Catalina Marketing Announces Restated Financial Results
03 May 2004 - 10:58PM
PR Newswire (US)
Catalina Marketing Announces Restated Financial Results INVESTORS:
ALL FINANCIAL AND STATISTICAL INFORMATION CONTAINED HEREIN IS
UNAUDITED. THE COMPANY HAS INCLUDED THE ESTIMATED IMPACT OF ITS
CURRENT RESTATEMENT ANALYSIS IN THIS RELEASE. CATALINA CAN GIVE NO
ASSURANCE THAT THE AGGREGATE ADJUSTMENTS TO THE FINANCIAL
INFORMATION CONTAINED HEREIN ARE FINAL OR THAT ALL ADJUSTMENTS
NECESSARY TO PRESENT ITS FINANCIAL STATEMENTS IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPALS (GAAP) HAVE BEEN
IDENTIFIED. ST. PETERSBURG, Fla., May 3 /PRNewswire-FirstCall/ --
Catalina Marketing Corporation today announced the financial
results it expects to report for fiscal year 2003, and the restated
financial results for fiscal years 2002 and 2001. The Company
expects to report consolidated revenues for the three years ended
March 31, 2003, 2002 and 2001 of $470.7 million, $442.7 million and
$413.1 million, respectively. The Company expects to report
consolidated net income of $56.4 million, $59.2 million and $47.5
million, for fiscal years 2003, 2002 and 2001, respectively.
Consolidated earnings per share (EPS) for fiscal years 2003, 2002
and 2001 are expected to be reported as $1.03, $1.04 and $0.82,
respectively. The financial results for fiscal 2003 had previously
been reported in a press release dated May 8, 2003, and the
financial results for fiscal 2002 and 2001 had previously been
reported in audited financial statements as part of the Company's
filings on Form 10-K for those years. The consolidated revenues
announced today reflect adjustments to the previously reported
amounts and are related primarily to the timing of revenue
recognition. The Company anticipates that aggregate revenues will
remain substantially unchanged as they are realized over the life
of customer contracts; however, the timing of the revenue
recognition on certain customer contracts will change, and some
amount of such revenue is expected to be included in results for
the year ended March 31, 2004 or future periods. The Company is
preparing its report on Form 10-K, which will include audited
financial statements for fiscal year 2003, and restated audited
financial statements for fiscal years 2002 and 2001. The report on
Form 10-K is expected to be filed on or about May 17, 2004.
Catalina will host a conference call following the filing of its
report on Form 10-K to discuss the financial results for fiscal
years 2003, 2002 and 2001. Anticipated Restatement Adjustments The
following tables reflect the anticipated restatement adjustments
for 2003, 2002 and 2001 on revenues, net income and EPS. Catalina
can give no assurance that the aggregate adjustments to the
financial information contained herein are final or that all
adjustments necessary to present its financial statements in
accordance with GAAP have been identified. Anticipated Adjustments
to 2003, 2002 and 2001 Financial Results ($ in 000's, except EPS)
Fiscal Year ended, March 31 (UNAUDITED) Fiscal 2003 As Reported
Adjustments As Restated Revenue $474,352 ($3,643) $470,709 Net
Income $43,376 $13,030 $56,406 Earnings per Share* $0.79 $0.24
$1.03 Fiscal 2002 Revenue $446,668 ($3,966) $442,702 Net Income
$61,880 ($2,667) $59,213 Earnings per Share* $1.08 ($0.04) $1.04
Fiscal 2001 Revenue $417,881 ($4,778) $413,103 Net Income $58,135
($10,599) $47,536 Earnings per Share* $1.00 ($0.18) $0.82 *Earnings
per Share are fully diluted Nature of Anticipated Financial
Restatements The anticipated financial results and restated
financial results are based on an extensive review directed by the
Audit Committee of Catalina's Board of Directors and management of
the Company. The Audit Committee and the Company's management have
conducted a review of the financial results for the fiscal years of
2003, 2002 and 2001, and as indicated in the table above, the
restated financial results include adjustments to both revenue and
net income. Adjustments to revenue relate primarily to the timing
of revenue recognition. The Company anticipates that aggregate
revenues will remain substantially unchanged as they are realized
over the life of customer contracts; however, the timing of the
revenue recognition on certain customer contracts will change, and
some amount of such revenue is expected to be included in results
for the year ended March 31, 2004 or future periods. Catalina has
also identified other accounting adjustments requiring restatement
that impact various areas of the Company's financial statements
such as adjustments related to the timing of the impairment of
assets and timing of expense recognition. These other adjustments
are captured in the anticipated restated financial results set
forth above and will be detailed further in the Company's report on
Form 10-K. Additionally, certain adjustments, primarily related to
impairment of assets, will be recorded for periods prior to fiscal
2001 and will be detailed further in the forthcoming Form 10-K.
Catalina can give no assurance that the aggregate adjustments to
the financial information contained herein are final or that all
adjustments necessary to present its financial statements in
accordance with GAAP have been identified. All financial results
should be reviewed in the context of the full audited financial
statements, and notes thereto, and the other information to be
included in the Company's report on Form 10-K which is expected to
be filed on or about May 17, 2004. Investigation Update On March 9,
2004, the Company announced that it was informed that the
Securities and Exchange Commission (SEC) had issued a formal order
in connection with its investigation of certain aspects of the
Company's financial accounting policies. Catalina is cooperating
with the agency and will continue to do so in order to bring the
inquiry to a conclusion as promptly as possible. The Company has
alerted the SEC that it intends to restate financial information
for the relevant periods. No Impact Expected on Credit Facility The
Company expects that the restatements will not have an impact on
its credit facilities and that it will remain in compliance with
all related financial covenants. Based in St. Petersburg, FL.,
Catalina Marketing Corporation (http://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 given 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 packaged goods
manufacturers for the issuance of certain product coupons, 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, the success of new services and businesses and the
pace of their implementation, the Company's ability to maintain
favorable client relationships, the timing of completion of the
Company's audits, the timing of the completion of the Company's
future SEC filings, the nature and extent of any changes to the
Company's audits and re-audits, the outcome and impact of the
ongoing SEC investigation, the outcome of the resolution of the
other reportable events disclosed in the Company's Form 8-K dated
August 20, 2003, and the outcome and impact of the pending
shareholder class action. DATASOURCE: Catalina Marketing
Corporation CONTACT: Investors, Christopher W. Wolf, Executive Vice
President and Chief Financial Officer, +1-727-579-5218, or Joanne
Freiberger, Vice President, Finance, +1-727-579-5116, or Media,
Susan Gear, Executive Director, Marketing, +1-727-579-5452, all for
Catalina Marketing Corporation Web site:
http://www.catalinamarketing.com/
Copyright
Catalina (NYSE:POS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Catalina (NYSE:POS)
Historical Stock Chart
From Jul 2023 to Jul 2024