Acxiom Announces Record Third Quarter Results and Growing Customer Acceptance of Revolutionary Customer Data Integration Technology.Business Editors LITTLE ROCK, Ark.--(BUSINESS WIRE)--Jan. 24, 2000 Acxiom Acxiom is a customer and data information management company, offering a range of products and services including information technology outsourcing. It has been described as "one of the biggest companies you've never heard of. Corporation (Nasdaq:ACXM), a leader in managing and enhancing customer relationships, reported results for the third quarter of fiscal 2000 that included record revenues and earnings, and successful validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of AbiliTec(SM), the company's new customer data integration technology, and the signing of several Abilitec licenses. Other milestones include the signing of a 10-year, $250 million outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. contract with an S& 500 financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company and the formation of a business alliance to deploy AbiliTec and Customer Relationship Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) programs to multinational corporations
&uot;The continuing strong performance of our core business generated steady revenue growth, cash flow, and earnings in the third quarter,&uot; said Rodger S Rodger is a surname, and may refer to:
&uot;We believe that in the next fiscal year, our progress will be evident in top line growth driven by new customer wins and existing customer revenue growth,&uot; said Kline. &uot;Longer-term, we expect to achieve expanding margins and higher returns on invested capital as revenues accelerate in relation to our AbiliTec investment.&uot; Revenues for the third quarter ended December December: see month. 31, 1999, were $244,303,000 up 26% from revenues of $193,910,000 for the same quarter a year ago. Income from operations was $46,389,000, an increase of 31% compared to income from operations of $35,333,000 in the previous year's third quarter, excluding the special charges taken in last year's third quarter. For the nine months ended December 31, 1999, revenues were $702,649,000, up 30% from revenues of $538,452,000 for the nine months ended December 31, 1998. Income from operations was $116,518,000, an increase of 42% compared to income from operations of $82,319,000 in the previous year's first nine months, excluding the special charges taken in the prior year. Net earnings for the quarter were $26,478,000 ($.29 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of ) compared to $14,038,000 ($.16 diluted earnings per share) in the previous year's third quarter. Net earnings for the nine months were $63,527,000 ($.71 diluted earnings per share) compared to a loss in the previous year of $34,773,000 ($.45 diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per share). Excluding the special charge, diluted earnings per share increased 26% for the quarter ($.29 versus $.23 a year ago) and 29% for the first nine months ($.71 versus $.55 a year ago). Acxiom generated cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of $45.8 million for the quarter and $54.4 million for the nine months. Acxiom reported strong revenue growth for the quarter for each of its business segments. The Services segment reported revenues of $156.1 million for the quarter, up 36% over the prior year. The Data Products segment reported revenues of $60.7 million, up 33% over the prior year. The Information Technology Management segment reported revenues of $50.1 million, up 10% over the prior year. Kline continued, &uot;We are pleased with these financial results, and they reflect that we have a very solid base business. However we are excited about the initial customer response to AbiliTec and the future growth opportunities it provides. AbiliTec is a technology that we believe will revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the way companies use and manage information about their customers. We expect AbiliTec to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improve the accuracy of data, increase the speed at which it is processed and provide significant efficiencies for our customers and for Acxiom.&uot; AbiliTec will provide Acxiom's customers substantial value by enabling them to have a single and integrated view of their customer relationships. AbiliTec offers four major benefits to companies intent on optimizing Customer Relationship Management (CRM) initiatives: 1. Integration of customer data across multiple customer files 2. Understanding of customers in real time 3. Enhancement and correction of customer internal data with external data 4. Greater speed and accuracy Kline continued, &uot;AbiliTec unifies customer and prospect databases from virtually any source and allows this data to work in new ways for a broad range of applications, including Enterprise Resource Planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ), Customer Relationship Management (CRM), data warehousing See data warehouse. data warehousing - data warehouse , e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. , e-tailing (Electronic-reTAILING) Selling online. See e-commerce. , customer, consumer and business data content, database, merge-purge, content management, and more.&uot; Acxiom recently announced the successful validation of the AbiliTec technology with the completion of the &uot;Second One Hundred Days Project.&uot; That project resulted in substantial improvements in the speed and accuracy of combining (or appending) data and substantially improved the accurate matching of valid names and addresses. In the earliest stages of installing AbiliTec across Acxiom's client base, Acxiom project teams reported improvements of 75% or better in cycle time, more than 50% reductions in computer processing, up to 20% reductions in man hours required, and dramatic improvements in matching rates which yield high rates of return for Acxiom's customers. Potential hard dollar cost savings in mailing costs alone exceeding $50 million annually have already been documented for five major customers. &uot;AbiliTec gives our clients the ability to draw customer data from any number of sources so they can develop a single and comprehensive view of their customers. This is a critical part of efficiently and cost-effectively managing all relationships with customers and prospects,&uot; said Acxiom Company Leader Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by D. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. . &uot;We have been the leader in helping clients find, retain and grow customers for more than 25 years. We believe AbiliTec represents the next generation of customer data integration capabilities, and has given us more than a two-year lead over any competitor in customer data integration. Benefits of AbiliTec and the Acxiom Data Network will also flow from providing Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the merchants the ability to have, for the first time, a consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: real time view of their customers' off-line See offline. (jargon) off-line - (Or "offline") 1. Not directly connected to the computer (e.g., an off-line tape drive), or with connection suspended ("take the printer off-line"). Contrast background, on-line. 2. Not now or not here. characteristics. Also, we believe that as companies increase their sensitivity to consumer data preferences and respond to self-regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and new laws New Laws: see Las Casas, Bartolomé de. , AbiliTec will emerge as a foundational element in meeting those needs.&uot; Goal for Fiscal 2001: Roll Out the Next-Generation Technology The development of AbiliTec for use within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. is essentially complete. Over the next few months Acxiom will complete the necessary development work to make AbiliTec a true global technology. Acxiom will also be investing in AbiliTec's deployment for the next 12-18 months. &uot;The goal of this investment is to be first to market and to be the leader in customer data integration. The Company believes that customer data integration is a new market that has virtually unlimited growth potential,&uot; Kline said. Kline concluded, &uot;We are introducing a superior technology with tremendous revenue-generating potential. Our blue-chip blue chip also blue-chip·per n. 1. A stock that sells at a high price because of public confidence in its long record of steady earnings. 2. An extremely valuable asset or property. 3. client base gives us the ideal platform for proving AbiliTec's superior capabilities. We plan to expand into new domestic and international markets and seize seize v. To exhibit symptoms of seizure activity, usually with convulsions. many new opportunities to leverage the capabilities of AbiliTec.&uot; Customers are Beginning to Sign AbiliTec Licenses Last week Acxiom announced that Lands' End
See: New York Stock Exchange :LE) had signed an AbiliTec license contract. In its initial phase, AbiliTec will be used in conjunction with Lands' End's existing in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. systems for enhancing the accuracy of its customer addresses to reduce duplicate DUPLICATE. The double of anything. 2. It is usually applied to agreements, letters, receipts, and the like, when two originals are made of either of them. Each copy has the same effect. mailings and to create efficiencies that provide immediate return on their investment. &uot;The application of AbiliTec to our catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. mailing database is our first priority,&uot; said Dave Johnson Dave Johnson may refer to:
The length of time it takes to recover the initial cost of a project, without regard to the time value of money. can be measured in many ways: improved customer service, further elimination of duplicate mailings to customers, and reduced use of natural resources. And that is just the beginning.&uot; &uot;The Lands' End agreement represents another milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. in the growing adoption of AbiliTec as a tool to enable CRM,&uot; said Acxiom Company Leader Charles D. Morgan. &uot;It is exciting to begin a relationship with a company of the caliber and reputation of Lands' End. Leading companies like Lands' End understand that without real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. customer data integration technology, it is impossible to achieve true CRM.&uot; Other customers, including those in the financial services, retail and insurance industries, have signed AbiliTec licenses but prefer, for competitive reasons, that they not be publicly identified at this time. Global Alliance to Offer AbiliTec Acxiom and OgilvyOne, a leading worldwide marketing agency owned by WPP Group WPP Group plc (LSE: WPP) (NASDAQ: WPPGY), based in London, United Kingdom, is one of the world's largest communications services groups (and one of the big six advertising holding companies, the others being Omnicom, Interpublic, Publicis, Dentsu and Havas) employing , recently announced the formation of an alliance to meet the growing needs of multinational corporations in executing global CRM programs. The new non-exclusive partnership, named Levante This is a disambiguation page. Levante may refer to
Acxiom Becomes a Member of the CPExchange Working Group On January January: see month. 19, 2000 Acxiom announced that it had joined 22 other leading companies, including Compaq (Compaq Computer Corporation, Houston, TX, www.compaq.com) Compaq was the leading PC manufacturer when it was acquired by HP in 2002. Founded in 1982 by Rod Canion, Jim Harris and Bill Murto, one year later the company shipped 53,000 PC-compatible COMPAQ Portables, resulting in $111 , IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Oracle, Siebel Systems Siebel is a brand name of Oracle Corporation. Siebel Systems, Inc., founded by Thomas Siebel in 1993, was principally engaged in the design, development, marketing and support of CRM applications. , and Sun/Netscape in the CPExchange Working Group. The CPExchange initiative seeks to develop a vendor-neutral, open standard for facilitating the privacy-enabled exchange of customer information across varying and separate applications and systems. The CPExchange standard integrates online and offline (1) Not connected to the Internet, online service or internal network. See offline file. (2) Not connected to or not installed in the computer. If a terminal, printer or other device is physically connected to the computer, but is not turned on or in ready mode, it is data with an eXtensible Markup Language See XML. (language, text) Extensible Markup Language - (XML) An initiative from the W3C defining an "extremely simple" dialect of SGML suitable for use on the World-Wide Web. http://w3.org/XML/. (XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. )-based description of customer information for use within various enterprise applications. Acxiom and its Leadership Continue to Invest in the Company During the quarter, Company Leader Charles D. Morgan acquired the rights to purchase an additional one million shares of the company stock via an open market equity forward contract with a commercial bank. Additionally, Acxiom's entire leadership team was given the opportunity to take options rather than cash for some or all of their fiscal 2000 incentive compensation. Of the 40 senior leaders in the company, 97% chose increased options in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. cash. On December 3, 1999 the Acxiom Board of Directors adopted a common share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and . Pursuant to that authorization The right or permission to use a system resource; the process of granting access. See access control. the company has engaged in an equity forward purchase contract that has acquired 3,100,000 shares of the common stock of the company at a per share average price of slightly below $21.00 with a settlement date in March 2002. Acxiom Obtains New and Expanded Revolving Line of Credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. During December of 1999, Acxiom obtained a new $275 million unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. revolving line of credit facility with a group of large commercial banks led by Chase Bank of Texas, National Association. Third Quarter Conference Call to be Conducted on January 25, 2000 Acxiom's Leadership will hold its fiscal 2000 third quarter conference call on January 25, 2000, beginning at 9 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. . We invite you to listen to the call. The conference call will be broadcast via the Internet at www.vcall.com. About Acxiom Corp. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas Little Rock, Arkansas required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557] See : Bigotry , with operations throughout the United States and in the United Kingdom, Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , France and Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. . More information is available on www.acxiom.com. Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Potential risks and uncertainties include, without limitation, that (1) during fiscal 2001 Acxiom's progress will be evident in top line growth driven by new customer wins and existing customer revenue growth; (2) the company, in the longer term, will be able to achieve expanding margins and higher returns on invested capital as revenues accelerate in relation to the AbiliTec investment; (3) the initial customer response will be indicative indicative: see mood. of the future growth opportunities provided by AbiliTec; (4) AbiliTec is a technology that may revolutionize the way that companies use and manage information about their customers; (5) AbiliTec will continually improve the accuracy of data, increase the speed at which it is processed and provide significant efficiencies for Acxiom and its customers; (6) AbiliTec will provide Acxiom's customers substantial value by enabling them to have a single and integrated view of their customer relationships; (7) AbiliTec offers four major benefits to companies intent on optimizing Customer Relationship Management (CRM) initiatives; (8) AbiliTec unifies customer and prospect databases from virtually any source and allows data to work in new ways for a broad range of applications including Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), data warehousing, e-commerce, e-tailing, customer, consumer and business data content, database, merge-purge, content management and more; (9) the company and its customers may not realize the efficiencies provided by the AbiliTec technology; (10) AbiliTec may be the next generation of customer data integration capabilities; (11) AbiliTec has given the company more than a two year lead over any competitor in customer data integration; (12) benefits of AbiliTec and the Acxiom Data Network will also flow from providing Internet merchants the ability to have, for the first time, a consolidated real time view of their customers off-line characteristics; (13) AbiliTec will become a foundational element in meeting needs of companies concerning consumer data preferences in responding to self-regulatory guidelines and new laws; (14) the development work for AbiliTec is essentially complete for the United States; (15) over the next few months the company will be able to complete the necessary development work to make AbiliTec a true global technology; (16) the company will be able to continue investing in AbiliTec for the next 12-18 months; (17) the company will be the first to market with technology that has the capabilities of AbiliTec and will be the leader in customer data integration; (18) the customer data integration market has virtually unlimited growth potential; (19) the AbiliTec technology is a superior technology with tremendous revenue generating potential; (20) the company will be able to expand into new domestic and international markets and seize many new opportunities to leverage the capabilities of AbiliTec. The following are some of the important factors that could cause actual results to differ materially from those in these forward looking statements. With respect to each mention of AbiliTec: the complexity and uncertainty regarding the development and acceptance of new high technology products such as AbiliTec and the Acxiom Data Network, the loss of market share through competition or the acceptance of these or other products on a less rapid basis than expected; the introduction of competent Possessing the necessary reasoning abilities or legal qualifications; qualified; capable; sufficient. A court is competent if it has been given jurisdiction, by statute or constitution, to hear particular types of lawsuits. products or technologies by other companies, changes in the business information industries and markets; the company's ability to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms. The company also faces the risk of continued ability to attract and retain qualified technical associates and the possible loss of such associates to other organizations, the ability to motivate its sales force; the ability to achieve cost reductions; changes in the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment affecting the company's business; including but not limited to legislation relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's ability to collect and use data; data suppliers might withdraw data from the company, leading to the company's inability to provide certain products and services; short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. contracts affect the predictability of the company's revenues; the potential loss of data center capacity or interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. of telecommunications links Uplink For other uses, see Uplink (computer game) and . An uplink (UL or U/L) is the portion of a communications link used for the transmission of signals from an Earth terminal to a satellite or to an airborne platform. An uplink is the inverse of a downlink. ; and postal Postal can refer to:
2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
December 31,
-------------------------
1999 1998
-------------------------
Revenue 244,303,000 193,910,000
Operating costs and expenses:
Salaries and benefits 95,490,000 67,588,000
Computer, communications and
other equipment 36,400,000 29,779,000
Data costs 25,825,000 26,142,000
Other operating costs and expenses 40,199,000 35,068,000
Special charges -- 9,375,000
------------ ------------
Total operating costs and expenses 197,914,000 167,952,000
------------ ------------
Income (loss) from operations 46,389,000 25,958,000
------------ ------------
Other income (expense):
Interest expense (5,624,000) (4,518,000)
Other, net 1,598,000 957,000
------------ ------------
(4,026,000) (3,561,000)
------------ ------------
Earnings (loss) before income taxes 42,363,000 22,397,000
Income taxes 15,885,000 8,359,000
------------ ------------
Net earnings (loss) 26,478,000 14,038,000
============ ============
Earnings (loss) per share:
Basic 0.31 0.18
============ ============
Diluted 0.29 0.16
============ ============
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Nine Months Ended
December 31,
-------------------------
1999 1998
-------------------------
Revenue 702,649,000 538,452,000
Operating costs and expenses:
Salaries and benefits 271,040,000 202,653,000
Computer, communications and
other equipment 109,143,000 82,967,000
Data costs 80,473,000 80,577,000
Other operating costs and expenses 125,475,000 89,936,000
Special charges -- 118,747,000
------------ -----------
Total operating costs and expenses 586,131,000 574,880,000
------------ -----------
Income (loss) from operations 116,518,000 (36,428,000)
------------ ----------
Other income (expense):
Interest expense (17,977,000) (12,917,000)
Other, net 3,098,000 5,871,000
------------ ----------
(14,879,000) (7,046,000)
------------ -----------
Earnings (loss) before income taxes 101,639,000 (43,474,000)
Income taxes 38,112,000 (8,701,000)
------------ -----------
Net earnings (loss) 63,527,000 (34,773,000)
============ ===========
Earnings (loss) per share:
Basic 0.75 (0.45)
============= ===========
Diluted 0.71 (0.45)
============= ===========
ACXIOM CORPORATION AND SUBSIDIARIES
REVENUES BY SEGMENT
(Unaudited)
For the Three Months Ended
December 31,
------------ ------------
1999 1998
------------ ------------
Services 156,115,000 115,069,000
Data 60,684,000 45,784,000
I. T. Management 50,127,000 45,642,000
Intercompany eliminations (22,623,000) (12,585,000)
------------ ------------
Total Revenue 244,303,000 193,910,000
============ ============
ACXIOM CORPORATION AND SUBSIDIARIES
REVENUES BY SEGMENT
(Unaudited)
For the Nine Months Ended
December 31,
------------ ------------
1999 1998
------------ ------------
Services 448,873,000 317,537,000
Data 168,583,000 137,591,000
I. T. Management 139,116,000 113,718,000
Intercompany eliminations (53,923,000) (30,394,000)
------------ ------------
Total Revenue 702,649,000 538,452,000
============ ============
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
December 31, March 31,
1999 1999
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 17,929 12,604
Trade accounts receivable, net 214,557 184,799
Refundable income taxes -- 12,651
Deferred income taxes 30,643 30,643
Other current assets 82,592 61,302
----------- -----------
Total current assets 345,721 301,999
----------- -----------
Property and equipment 361,835 341,841
Less - Accumulated depreciation
and amortization 123,384 115,460
----------- -----------
Property and equipment, net 238,451 226,381
----------- -----------
Software, net of accumulated
amortization 48,311 37,400
Excess of cost over fair value of net
assets acquired 161,032 122,483
Other assets 241,013 201,537
----------- -----------
$ 1,034,528 889,800
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities:
Current installments of long-term debt 19,071 23,355
Trade accounts payable 32,886 60,216
Accrued merger and integration costs 16,648 33,181
Accrued payroll and related expenses 16,854 18,224
Other accrued expenses 27,316 25,744
Deferred revenue 10,967 7,195
Income taxes 37,649 --
----------- -----------
Total current liabilities 161,391 167,915
----------- -----------
Long-term debt, excluding current
installments 308,375 325,223
Deferred income taxes 38,889 38,889
Stockholders' equity:
Common stock 8,656 8,106
Additional paid-in capital 290,058 186,011
Retained earnings 230,540 167,013
Accumulated other comprehensive
income (loss) (306) (324)
Treasury stock, at cost (3,075) (3,033)
----------- -----------
Total stockholders' equity 525,873 357,773
----------- -----------
Commitments and contingencies
$ 1,034,528 889,800
=========== ===========
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the Nine Months Ended
December 31
1999 1998
--------- ---------
Cash flows from operating activities:
Net earnings (loss) $ 63,527 (34,773)
Non-cash operating activities:
Depreciation and amortization 62,281 45,696
Loss (gain) on disposal of assets 311 (23)
Provision for returns and doubtful
accounts 685 2,153
ESOP compensation -- 2,055
Special charges -- 118,747
Changes in operating assets and
liabilities:
Accounts receivable (22,195) (60,848)
Other assets (28,646) (24,741)
Accounts payable and other
liabilities (5,012) (17,323)
Merger and integration costs (16,533) (26,685)
--------- ---------
Net cash provided by operating
activities 54,418 4,258
--------- ---------
Cash flows from investing activities:
Disposition of assets 1,424 693
Development of software (25,465) (20,379)
Capital expenditures (88,084) (87,435)
Proceeds from sale and leaseback
transaction 34,763 --
Sales of marketable securities -- 11,794
Investments in joint ventures (4,246) (10,607)
Net cash paid in acquisitions (32,897) (22,296)
--------- ---------
Net cash used by investing
activities (114,505) (128,230)
--------- ---------
Cash flows from financing activities:
Proceeds from debt 190,882 90,758
Payments of debt (191,447) (97,951)
Sale of common stock 66,028 19,202
--------- ---------
Net cash provided by financing
activities 65,463 12,009
--------- ---------
Effect of exchange rate changes
on cash (51) 5
--------- ---------
Net decrease in cash and cash
equivalents 5,325 (111,958)
Cash and cash equivalents at beginning
of period 12,604 117,652
--------- ---------
Cash and cash equivalents at end
of period $ 17,929 5,694
========= =========
Supplemental cash flow information:
Cash paid (received) during the
period for:
Interest $ 21,987 12,312
Income taxes (12,190) 5,580
========= =========
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