Add after last paragraph of release: Fourth-Quarter and Fiscal Year
2008 financials. The corrected release reads: ACXIOM ANNOUNCES
FOURTH-QUARTER AND FISCAL YEAR 2008 RESULTS Company Hosting an
Investor Day June 17 Acxiom� Corporation (Nasdaq: ACXM) today
announced financial results for the fourth quarter and fiscal year
end ended March 31, 2008. Acxiom will hold a conference call at
4:30 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. The company will host an
investor day June 17 in New York. Details will be made available on
the Acxiom website. Revenue for the fourth quarter was $349.8
million compared to $356.4 million in the fourth quarter of fiscal
2007. Operating loss for the quarter was $76.0 million and loss per
diluted share was $0.76. The results for the quarter include the
impact of $107.2 million of restructuring and other items (of which
$104.5 million are included in the loss from operations, with the
remainder included in other expense), which contributed to the loss
by the equivalent of $0.91 per diluted share. For the 12-month
period ended March 31, 2008, revenue totaled $1.384 billion
compared to $1.391 billion in the prior year. Income from
operations for the 12 month period was $40.2 million compared to
$154.1 million a year ago. Loss per diluted share was $0.10
compared to earnings per diluted share of $0.80 in the prior year.
The loss per diluted share includes the impact of $84.2 million, or
the equivalent of $0.70 per diluted share, of expense from unusual
items. A schedule is linked to this release outlining the
restructuring and other items impacting the fourth quarter and the
year end results. According to John Meyer, Acxiom Corp. CEO and
President, �During my first 90 days I have focused on meeting our
customers and our people, rationalizing costs and gaining a deeper
understanding of our offerings and value propositions. I have also
made a number of leadership and role changes. �We are working to
develop strategic and operational plans to help overcome the
current challenges we are facing in some industry sectors and to
provide a springboard for growth in future years. The initial focus
will be on our customers and potential customers, leveraging our
capabilities and assets across all industries we serve, and
creating a winning market-facing culture. We already have a very
strong foundation to do that. I believe in this opportunity now
even more than when I was evaluating coming on board.� Restatement,
Restructuring and other items The Company is restating its
financial statements for 2007, 2006, and prior years to correct its
accounting related to accrued service revenue. The impact of this
restatement will be a reduction in net income of $2.4 million in
2006 and $2.9 million in 2007. Accrued revenue, which is reflected
in accounts receivable, will be reduced by a total of $52.2
million. Fourth-quarter loss per diluted share of $.76 includes
$107.2 million or the equivalent of $0.91 per share in unusual
expenses. The major components of the restructuring and other items
are: Gains, losses and other - $74.5 million composed of:
Restructuring charges - $42.9 million related to headcount
reduction, real estate closure, contract termination; Closing
operations - $13.5 million related to previously acquired
operations and the flight department; Asset disposal/impairment -
$15.0 million, primarily software; Other � $3.1 million related to
legal, international and other; IT contract restructuring - $34.0
million reflected as increase in cost of services; Loss on
investment - $2.7 million reflected in Other, net; Accrued revenue
restatement - $.4.0 million increase in revenue. Of the $107.2
million in restructuring and other items, approximately $59.2
million represents balance sheet assets written down that do not
require cash outlays. Approximately $48.0 million represents
estimated cash payments to be made on obligations primarily related
to headcount reductions, real estate and facilities lease
terminations and an aircraft lease termination. The $48 million
includes obligations of approximately $34 million to be paid in
fiscal 2009, with the remainder in future periods. Details of
Acxiom�s fourth-quarter results include: Revenue of $349.8 million
compared to $356.4 million in the fourth quarter a year ago; Loss
from operations of $76.0 million compared to income from operations
of $28.4 million in the fourth quarter last year; Loss from
operations this quarter included $107.2 million of restructuring
and other items; Loss per diluted share of $0.76 compared to
earnings per share of $0.07 in the fourth quarter of fiscal 2008;
included in the loss per share of $0.76 is the negative impact of
restructuring and other items which was the equivalent of $.91 per
diluted share; Operating cash flow of $90.5 million compared to
$76.5 million in the fourth quarter a year ago; Free cash flow
available to equity of $14.7 million compared to $15.4 million a
year ago; free cash flow available to equity is a non-GAAP
financial measure; a reconciliation to the comparable GAAP measure,
operating cash flow, is attached to this press release. Details of
Acxiom�s fiscal year results include: Revenue of $1.384 billion
compared to $1.390 billion in the prior year; Income from
operations of $40.2 million in 2008 compared to $154.1 million in
fiscal 2007; Loss per diluted share of $0.10 compared to earnings
per diluted share of $0.80 in fiscal 2007; net restructuring and
other items for the year were $84.2 million, or the equivalent of
$0.70 per diluted share; In addition to the restructuring and other
items in the fourth quarter detailed above, the company had a
benefit of a net gain of $22.9 million comprised of: Gains from a
merger termination payment and sale of assets of $68.2 million;
Restructuring costs, transaction costs, retirement and loss on sale
of assets of $30.0 million; Additional contract impairment in cost
of services of $10.0 million; Reduction in revenue related to
accrued revenue restatement to previous quarters of $5.2 million;
Operating cash flow of $300.3 million compared to $260.0 million in
the prior year; Free cash flow available to equity of $77.5 million
compared to $55.2 million a year ago; free cash flow available to
equity is a non-GAAP financial measure; a reconciliation to the
comparable GAAP measure, operating cash flow, is attached to this
press release. Segment information: Information Services Division:
The division develops, sells and delivers industry-tailored
solutions globally through the integration of products, services
and consulting. Revenue for the quarter was $189.7 million, up 0.8
percent from the fourth quarter of the previous year. For the 12
months ended March 31, 2008, revenue was $741.3 million, up 1.8
percent from the previous year. Operating income for the quarter
was $24.1 million, down 7.7 percent from the third quarter of the
previous year. For the 12 months just ended, operating income was
$97.2 million, down 22.0 percent from the previous 12-month period.
Information Products Division: The division develops and sells all
global data products, including InfoBase-X� and PersonicX�, as well
as fraud and risk mitigation products sold in the U.S., including
InsightIdentify. It focuses on product development, product
lifecycle management, data content management and innovation.
Revenue for the quarter was $115.2 million, up 5.2 percent from the
fourth quarter of the previous year. For the 12 months ended March
31, 2008, revenue was $431.3 million, up 3.8 percent from the
previous year. Operating income for the quarter was $13.1 million,
up 45.9 percent from the fourth quarter of the previous year. For
the 12 months just ended, operating income was $23.8 million, up
25.7 percent from the previous 12-month period. Infrastructure
Management Division: The division develops and delivers information
technology products and services that improve a company�s ability
to manage its information technology delivery platform with lower
costs and higher efficiencies. Such offerings include traditional
IT outsourcing and transformational solutions such as the Acxiom
data factory. Revenue for the quarter was $108.2 million, down 8.8
percent from the fourth quarter of the previous year. For the 12
months ended March 31, 2008, revenue was $447.5 million, down 6.1
percent from the previous year. Operating income for the quarter
was $8.3 million, down 16.1 percent from the fourth quarter of the
previous year. For the 12 months just ended, operating income was
$44.3 million, down 10.3 percent from the previous 12-month period.
Investor Day As mentioned above, the company will be hosting an
investor day on June 17 and providing a forecast for fiscal 2009 at
that time. Company management will also discuss operations and
prospects at the investor day. The event will be held at the NASDAQ
facilities in New York and will be web cast. Further information
will be made available on our website at www.acxiom.com. Web Link
to Financials http://www.acxiom.com/FY08_Q4_Financials is a link to
the detailed financial information we typically attach to our
earnings releases. About Acxiom Corporation At Acxiom, we make
information intelligent for many of the world�s leading and most
dynamic companies, enabling them to acquire new customers, retain
their most valuable customers, communicate with customers in the
methods and at the times they prefer, and make profitable marketing
and business decisions. Acxiom�s unmatched customer insight is
achieved by blending the world�s largest repository of consumer
data, award-winning technology and analytics, multi-channel
expertise, privacy leadership, and superior knowledge of a wide
spectrum of industries. Founded in 1969, Acxiom (Nasdaq: ACXM) is
headquartered in Little Rock, Arkansas, with locations throughout
the United States and Europe, and in Australia and China. For more
information about Acxiom, visit www.acxiom.com. This release and
today�s conference call contain certain forward-looking statements
that are subject to certain risks and uncertainties. Important
factors that could cause actual results to differ materially from
those expressed or implied in the forward-looking statements
include, but are not limited to, our ability to timely complete the
restatement of our historical financial results for the years
ended, March 31, 2006 and March 31, 2007; the on-going review of
the circumstances surrounding such restatements and the
consequences thereof; and those additional factors detailed under
the section titled �Risk Factors� and elsewhere in filings with the
Securities and Exchange Commission made from time to time by
Acxiom, including, but not limited to: its annual report on Form
10-K filed on May 30, 2007 and 10-K/A on July 30, 2007; recent
quarterly reports on Form 10-Q; and other current reports on Form
8-K. Acxiom undertakes no obligation to release publicly any
revisions to any forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. 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 March 31, � � $
� % 2008 2007 Variance � Variance � Revenue: Services 259,886
266,441 (6,555 ) (2.5 %) Data 89,911 � 89,957 � (46 ) (0.1 %) Total
revenue 349,797 356,398 (6,601 ) (1.9 %) � Operating costs and
expenses: Cost of revenue Services 235,742 209,830 25,912 12.3 %
Data 58,153 � 52,991 � 5,162 9.7 % Total cost of revenue 293,895
262,821 31,074 11.8 % � Services gross margin 9.3 % 21.2 % Data
gross margin 35.3 % 41.1 % Total gross margin 16.0 % 26.3 % �
Selling, general and administrative 57,341 56,031 1,310 2.3 %
Gains, losses and other items, net 74,519 � 9,122 � 65,397 100.0 %
� Total operating costs and expenses 425,755 � 327,974 � 97,781
29.8 % � Income (loss) from operations (75,958 ) 28,424 � (104,382
) (367.2 %) � Other income (expense): Interest expense (11,016 )
(15,002 ) 3,986 (26.6 %) Other, net (1,685 ) 1,444 � (3,129 )
(216.7 %) � Total other income (expense) (12,701 ) (13,558 ) 857
(6.3 %) � Earnings (loss) before income taxes (88,659 ) 14,866
(103,525 ) (696.4 %) � Income taxes (30,375 ) 9,136 � (39,511 )
(432.5 %) � Net earnings (loss) (58,284 ) 5,730 � (64,014 ) (1117.2
%) � Earnings (loss) per share: � Basic (0.76 ) 0.07 � (0.83 )
(1185.7 %) � Diluted (0.76 ) 0.07 � (0.83 ) (1185.7 %) � ACXIOM
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (Dollars in thousands, except earnings per share) � �
For the Twelve Months Ended March 31, � � $ � % 2008 2007 Variance
� Variance � Revenue: Services 1,049,790 1,056,478 (6,688 ) (0.6 %)
Data 334,289 � 334,033 � 256 0.1 % Total revenue 1,384,079
1,390,511 (6,432 ) (0.5 %) � Operating costs and expenses: Cost of
revenue Services 858,173 806,991 51,182 6.3 % Data 229,587 �
206,629 � 22,958 11.1 % Total cost of revenue 1,087,760 1,013,620
74,140 7.3 % � Services gross margin 18.3 % 23.6 % Data gross
margin 31.3 % 38.1 % Total gross margin 21.4 % 27.1 % � Selling,
general and administrative 219,721 213,849 5,872 2.7 % Gains,
losses and other items, net 36,352 � 8,897 � 27,455 100.0 % � Total
operating costs and expenses 1,343,833 � 1,236,366 � 107,467 8.7 %
� Income from operations 40,246 � 154,145 � (113,899 ) (73.9 %) �
Other income (expense): Interest expense (51,230 ) (46,632 ) (4,598
) 9.9 % Other, net 1,223 � 5,933 � (4,710 ) (79.4 %) � Total other
income (expense) (50,007 ) (40,699 ) (9,308 ) 22.9 % � Earnings
(loss) before income taxes (9,761 ) 113,446 (123,207 ) (108.6 %) �
Income taxes (1,981 ) 45,573 � (47,554 ) (104.3 %) � Net earnings
(loss) (7,780 ) 67,873 � (75,653 ) (111.5 %) � Earnings (loss) per
share: � Basic (0.10 ) 0.82 � (0.92 ) (112.2 %) � Diluted (0.10 )
0.80 � (0.90 ) (112.5 %) � ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except
earnings (loss) per share) � � For the Three Months Ended � March
31, March 31, 2008 2007 � Basic earnings per share: � Numerator -
net earnings (loss) (58,284 ) 5,730 � Denominator -
weighted-average shares outstanding 77,085 � 78,385 � Basic
earnings (loss) per share (0.76 ) 0.07 � Diluted earnings per
share: � Numerator - net earnings (loss) (58,284 ) 5,730 �
Denominator - weighted-average shares outstanding 77,085 78,385 �
Dilutive effect of common stock options, warrants and restricted
stock - � 1,750 � 77,085 � 80,135 � Diluted earnings (loss) per
share (0.76 ) 0.07 � ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF EARNINGS (LOSS) PER SHARE (Unaudited) (In thousands,
except earnings (loss) per share) � � For the Twelve Months Ended �
March 31, March 31, 2008 2007 � Basic earnings (loss) per share: �
Numerator - net earnings (loss) (7,780 ) 67,873 � Denominator -
weighted-average shares outstanding 79,123 � 82,564 � Basic
earnings (loss) per share (0.10 ) 0.82 � Diluted earnings (loss)
per share: � Numerator - net earnings (loss) (7,780 ) 67,873 �
Denominator - weighted-average shares outstanding 79,123 82,564 �
Dilutive effect of common stock options, warrants and restricted
stock - � 2,115 � 79,123 � 84,679 � Diluted earnings (loss) per
share (0.10 ) 0.80 � ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY
SEGMENT (Unaudited) (Dollars in thousands) � � For the Three Months
Ended � March 31, March 31, Revenue: 2008 2007 � Information
services 189,727 188,265 Information products 115,189 109,546
Infrastructure management 108,169 118,593 Eliminations (63,288 )
(60,006 ) � Total revenue 349,797 � 356,398 � � � Income from
operations: � Information services 24,114 26,121 Information
products 13,129 8,997 Infrastructure management 8,271 9,858
Corporate & other (121,472 ) (16,552 ) � Total income (loss)
from operations (75,958 ) 28,424 � � Margin: � Information services
12.7 % 13.9 % Information products 11.4 % 8.2 % Infrastructure
management 7.6 % 8.3 % � Total margin -21.7 % 8.0 % � ACXIOM
CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited)
(Dollars in thousands) � � For the Twelve Months Ended � March 31,
March 31, Revenue: 2008 2007 � Information services 741,259 728,014
Information products 431,316 415,417 Infrastructure management
447,488 476,333 Eliminations (235,984 ) (229,253 ) � Total revenue
1,384,079 � 1,390,511 � � � Income from operations: � Information
services 97,248 124,628 Information products 23,783 18,922
Infrastructure management 44,287 49,381 Corporate & other
(125,072 ) (38,786 ) � Total income from operations 40,246 �
154,145 � � Margin: � Information services 13.1 % 17.1 %
Information products 5.5 % 4.6 % Infrastructure management 9.9 %
10.4 % � Total margin 2.9 % 11.1 % � ACXIOM CORPORATION AND
SUBSIDIARIES DATA REVENUE AND COST OF DATA SUPPLEMENTAL SCHEDULE
(Unaudited) (Dollars in thousands) � � For the Three Months Ended �
� � March 31, March 31, $ % 2008 2007 Variance � Variance � Data
67,817 69,596 (1,779 ) (2.6 %) Passthrough data 22,094 � 20,361 �
1,733 8.5 % � Total data revenue 89,911 � 89,957 � (46 ) (0.1 %) �
� Cost of data revenue: Data 36,059 32,630 3,429 10.5 % Passthrough
data 22,094 � 20,361 � 1,733 8.5 % � Total cost of data 58,153 �
52,991 � 5,162 9.7 % � Margin: � Data 46.8 % 53.1 % Passthrough
data 0.0 % 0.0 % Total data 35.3 % 41.1 % � ACXIOM CORPORATION AND
SUBSIDIARIES DATA REVENUE AND COST OF DATA SUPPLEMENTAL SCHEDULE
(Unaudited) (Dollars in thousands) � � For the Twelve Months Ended
� � � March 31, March 31, $ % 2008 2007 Variance � Variance � Data
252,287 255,299 (3,012 ) (1.2 %) Passthrough data 82,002 � 78,734 �
3,268 4.2 % � Total data revenue 334,289 � 334,033 � 256 0.1 % � �
Cost of data revenue: Data 147,585 127,895 19,690 15.4 %
Passthrough data 82,002 � 78,734 � 3,268 4.2 % � Total cost of data
229,587 � 206,629 � 22,958 11.1 % � Margin: � Data 41.5 % 49.9 %
Passthrough data 0.0 % 0.0 % Total data 31.3 % 38.1 % � ACXIOM
CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Dollars in thousands) � � March 31, � March 31, � $ �
% 2008 2007 Variance � Variance Assets Current assets: Cash and
cash equivalents 62,661 37,776 24,885 65.9 % Trade accounts
receivable, net 216,462 234,511 (18,049 ) (7.7 %) Refundable income
taxes 16,080 7,657 8,423 110.0 % Deferred income taxes 44,211
41,850 2,361 5.6 % Other current assets 45,645 � 59,252 � (13,607 )
(23.0 %) � Total current assets 385,059 � 381,046 � 4,013 1.1 % �
Property and equipment 765,046 733,175 31,871 4.3 % Less -
accumulated depreciation and amortization 498,777 � 420,883 �
77,894 18.5 % � Property and equipment, net 266,269 � 312,292 �
(46,023 ) (14.7 %) � Software, net of accumulated amortization
59,263 44,289 14,974 33.8 % Goodwill 484,796 522,046 (37,250 ) (7.1
%) Purchased software licenses, net of accumulated amortization
111,574 151,326 (39,752 ) (26.3 %) Deferred costs, net 90,707
137,684 (46,977 ) (34.1 %) Data acquisition costs 51,566 35,398
16,168 45.7 % Other assets, net 22,621 � 39,993 � (17,372 ) (43.4
%) � 1,471,855 � 1,624,074 � (152,219 ) (9.4 %) � Liabilities and
Stockholders' Equity Current liabilities: Current installments of
long-term debt 69,259 106,921 (37,662 ) (35.2 %) Trade accounts
payable 45,749 54,808 (9,059 ) (16.5 %) Accrued payroll and related
expenses 39,061 33,663 5,398 16.0 % Other accrued expenses 121,441
79,078 42,363 53.6 % Deferred revenue 64,116 � 113,318 � (49,202 )
(43.4 %) � Total current liabilities 339,626 � 387,788 � (48,162 )
(12.4 %) � Long-term debt 575,308 648,879 (73,571 ) (11.3 %) �
Deferred income taxes 51,429 97,926 (46,497 ) (47.5 %) � Other
liabilities 4,980 - 4,980 100.0 % � Stockholders' equity: Common
stock 11,428 11,145 283 2.5 % Additional paid-in capital 779,815
718,336 61,479 8.6 % Retained earnings 413,758 431,014 (17,256 )
(4.0 %) Accumulated other comprehensive income 33,976 17,526 16,450
93.9 % Treasury stock, at cost (738,465 ) (688,540 ) (49,925 ) 7.3
% � Total stockholders' equity 500,512 � 489,481 � 11,031 2.3 % �
1,471,855 � 1,624,074 � (152,219 ) (9.4 %) � ACXIOM CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Dollars in thousands) � � For the Three Months Ended
March 31, 2008 � 2007 � Cash flows from operating activities: Net
earnings (loss) (58,284 ) 5,730 Non-cash operating activities:
Non-cash impact of restructuring 72,503 - Depreciation and
amortization 95,447 59,187 Loss (gain) on disposal or impairment of
assets, net 2,708 (235 ) Deferred income taxes (672 ) 16,770
Non-cash stock compensation expense 3,254 1,124 Changes in
operating assets and liabilities: Accounts receivable 11,153
(13,499 ) Other assets (10,510 ) (16,942 ) Accounts payable and
other liabilities (17,262 ) 11,804 Deferred revenue (7,863 ) 12,595
� Net cash provided by operating activities 90,474 � 76,534 � Cash
flows from investing activities: Capitalized software (6,571 )
(8,000 ) Capital expenditures (6,551 ) (8,230 ) Deferral of costs
(21,482 ) (17,092 ) Payments received from investments - 50 Net
cash paid in acquisitions (2,044 ) (18,667 ) Net cash used by
investing activities (36,648 ) (51,939 ) Cash flows from financing
activities: Payments of debt (50,690 ) (77,928 ) Dividends paid
(4,626 ) (4,703 ) Sale of common stock 3,131 7,663 Acquisition of
treasury stock (4,986 ) - Tax benefit of stock options exercised
(480 ) 61 � Net cash used by financing activities (57,651 ) (74,907
) Effect of exchange rate changes on cash 221 � 74 � � Net decrease
in cash and cash equivalents (3,604 ) (50,238 ) Cash and cash
equivalents at beginning of period 66,265 � 88,014 � Cash and cash
equivalents at end of period 62,661 � 37,776 � � Supplemental cash
flow information: Cash paid during the period for: Interest 11,661
15,270 Income taxes 3,025 6,569 Payments on capital leases and
installment payment arrangements 15,376 18,579 Payments on software
and data license liabilities 11,821 5,746 Other debt payments,
excluding line of credit 13,493 3,603 Prepayment of debt 10,000
50,000 Noncash investing and financing activities: Acquisition of
property and equipment under capital lease and installment payment
arrangements 4,117 14,474 Construction and other financing 1,679
213 Software licenses and maintenance acquired under software
obligation 20 8,305 Note payable issued in acquisition - 1,300 �
ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) � � For
the Twelve Months Ended March 31, 2008 � 2007 � Cash flows from
operating activities: Net earnings (loss) (7,780 ) 67,873 Non-cash
operating activities: Non-cash impact of restructuring 72,503 -
Depreciation and amortization 272,792 229,566 Gain on disposal or
impairment of assets, net (9 ) (1,718 ) Deferred income taxes
(2,135 ) 14,369 Non-cash stock compensation expense 8,932 3,823
Changes in operating assets and liabilities: Accounts receivable
14,781 (25,515 ) Other assets 8,653 (19,101 ) Accounts payable and
other liabilities (17,258 ) 3,960 Deferred revenue (50,135 )
(13,305 ) Net cash provided by operating activities 300,344 �
259,952 � Cash flows from investing activities: Disposition of
operations 14,250 - Capitalized software (33,345 ) (27,443 )
Capital expenditures (21,600 ) (14,225 ) Cash collected from the
sale and license of software - 10,000 Deferral of costs (64,701 )
(66,687 ) Payments received from investments 3,603 2,758 Net cash
paid in acquisitions (11,235 ) (33,067 ) Net cash used by investing
activities (113,028 ) (128,664 ) Cash flows from financing
activities: Proceeds from debt 2,127 649,756 Payments of debt
(158,699 ) (471,670 ) Dividends paid (9,476 ) (18,174 ) Sale of
common stock 47,943 33,464 Acquisition of treasury stock (50,551 )
(299,301 ) Tax benefit of stock options exercised 5,513 � 4,142 �
Net cash used by financing activities (163,143 ) (101,783 ) Effect
of exchange rate changes on cash 712 � 566 � � Net increase in cash
and cash equivalents 24,885 30,071 Cash and cash equivalents at
beginning of period 37,776 � 7,705 � Cash and cash equivalents at
end of period 62,661 � 37,776 � � Supplemental cash flow
information: Cash paid during the period for: Interest 51,669
46,645 Income taxes 7,979 37,596 Payments on capital leases and
installment payment arrangements 69,706 76,135 Payments on software
and data license liabilities 31,819 26,897 Other debt payments,
excluding line of credit 25,047 10,235 Prepayment of debt 30,000
50,000 Revolving credit payments 2,127 308,403 Noncash investing
and financing activities: Acquisition of property and equipment
under capital lease and installment payment arrangements 24,841
58,928 Disposal of asset under financing (5,304 ) - Construction
and other financing 11,025 18,380 Software licenses and maintenance
acquired under software obligation 513 23,571 Asset acquired under
data obligation 15,306 - Note payable issued in acquisition 300
1,300 Issuance of common stock for acquisition - 3,610 � ACXIOM
CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH FLOW
AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW
(Unaudited) (Dollars in thousands) � � � � � � � 06/30/06 � �
09/30/06 � � 12/31/06 � � 03/31/07 � � YTD FY2007 06/30/07 � �
09/30/07 � � 12/31/07 � � 03/31/08 � � YTD FY2008 � � � � � � � � �
� � � � � � � Net cash provided by operating activities 56,350
64,409 62,659 76,534 259,952 39,132 40,644 130,094 90,474 300,344 �
Plus: Payments received from investments 783 1,925 - 50 2,758 -
1,799 1,804 - 3,603 Disposition of operations - - - - - - - 14,250
- 14,250 � Less: Capitalized software (5,719 ) (6,926 ) (6,798 )
(8,000 ) (27,443 ) (8,447 ) (9,820 ) (8,507 ) (6,571 ) (33,345 )
Capital expenditures (217 ) (3,260 ) (2,518 ) (8,230 ) (14,225 )
(2,867 ) (5,291 ) (6,891 ) (6,551 ) (21,600 ) Deferral of costs
(16,887 ) (16,559 ) (16,149 ) (17,092 ) (66,687 ) (14,129 ) (11,630
) (17,460 ) (21,482 ) (64,701 ) Payments on capital leases and
installment payment arrangements (18,905 ) (21,951 ) (16,700 )
(18,579 ) (76,135 ) (19,137 ) (17,651 ) (17,542 ) (15,376 ) (69,706
) Payments on software and data license liabilities (7,847 ) (7,304
) (6,000 ) (5,746 ) (26,897 ) (6,493 ) (7,279 ) (6,226 ) (11,821 )
(31,819 ) Other required debt payments (1,711 ) � � (1,804 ) � �
(3,117 ) � � (3,603 ) � � (10,235 ) (3,526 ) � � (2,416 ) � �
(5,612 ) � � (13,493 ) � � (25,047 ) � Subtotal 5,847 8,530 11,377
15,334 41,088 (15,467 ) (11,644 ) 83,910 15,180 71,979 � Plus: Tax
benefit of stock options and warrants 1,079 � � � 1,765 � � � 1,237
� � � 61 � � � 4,142 � 5,624 � � � 344 � � � 25 � � � (480 ) � �
5,513 � � Subtotal 6,926 10,295 12,614 15,395 45,230 (9,843 )
(11,300 ) 83,935 14,700 77,492 � Plus: Cash collected from sale of
software 5,000 � � � 5,000 � � � - � � � - � � � 10,000 � - � � � -
� � � - � � � - � � � - � � Total 11,926 � � � 15,295 � � � 12,614
� � � 15,395 � � � 55,230 � (9,843 ) � � (11,300 ) � � 83,935 � � �
14,700 � � � 77,492 � � ACXIOM CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (Unaudited) (Dollars in
thousands, except earnings per share) � � For the Three � For the
Twelve Months ended Months ended March 31, 2008 March 31, 2008 �
Loss before income taxes (88,659 ) (9,761 ) � Unusual items 107,160
� 84,222 � � Earnings before income taxes and unusual items 18,501
� 74,461 � � � Loss before income taxes (88,659 ) (9,761 ) � Income
taxes (30,375 ) (1,981 ) � Net loss (58,284 ) (7,780 ) � Loss per
share: � Basic (0.76 ) (0.10 ) � Diluted (0.76 ) (0.10 ) � � �
Unusual items: � Transaction costs - 17,689 Transaction termination
payment - (65,000 ) Payment to retired Company Leader - 3,000
Disposition of operation in France (584 ) (3,157 ) Restructuring -
severance and related 13,374 19,358 Restructuring - facilities and
related 22,832 22,832 Restructuring - contract accruals 6,671 6,671
Restructuring - Closing of Harbinger 9,527 9,527 Restructuring -
flight services closing 3,993 3,993 Restructuring - software
disposals and impairment 15,018 15,018 Other restructuring and
other items 3,688 6,421 Accrued revenue adjustment (4,001 ) 1,180
IT contract restructuring 33,968 44,016 Investment loss 2,674 �
2,674 � � Total unusual items 107,160 � 84,222 � � Earnings before
income taxes and excluding unusual items 18,501 74,461 � Income
taxes 6,633 � 25,977 � � Non-GAAP net earnings 11,868 � 48,484 � �
Non-GAAP earnings per share: � Basic 0.15 � 0.61 � � Diluted 0.15 �
0.60 �
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