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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