Acxiom® Corporation (Nasdaq: ACXM), a global leader in
interactive marketing, today announced financial results for the
second quarter of fiscal year 2010 ended September 30, 2009. 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.
John Meyer, Acxiom’s chief executive officer and president,
said, “The September quarter was another challenging period for us
versus the prior-year quarter, but we are beginning to see signs of
progress in the business. Our revenue and operating income results
improved in the September quarter over the June quarter. In
addition, several of our clients have indicated to us that they
expect to increase their marketing spending during the second half
of our fiscal year. This anticipated increase in client spending
coupled with our continued emphasis on expense management gives us
confidence that our second half operating income performance will
improve over the first half of the fiscal year.”
Second Quarter 2010 Highlights:
- Earnings per diluted
share of $0.12 in the second quarter of fiscal 2010, compared
to earnings per diluted share of $0.18 in the second quarter of
fiscal 2009, before the effect of unusual gain items. GAAP diluted
earnings per share in the prior-year period were $0.20, which
included $0.02 in unusual gain items.
- Income from operations of
$21.2 million in the current year second quarter, compared to
income from operations of $31.9 million in the second quarter last
year, before the effect of unusual items. The prior year GAAP
income from operations was $34.3 million, which included unusual
gain items of $2.4 million.
- Revenue of $271.1 million
in the current quarter, compared to $307.4 million, excluding an
Information Products pass-through contract, in the second quarter a
year ago. GAAP revenue in the prior period was $328.9 million,
which included pass-through revenue from the Information Products
contract of approximately $21.5 million. This contract was modified
in the fourth quarter of fiscal 2009, and the company no longer
recognizes pass-through revenue from this contract.
- Operating cash flow of
$60.7 million compared to $86.8 million in the second quarter a
year ago.
- Free cash flow available to
equity of $29.4 million, compared to $71.6 million in the
second quarter a year ago. The prior-year amount included $24.2
million of proceeds received from the sale of company-owned real
estate. 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 news release.
Operational Highlights:
- Information Services:
Revenue for the quarter was $210.2 million, compared to $233.6
million in the second quarter of the previous year. Income from
operations for the quarter was $20.0 million, compared to $28.5
million in the second quarter of fiscal 2009.
- Information Products:
Revenue for the quarter was $60.9 million, compared with $73.8
million, excluding the pass-through revenue from the Information
Products contract referenced above, in the second quarter a year
ago. GAAP revenue in the prior period was $95.3 million, which
included revenue from the Information Products pass-through
contract of approximately $21.5 million. This contract was modified
in the fourth quarter of fiscal 2009, and the company no longer
recognizes pass-through revenue from this contract. Income from
operations for the quarter was $1.2 million, compared to income
from operations of $3.4 million in the second quarter of the
previous year.
Income from operations includes expenses
that had previously been included in corporate and other expenses.
The Company now allocates selling, general and administrative
expenses previously included in corporate and other expenses to the
two operating segments, Information Services and Information
Products. Prior-year results have been reclassified to reflect the
change.
Fiscal Year 2010 Year-To-Date Highlights:
- Earnings per diluted
share of $0.17 for the current year six-month period compared
to earnings per diluted share of $0.31 in the comparable six-month
period last year, before the effect of unusual gain items. GAAP
diluted earnings per share for the six-month period of fiscal 2009
were $0.34 which included $0.03 in unusual gain items.
- Income from operations of
$33.7 million for the first six months of fiscal year 2010,
compared to $56.9 million, before unusual gain items in the
comparable six-month period of fiscal 2009. GAAP income from
operations for the prior year of $59.9 million included $2.9
million of unusual gain items.
- Revenue of $527.1 million
in the current six-month period, compared to $616.2 million,
excluding an Information Products pass-through contract, in the
first half of fiscal 2009. GAAP revenue in the prior period was
$660.0 million, which included pass-through revenue from the
Information Products contract of approximately $43.8 million. This
contract was modified in the fourth quarter of fiscal 2009, and the
company no longer recognizes pass-through revenue from this
contract.
- Operating cash flow of
$76.9 million in the current fiscal year six-month period compared
to $115.3 million in the prior year six-month period.
- Free cash flow available to
equity of $16.3 million for the six months ended September 30,
2009. For the six-month period ended September 30, 2008 free cash
flow available to equity was $62.0 million. The prior-year amount
included $26.8 million of unusual and one-time items, including
$24.2 million in proceeds received from the sale of company-owned
real estate. Free cash flow available to equity is a non-GAAP
financial measure; reconciliation to the comparable GAAP measure,
operating cash flow, is attached to this news release.
Web Link to Financials
You may link to http://www.acxiom.com/FY10_Q2_Financials for the
detailed financial information we typically attach to our earnings
releases.
About Acxiom
A global leader in interactive marketing services and
infrastructure management, Acxiom connects clients with their
customers through deep customer insight, powering effective and
profitable marketing initiatives and business decisions. Our
consultative approach spans multiple industries and incorporates
decades of experience in consumer data and analytics, information
technology, data integration and consulting solutions for effective
marketing across digital, Internet, email, mobile and direct mail
channels. Our secure, high-performance technology services deliver
consistent value and reliability. Founded in 1969, Acxiom is
headquartered in Little Rock, Arkansas, and serves clients around
the world from locations in the United States, Europe and
Asia-Pacific. For more information about Acxiom, visit
www.acxiom.com.
Forward Looking Statements
This release and today’s conference call may contain
forward-looking statements including, without limitation,
statements regarding the anticipated increase in client spending
during the second half of our fiscal year. Such forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially. The following are
factors, among others, that could cause actual results to differ
materially from these forward-looking statements: the possibility
that certain contracts may not generate the anticipated revenue or
profitability or may not be closed within the anticipated time
frames; the possibility that significant customers may experience
extreme, severe economic difficulty or otherwise reduce the amount
of business they do with us; the possibility that we will not
successfully complete customer contract requirements on time or
meet the service levels specified in the contracts, which may
result in contract penalties or lost revenue; the possibility that
we may not be able to attract, retain or motivate qualified
technical, sales and leadership associates, or that we may lose key
associates to other organizations; the possibility that we will not
be able to continue to receive credit upon satisfactory terms and
conditions; the possibility that negative changes in economic
conditions in general or other conditions might lead to a reduction
in demand for our products and services; the possibility that there
will be changes in consumer or business information industries and
markets that negatively impact the company; the possibility that
the historical seasonality of our business may change; the
possibility that we will not be able to achieve cost reductions and
avoid unanticipated costs; the possibility that the fair value of
certain of our assets may not be equal to the carrying value of
those assets now or in future time periods; the possibility that
changes in accounting pronouncements may occur and may impact these
forward-looking statements; the possibility that we may encounter
difficulties when entering new markets or industries; and other
risks and uncertainties, including those detailed from time to time
in our periodic reports filed with the Securities and Exchange
Commission, including our current reports on Form 8-K, quarterly
reports on Form 10-Q and annual report on Form 10-K, particularly
the discussion under the caption “Item 1A, RISK FACTORS” in our
Annual Report on Form 10-K for the year ended March 31, 2009, which
was filed with the Securities and Exchange Commission on May 29,
2009.
With respect to the provision of products or services outside
our primary base of operations in the United States, all of the
above factors apply, along with the difficulty of doing business in
numerous sovereign jurisdictions due to differences in scale,
competition, culture, laws and regulations.
We undertake no obligation to update the information contained
in this press release or any other forward-looking statement.
Acxiom is a registered trademark of Acxiom Corporation.
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6085660&lang=en
ACXIOM CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in
thousands, except earnings per share)
For the Three Months Ended September 30, $ % 2009 2008 Variance
Variance Revenue: Services 210,213 233,605 (23,392 )
(10.0 %) Products 60,892 95,330 (34,438 ) (36.1 %)
Total revenue 271,105 328,935 (57,830 ) (17.6 %) Operating
costs and expenses: Cost of revenue Services 165,792 180,986 15,194
8.4 % Products 46,129 77,038 30,909 40.1 % Total cost
of revenue 211,921 258,024 46,103 17.9 % Services gross
margin 21.1 % 22.5 % Products gross margin 24.2 % 19.2 % Total
gross margin 21.8 % 21.6 % Selling, general and
administrative 37,964 38,988 1,024 2.6 % Gains, losses and other
items, net (27 ) (2,370 ) (2,343 ) (98.9 %) Total operating
costs and expenses 249,858 294,642 44,784 15.2 %
Income from operations 21,247 34,293 (13,046 )
(38.0 %) Other income (expense): Interest expense (5,423 )
(8,591 ) 3,168 36.9 % Other, net 223 287 (64 ) (22.3
%) Total other income (expense) (5,200 ) (8,304 ) 3,104 37.4
% Earnings before income taxes 16,047 25,989 (9,942 ) (38.3
%) Income taxes 6,602 10,136 3,534 34.9 %
Net earnings 9,445 15,853 (6,408 ) (40.4 %)
Earnings per share: Basic 0.12 0.20
(0.08 ) (40.0 %) Diluted 0.12 0.20 (0.08 )
(40.0 %) ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except
earnings per share) For the Six Months
Ended September 30, $ % 2009 2008 Variance Variance
Revenue: Services 409,539 470,300 (60,761 ) (12.9 %) Products
117,547 189,708 (72,161 ) (38.0 %) Total revenue
527,086 660,008 (132,922 ) (20.1 %) Operating costs and
expenses: Cost of revenue Services 325,368 359,847 34,479 9.6 %
Products 92,048 154,755 62,707 40.5 % Total cost of
revenue 417,416 514,602 97,186 18.9 % Services gross margin
20.6 % 23.5 % Products gross margin 21.7 % 18.4 % Total gross
margin 20.8 % 22.0 % Selling, general and administrative
75,607 88,470 12,863 14.5 % Gains, losses and other items, net 320
(2,915 ) (3,235 ) (111.0 %) Total operating costs and
expenses 493,343 600,157 106,814 17.8 % Income
from operations 33,743 59,851 (26,108 ) (43.6 %)
Other income (expense): Interest expense (10,928 ) (18,050 )
7,122 39.5 % Other, net 105 1,646 (1,541 ) (93.6 %)
Total other income (expense) (10,823 ) (16,404 ) 5,581 34.0
% Earnings before income taxes 22,920 43,447 (20,527 ) (47.2
%) Income taxes 9,281 16,944 7,663 45.2 %
Net earnings 13,639 26,503 (12,864 ) (48.5 %)
Earnings per share: Basic 0.17 0.34
(0.17 ) (50.0 %) Diluted 0.17 0.34 (0.17 )
(50.0 %) ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF
EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per
share) For the Three Months Ended
September 30, September 30, 2009 2008 Basic earnings
per share: Numerator - net earnings 9,445 15,853
Denominator - weighted-average shares outstanding 78,915 77,716
Basic earnings per share 0.12 0.20 Diluted earnings
per share: Numerator - net earnings 9,445 15,853
Denominator - weighted-average shares outstanding 78,915 77,716
Dilutive effect of common stock options, warrants and
restricted stock 464 447 79,379 78,163 Diluted
earnings per share 0.12 0.20 ACXIOM CORPORATION AND
SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In
thousands, except earnings per share)
For the Six Months Ended September 30, September 30, 2009
2008 Basic earnings per share: Numerator - net
earnings 13,639 26,503 Denominator - weighted-average shares
outstanding 78,791 77,559 Basic earnings per share 0.17 0.34
Diluted earnings per share: Numerator - net earnings
13,639 26,503 Denominator - weighted-average shares
outstanding 78,791 77,559 Dilutive effect of common stock
options, warrants and restricted stock 404 400 79,195 77,959
Diluted earnings per share 0.17 0.34 ACXIOM
CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited)
(Dollars in thousands) For the Three Months Ended
September 30, September 30,
Revenue: 2009 2008
Information services 210,213 233,605 Information products 60,892
95,330 Total revenue 271,105 328,935
Income from operations:
Information services 19,971 28,527 Information products 1,249 3,396
Other 27 2,370 Total income from operations
21,247 34,293
Margin:
Information services 9.5 % 12.2 % Information products 2.1 % 3.6 %
Total margin 7.8 % 10.4 % ACXIOM CORPORATION AND
SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands)
For the Six Months Ended September 30,
September 30,
Revenue: 2009 2008 Information services
409,539 470,300 Information products 117,547 189,708
Total revenue 527,086 660,008
Income from operations: Information services 35,809
54,166 Information products (1,746 ) 2,770 Other (320 ) 2,915
Total income from operations 33,743 59,851
Margin: Information services 8.7 % 11.5
% Information products -1.5 % 1.5 % Total margin 6.4 % 9.1 %
ACXIOM CORPORATION AND SUBSIDIARIES PRODUCTS REVENUE AND
COST OF PRODUCTS SUPPLEMENTAL SCHEDULE (Unaudited) (Dollars in
thousands) For the Three Months Ended
September 30, September 30, $ % 2009 2008 Variance
Variance Products 60,892 73,782 (12,890 ) (17.5 %)
Passthrough data - 21,548 (21,548 ) (100.0 %)
Total products revenue 60,892 95,330 (34,438 ) (36.1
%) Cost of products revenue: Products 46,129 55,490
9,361 16.9 % Passthrough data - 21,548 21,548 100.0 %
Total cost of products 46,129 77,038 30,909
40.1 %
Margin: Products 24.2 % 24.8 %
Passthrough data - 0.0 % Total products 24.2 % 19.2 % ACXIOM
CORPORATION AND SUBSIDIARIES PRODUCTS REVENUE AND COST OF PRODUCTS
SUPPLEMENTAL SCHEDULE (Unaudited) (Dollars in thousands)
For the Six Months Ended September 30,
September 30, $ % 2009 2008 Variance Variance
Products 117,547 145,946 (28,399 ) (19.5 %) Passthrough data -
43,762 (43,762 ) (100.0 %) Total products
revenue 117,547 189,708 (72,161 ) (38.0 %)
Cost of products revenue: Products 92,048 110,993 18,945
17.1 % Passthrough data - 43,762 43,762 100.0 %
Total cost of products 92,048 154,755 62,707
40.5 %
Margin: Products 21.7 % 23.9 %
Passthrough data - 0.0 % Total products 21.7 % 18.4 % ACXIOM
CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Dollars in thousands)
September 30, March 31, $ % 2009 2009 Variance Variance
Assets
Current assets: Cash and cash equivalents 167,634 177,166 (9,532 )
(5.4 %) Trade accounts receivable, net 182,612 184,814 (2,202 )
(1.2 %) Refundable income taxes - 4,579 (4,579 ) (100.0 %) Deferred
income taxes 45,503 45,641 (138 ) (0.3 %) Other current assets
52,002 46,873 5,129 10.9 % Total current
assets 447,751 459,073 (11,322 ) (2.5 %)
Property and equipment 778,697 745,999 32,698 4.4 % Less -
accumulated depreciation and amortization 559,891 531,410
28,481 5.4 % Property and equipment, net 218,806
214,589 4,217 2.0 % Software, net of
accumulated amortization 45,819 52,798 (6,979 ) (13.2 %) Goodwill
470,621 454,944 15,677 3.4 % Purchased software licenses, net of
accumulated amortization 55,564 65,341 (9,777 ) (15.0 %) Deferred
costs, net 64,699 70,343 (5,644 ) (8.0 %) Data acquisition costs
26,624 31,317 (4,693 ) (15.0 %) Other assets, net 17,578
18,938 (1,360 ) (7.2 %) 1,347,462 1,367,343
(19,881 ) (1.5 %)
Liabilities and Stockholders' Equity
Current liabilities: Current installments of long-term debt 43,636
40,967 2,669 6.5 % Trade accounts payable 32,242 27,701 4,541 16.4
% Accrued payroll and related expenses 24,379 44,823 (20,444 )
(45.6 %) Other accrued expenses 85,713 86,072 (359 ) (0.4 %)
Deferred revenue 50,118 54,991 (4,873 ) (8.9 %) Income taxes 171
- 171 - Total current liabilities 236,259
254,554 (18,295 ) (7.2 %) Long-term debt
490,608 537,272 (46,664 ) (8.7 %) Deferred income taxes
65,586 58,526 7,060 12.1 % Other liabilities 9,156 9,321
(165 ) (1.8 %) Stockholders' equity: Common stock 11,620
11,576 44 0.4 % Additional paid-in capital 807,251 800,094 7,157
0.9 % Retained earnings 455,589 441,950 13,639 3.1 % Accumulated
other comprehensive income 9,994 (6,238 ) 16,232 (260.2 %) Treasury
stock, at cost (738,601 ) (739,712 ) 1,111 (0.2 %) Total
stockholders' equity 545,853 507,670 38,183 7.5 %
1,347,462 1,367,343 (19,881 ) (1.5 %)
ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands)
For the Three Months Ended September 30, 2009 2008
Cash flows from operating activities: Net earnings 9,445
15,853 Non-cash operating activities: Depreciation and amortization
41,147 50,727 Loss on disposal or impairment of assets, net 9
(1,131 ) Deferred income taxes 6,223 5,138 Non-cash stock
compensation expense 3,261 3,628 Changes in operating assets and
liabilities: Accounts receivable 2,526 4,923 Other assets (1,190 )
11,439 Deferred costs (2,438 ) (1,452 ) Accounts payable and other
liabilities 6,911 3,968 Deferred revenue (5,191 ) (6,290 ) Net cash
provided by operating activities 60,703 86,803 Cash
flows from investing activities: Sale of assets - 24,174
Capitalized software (2,431 ) (4,118 ) Capital expenditures (14,462
) (7,245 ) Data acquisition costs (3,004 ) (6,507 ) Payments
received from investments - 102 Net cash paid in acquisitions 357
(12,668 ) Net cash used by investing activities (19,540 )
(6,262 ) Cash flows from financing activities: Payments of debt
(41,402 ) (36,197 ) Dividends paid - (4,662 ) Sale of common stock
236 2,641 Tax benefit of stock options exercised - 55
Net cash used by financing activities (41,166 ) (38,163 ) Effect of
exchange rate changes on cash (33 ) (807 ) Net increase
(decrease) in cash and cash equivalents (36 ) 41,571 Cash and cash
equivalents at beginning of period 167,670 51,799
Cash and cash equivalents at end of period 167,634 93,370
Supplemental cash flow information: Cash paid
(received) during the period for: Interest 5,328 7,067 Income taxes
792 (5,929 ) Payments on capital leases and installment payment
arrangements 7,504 11,204 Payments on software and data license
liabilities 1,840 8,420 Other debt payments, excluding line of
credit 2,058 2,073 Prepayment of debt 30,000 14,500 Noncash
investing and financing activities:
Acquisition of property and
equipment under capital lease and installment payment
arrangements
6,564 3,835
Software licenses and maintenance
acquired under software obligation
611 1,546 ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in
thousands) For the Six Months Ended September 30,
2009 2008 Cash flows from operating activities: Net
earnings 13,639 26,503 Non-cash operating activities: Depreciation
and amortization 81,742 104,620 Loss on disposal or impairment of
assets, net 7 (3,242 ) Deferred income taxes 8,719 7,853 Non-cash
stock compensation expense 5,650 6,232 Changes in operating assets
and liabilities: Accounts receivable (1,809 ) (11,335 ) Other
assets 3,461 20,815 Deferred costs (3,344 ) (2,068 ) Accounts
payable and other liabilities (25,105 ) (27,328 ) Deferred revenue
(6,091 ) (6,774 ) Net cash provided by operating activities 76,869
115,276 Cash flows from investing activities: Sale of
assets - 24,174 Capitalized software (4,815 ) (9,129 ) Capital
expenditures (21,893 ) (12,951 ) Cash collected from sale and
license of software - 2,000 Data acquisition costs (8,781 ) (15,129
) Payments received from investments - 2,596 Net cash paid in
acquisitions 357 (12,703 ) Net cash used by investing
activities (35,132 ) (21,142 ) Cash flows from financing
activities: Payments of debt (55,126 ) (59,501 ) Dividends paid -
(9,312 ) Sale of common stock 2,663 5,915 Tax benefit of stock
options exercised - 115 Acquisition of treasury stock (307 ) -
Net cash used by financing activities (52,770 ) (62,783 )
Effect of exchange rate changes on cash 1,501 (642 )
Net increase (decrease) in cash and cash equivalents (9,532 )
30,709 Cash and cash equivalents at beginning of period 177,166
62,661 Cash and cash equivalents at end of period
167,634 93,370
Supplemental cash flow
information: Cash paid (received) during the period for:
Interest 10,586 16,421 Income taxes (4,260 ) (5,887 ) Payments on
capital leases and installment payment arrangements 15,298 24,083
Payments on software and data license liabilities 5,718 16,788
Other debt payments, excluding line of credit 4,110 4,130
Prepayment of debt 30,000 14,500 Noncash investing and financing
activities:
Acquisition of property and
equipment under capital lease and installment payment
arrangements
10,387 5,659 Software licenses and maintenance acquired under
software obligation 611 1,546 ACXIOM CORPORATION AND
SUBSIDIARIES CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND
RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in
thousands)
06/30/08
09/30/08 12/31/08 03/31/09 FY2009 06/30/09
09/30/09 FY2010 Net cash provided by operating
activities 28,473 86,803 78,913 74,652 268,841 16,166 60,703 76,869
Plus: Sale of assets - 24,174 - - 24,174 - - - Payments
received from investments 2,494 102 - 3 2,599 - - - Disposition of
operations - - - - - - - - Less: Capitalized software (5,011
) (4,118 ) (3,872 ) (3,238 ) (16,239 ) (2,384 ) (2,431 ) (4,815 )
Capital expenditures (5,706 ) (7,245 ) (6,232 ) (12,266 ) (31,449 )
(7,431 ) (14,462 ) (21,893 ) Data acquisition costs (8,622 ) (6,507
) (7,825 ) (7,607 ) (30,561 ) (5,777 ) (3,004 ) (8,781 ) Payments
on capital leases and installment payment arrangements (12,879 )
(11,204 ) (9,033 ) (7,673 ) (40,789 ) (7,794 ) (7,504 ) (15,298 )
Payments on software and data license liabilities (8,368 ) (8,420 )
(3,099 ) (3,330 ) (23,217 ) (3,878 ) (1,840 ) (5,718 ) Other
required debt payments (2,057 ) (2,073 ) (2,061 )
(2,073 ) (8,264 ) (2,052 ) (2,058 )
(4,110 ) Subtotal (11,676 ) 71,512 46,791 38,468 145,095
(13,150 ) 29,404 16,254 Plus: Tax benefit of stock options
and warrants 60 55 - (81
) 34 -
-
- Subtotal (11,616 ) 71,567 46,791
38,387 145,129 (13,150 ) 29,404 16,254 Plus: Cash collected
from sale of software 2,000 - -
- 2,000 -
-
- Total (9,616 ) 71,567
46,791 38,387 147,129
(13,150 ) 29,404 16,254
ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) (Dollars in thousands, except earnings per
share)
Q2 FY09 to Q2 FY10
06/30/08 09/30/08 12/31/08 03/31/09
FY2009 06/30/09 09/30/09 FY2010 % $ Revenue:
Services 236,695 233,605 231,077 218,885 920,262 199,326 210,213
409,539 -10.0 % (23,392 ) Products 94,378 95,330
89,979 76,624 356,311
56,655 60,892 117,547
-36.1 % (34,438 ) Total revenue 331,073 328,935 321,056
295,509 1,276,573 255,981 271,105 527,086 -17.6 % (57,830 )
Operating costs and expenses: Cost of revenue Services 178,861
180,986 173,433 161,060 694,340 159,576 165,792 325,368 8.4 %
15,194 Products 77,717 77,038 70,487
55,604 280,846 45,919
46,129 92,048 40.1 % 30,909
Total cost of revenue 256,578 258,024 243,920 216,664
975,186 205,495 211,921 417,416 17.9 % 46,103
Selling, general and administrative 49,482 38,988 42,560 38,930
169,960 37,643 37,964 75,607 2.6 % 1,024 Gains, losses and other
items, net (545 ) (2,370 ) 43,175
(1,694 ) 38,566 347 (27 ) 320
-98.9 % (2,343 ) Total operating costs and
expenses 305,515 294,642 329,655 253,900 1,183,712 243,485 249,858
493,343 15.2 % 44,784 Income (loss) from operations 25,558
34,293 (8,599 ) 41,609 92,861 12,496 21,247 33,743 -38.0 % (13,046
)
% Margin 7.7 % 10.4 %
-2.7 % 14.1 % 7.3 %
4.9 % 7.8 % 6.4 % Other
income (expense) Interest expense (9,459 ) (8,591 ) (8,105 ) (6,441
) (32,596 ) (5,505 ) (5,423 ) (10,928 ) 36.9 % 3,168 Other, net
1,359 287 140 163
1,949 (118 ) 223 105
-22.3 % (64 ) Total other income (expense) (8,100 ) (8,304 )
(7,965 ) (6,278 ) (30,647 ) (5,623 ) (5,200 ) (10,823 ) 37.4 %
3,104 Earnings (loss) before income taxes 17,458 25,989
(16,564 ) 35,331 62,214 6,873 16,047 22,920 -38.3 % (9,942 ) Income
taxes 6,808 10,136 (5,115 )
12,881 24,710 2,679 6,602
9,281 34.9 % 3,534 Net earnings
(loss) 10,650 15,853 (11,449 )
22,450 37,504 4,194 9,445
13,639 -40.4 % (6,408 ) Diluted
earnings (loss) per share 0.14 0.20
(0.15 ) 0.29 0.48 0.05
0.12 0.17 -40.0 % (0.08 ) ACXIOM
CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited)
(Dollars in thousands)
Q2 FY09 to Q2 FY10 06/30/08 09/30/08 12/31/08
03/31/09 FY2009 06/30/09 09/30/09
FY2010 % $ Revenue: Services 236,695 233,605 231,077
218,885 920,262 199,326 210,213 409,539 -10.0 % (23,392 ) Products
94,378 95,330 89,979
76,624 356,311 56,655 60,892
117,547 -36.1 % (34,438 ) Total
revenue 331,073 328,935 321,056
295,509 1,276,573 255,981
271,105 527,086 -17.6 % (57,830 )
Income from operations: Services 25,639 28,527 30,358
32,873 117,397 15,838 19,971 35,809 -30.0 % (8,556 ) Products (626
) 3,396 4,218 7,042 14,030 (2,995 ) 1,249 (1,746 ) -63.2 % (2,147 )
Other 545 2,370 (43,175 ) 1,694
(38,566 ) (347 ) 27 (320 ) -98.9
% (2,343 ) Total income (loss) from operations 25,558
34,293 (8,599 ) 41,609
92,861 12,496 21,247
33,743 -38.0 % (13,046 ) Margin:
Services 10.8 % 12.2 % 13.1 % 15.0 % 12.8 % 7.9 % 9.5 % 8.7 %
Products -0.7 % 3.6 % 4.7 % 9.2 % 3.9 % -5.3 % 2.1 % -1.5 %
Total 7.7 % 10.4 % -2.7 % 14.1 % 7.3 % 4.9 % 7.8 % 6.4 %
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