions) Revenues Income/(Loss) Revenues Income/(Loss)
Catalina Marketing
Services $ 60.6 $ 16.0 $ 66.1 $ 18.9
Catalina Health
Resource 22.9 5.0 19.2 2.8
Catalina Marketing
International 19.3 2.4 16.9 2.1
Corp / Eliminations 0.0 (3.7) 0.2 (4.9)
---------------------------------------------
From Continuing
Operations $ 102.8 $ 19.7 $ 102.4 $ 18.9
---------------------------------------------
Discontinued
Operations $ - $ - $ - $ 1.4
---------------------------------------------
Consolidated $ 102.8 $ 19.7 $ 102.4 $ 20.3
=============================================
Three Months Ended
September 30, 2005
Percent Change
Revenues Income/(Loss)
Catalina Marketing Services (8.3%) (15.1%)
Catalina Health Resource 19.3% 78.8%
Catalina Marketing International 14.0% 15.1%
Corp / Eliminations (99.1%) (25.5%)
----------------------
From Continuing Operations 0.4% 4.7%
----------------------
Discontinued Operations - (100.0%)
----------------------
Consolidated 0.4% (2.6%)
======================
Six Months Ended Six Months Ended
September 30, 2005 September 30, 2004
(In millions) Revenues Income/(Loss) Revenues Income/(Loss)
Catalina Marketing
Services $ 118.3 $ 30.8 $ 129.5 $ 35.0
Catalina Health Resource 41.4 7.8 37.1 3.8
Catalina Marketing
International 34.9 3.1 31.1 2.9
Corp / Eliminations 0.0 (8.3) 0.1 (9.5)
------------------------------------------
From Continuing
Operations $ 194.6 $ 33.4 $ 197.8 $ 32.2
------------------------------------------
Discontinued Operations $ - $ - $ - $ (1.0)
------------------------------------------
Consolidated $ 194.6 $ 33.4 $ 197.8 $ 31.2
==========================================
Six Months Ended
September 30, 2005
Percent Change
Revenues Income/(Loss)
Catalina Marketing Services (8.6%) (12.0%)
Catalina Health Resource 11.8% 101.9%
Catalina Marketing International 12.0% 8.4%
Corp / Eliminations (92.4%) (12.8%)
----------------------
From Continuing Operations (1.6%) 3.7%
----------------------
Discontinued Operations - 100.0%
----------------------
Consolidated (1.6%) 7.1%
======================
----------------------------------------------------------------------
*T
Stock Repurchases
During the second quarter, the company repurchased 1,171,900
shares of its common stock for a total of $28.3 million, at an average
price of $24.13 per share. Since the beginning of the fiscal year, the
company has purchased 2,865,200 shares of its common stock for a total
of $70.1 million, at an average price of $24.47 per share. The company
currently has authorization to repurchase an additional $85.7 million
of common stock under the August 2005 Board of Directors
authorization.
Webcast & Investor Conference Scheduled
The company will host a webcast on Thursday, October 27, 2005 at
8:00 a.m. EDT to discuss its financial results for its fiscal year
2006 second quarter. The webcast may be accessed at
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=POS&script=1000
and will be available for replay from Thursday, October 27, 2005
through Thursday, November 24, 2005.
Rick Frier, chief financial officer, will also present at the
First Analysis Investment Conference at the New York Palace Hotel in
New York City on November 17, 2005. The presentation will be webcast
and will be accessible through the Investor Relations Calendar of
Events section of the company's web site at
http://www.catalinamarketing.com
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*T
Catalina Marketing Corporation
Selected Operating Data
(in thousands, except per share amounts)
----------------------------------------------------------------------
Periods Ended September 30 Three Months Six Months
2005 2004 2005 2004
Revenues $102,756 $102,372 $194,610 $197,774
Direct Operating Expenses 32,318 32,015 63,002 65,803
Selling, General and
Administrative 29,622 28,517 59,423 57,340
Depreciation and Amortization 8,722 10,604 18,227 22,158
-------- -------- -------- --------
Income from Operations 32,094 31,236 53,958 52,473
Other Income (Expense) (242) 125 (69) (267)
Provision for Income Taxes 12,104 12,508 20,478 19,990
-------- -------- -------- --------
Income from Continuing
Operations 19,748 18,853 33,411 32,216
Income (Loss) from Discontinued
Operations - 1,426 - (1,011)
--------- --------- --------- ---------
Net Income $ 19,748 $ 20,279 $ 33,411 $ 31,205
======== ======== ======== ========
----------------------------------------------------------------------
Earnings Per Share, Basic:
Earnings Per Share from
Continuing Operations $ 0.41 $ 0.36 $ 0.67 $ 0.62
Income (Loss) from Discontinued
Operations $ - $ 0.03 $ - $ (0.02)
-------- -------- -------- --------
Net Income Per Common
Share $ 0.41 $ 0.39 $ 0.67 $ 0.60
Weighted Average Shares
Outstanding 48,709 52,231 49,625 52,233
----------------------------------------------------------------------
Earnings Per Share, Diluted:
Earnings Per Share from
Continuing Operations $ 0.40 $ 0.36 $ 0.67 $ 0.62
Income (Loss) from Discontinued
Operations $ - $ 0.03 $ - $ (0.02)
-------- -------- -------- --------
Net Income Per Common
Share $ 0.40 $ 0.39 $ 0.67 $ 0.60
Weighted Average Shares
Outstanding 48,996 52,311 49,927 52,269
------------------------------- --------- --------- --------- --------
Catalina Marketing Corporation
Selected Other Data
(in thousands, except store data)
----------------------------------------------------------------------
September 30 September 30
2005 2004
Selected Balance Sheet and Cash Flow Data (in
thousands):
Cash $ 22,731 $ 97,345
Debt 34,779 65,504
Stockholders' Equity 146,442 200,126
Cash Flows from Operating
Activities Quarter / YTD 17,575 / 31,762 40,604 / 42,470
Capital Expenditures Quarter /
YTD 16,110 / 24,594 4,034 / 6,175
Catalina Marketing Services:
Number of Stores at Quarter End 16,693 17,644
Net Stores (Deinstalled) Installed
During Quarter / YTD (888) / (916) 37 / 40
Promotions Printed During Quarter
/ YTD (in millions) 744 / 1,457 846 / 1,584
Weekly Shopper Reach at Quarter
End (in millions) 211 216
Catalina Health Resource:
Number of Stores at Quarter End 12,404 12,081
Net Stores Installed (Deinstalled)
During Quarter / YTD (47) / (19) 72 / 152
Catalina Marketing
International:
Number of Stores at Quarter End 6,699 5,700
Net Stores Installed During
Quarter / YTD 696 / 792 102 / 155
Promotions Printed During Quarter
/ YTD (in millions) 279 / 488 220 / 412
Weekly Shopper Reach at Quarter
End (in millions) 72 63
----------------------------------------------------------------------
*T
Based in St. Petersburg, FL, Catalina Marketing Corporation
(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 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, the changing market for promotional
activities, especially as it relates to policies and programs of
consumer packaged goods and pharmaceutical manufacturers and retailers
and competition to provide marketing services to these customers,
mergers and consolidations in the consumer packaged goods and retailer
industries, federal, state and international government and regulatory
statutes, rules, regulations and policies including privacy and
labeling, the effect of economic conditions and seasonal variations,
actual promotional activities and programs with the company's
customers, the pace, cost and challenges associated with the
installation of the company's store network and changes in the status
of contractual relations with retailers, the success of new services
and businesses and the pace of their implementation including the
entry into new retail channels, the company's ability to maintain
favorable relationships with its clients and retailers, 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.