Acxiom Announces Third-Quarter Financial Results; Record Cash Flow Among Highlights.To download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. high-resolution high-res·o·lu·tion adj. 1. Relating to an image that has fine detail. 2. a. Of or relating to an output device that produces images that contain a large number of dots per unit of area and are therefore sharp and , print-ready JPEG JPEG in full Joint Photographic Experts Group Standard computer file format for storing graphic images in a compressed form for general use. JPEG images are compressed using a mathematical algorithm. images, click on the thumbnail A miniature representation of a page or image that is used to identify a file by its contents. Clicking the thumbnail opens the file. Thumbnails are an option in file managers, such as Windows Explorer, and they are found in photo editing and graphics program to quickly browse multiple image above. WARNING: these images are very large (800K+) Click here for caption Business Editors/High-Tech Writers MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4554816 LITTLE ROCK, Ark.--(BUSINESS WIRE)--Jan. 21, 2004 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. (R) Corporation (Nasdaq: ACXM) today announced revenue and earnings results for the third quarter ended December December: see month. 31, 2003. Revenue and 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 were $255.2 million and $.22, respectively. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of $79.3 million and free cash flow of $59.9 million for the quarter represent record cash flow performances for the Company. Acxiom will hold a conference call at 4:30 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. today to discuss this information further. Interested parties are invited to listen to the call, which will be broadcast via the 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 at www.acxiom.com. "Our third-quarter revenue, earnings, cash flow and new-business results are all strong," 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. said. "And with the building momentum of our new Customer Information Infrastructure (CII CII Confederation of Indian Industry CII Chartered Insurance Institute (UK) CII Construction Industry Institute (University of Texas) CII Council of Institutional Investors ) grid-based solution architecture we are establishing a solid foundation for fiscal 2005." Highlights of Acxiom's third-quarter performance include: -- Revenue of $255.2 million and diluted earnings per share of $.22, which includes a $3 million distribution from the Montgomery Montgomery, city, United States Montgomery, city (1990 pop. 187,106), state capital and seat of Montgomery co., E central Ala., near the head of navigation on the Alabama River just below the confluence of the Coosa and Tallapoosa rivers, and in the rich Ward bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most and a loss of $1.4 million related to investments. -- Operating cash flow of $79.3 million and free cash flow of $59.9 million, which are quarterly records for the Company and the 10th consecutive quarter of strong cash flow performance. Free cash flow is a non-GAAP financial measure and a reconciliation to the comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measure, operating cash flow, is attached to this release. -- New contracts that will deliver $49 million in annual revenue and renewals that total $14 million in annual revenue. -- Committed new deals in the pipeline that are expected to generate $44 million in annual revenue. -- The acquisition of Claritas Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). was completed effective
January January: see month. 1, 2004. -- The completion of a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , multi-faceted strategic alliance with Accenture (Accenture, Chicago, IL, www.accenture.com) The world's largest management and technology consulting firm, which was spun off of Arthur Andersen & Co. in 1989 as a separate entity known as Andersen Consulting. that is expected to drive new revenue and improve the efficiency of Acxiom's services delivery model. "Our increased presence in Europe and our new partnership with Accenture represent landmark A structure that has significant historical, architectural, or cultural meaning and that has been given legal protection from alteration and destruction. Although landmark preservation laws vary by city and state, they have the same basic purpose: to keep landmarks as close deals that will help define the future of Acxiom," Morgan said. "Bringing Claritas Europe's data assets together with Acxiom's proven services expertise creates an attractive value proposition for the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. marketplace. Similarly, Accenture's strengths and Acxiom's strengths are very complementary, and combining those strengths should improve bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. results for both companies." Morgan noted that Acxiom expanded its services agreement with JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. in the quarter to include the financial institution's credit card customer database. Other contracts were completed with 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. clients including Equifax  This article is subject to manipulation attempts by the described entity using multiple user names. Please be critical of edits and discussion page entries.Equifax, Inc. in the United Kingdom and AutoNation AutoNation is a chain of auto dealerships founded by entrepreneur H. Wayne Huizenga,[2] also founder of Blockbuster and Waste Management.[3] The company, founded in 1996, is headquartered in Fort Lauderdale. Company operations AutoNation, Inc. Inc., Bank One Corporation, IMS Health IMS Health (NYSE: RX) is an international consulting and data services company that supplies the pharmaceutical industry with sales data and consulting services. IMS Health was founded in 1954 by Bill Frohlich and David Dubow. , Marriott Vacation Club International  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . and Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, in the U.S. Outlook The financial projections stated today are based on the Company's current expectations. These projections are forward looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions, divestitures or other business combinations that may be completed in the future. For the fourth quarter of the 2004 fiscal year, the Company expects: -- Revenue of $265 million to $270 million, which includes the Claritas Europe operations. -- Earnings per share of $.16 to $.18, which includes the previously announced expected loss of $.02 a share from the Claritas Europe operations. -- Operating cash flow in excess of $40 million and free cash flow in excess of $25 million, which increases the Company's fiscal 2004 projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. for operating cash flow to more than $220 million and free cash flow to more than $155 million. For the fiscal year ending March 31, 2005, the Company estimates revenue of $1.14 billion to $1.19 billion and diluted earnings per share of $.68 to $.70. The Company estimates that it will generate operating cash flow in excess of $200 million and free cash flow in excess of $135 million. About Acxiom Acxiom Corporation (Nasdaq: ACXM) integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are Customer Data Integration (CDI CDI compact disc interactive: a system for storing a mix of software, data, audio, and compressed video for interactive use under processor control ) technology, data, database services, IT 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. , consulting and analytics, and privacy leadership. 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 locations throughout 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. and Europe, and in 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. and Japan. This release and the scheduled conference call include a discussion of free cash flow, a non-GAAP financial measure. There is a reconciliation of this measure to the comparable GAAP measure, operating cash flow, attached to this press release. This release and today's conference call contain 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. that are subject to certain risks and uncertainties that could cause actual results to differ materially. Such statements include but are not necessarily limited to the following: 1) that the projected revenue, earnings, earnings per share, operating cash flow and free cash flow referred to under the caption "Outlook" above will meet or exceed the estimated amount; 2) that the business pipeline and that our current cost structure will allow us to continue to meet or exceed revenue, earnings and cash flow projections A Cash Flow Projection is an attempt to forecast the cash flows that will be generated by an asset, often a company, over a specified time frame. Methodology Projections can be made with varying levels of detail, but any cash flow projection for a business entails ; 3) that new contracts and contract renewals will generate the indicated amounts of revenue; 4) that we have committed new deals in the pipeline that are expected to deliver the indicated amounts; 5) that we are well positioned for success going forward; 6) that future results will be within the indicated ranges; 7) that new products and services will produce the expected results. The following are important factors, among others, that could cause actual results to differ materially from these forward-looking statements: The possibility that certain contracts may not be closed, or may not be closed within the anticipated time frames; the possibility that certain contracts may not generate the anticipated revenue or profitability; the possibility that negative changes in economic or other conditions might lead to a reduction in demand for our products and services; the possibility that the recovery from the previous three years' economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. may take longer than expected or that economic conditions in general will not be as expected; the possibility that significant customers may experience extreme, severe economic difficulty; the possibility that the fair value of certain of our assets may not be equal to the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of those assets now or in future time periods; the possibility that sales cycles may lengthen length·en tr. & intr.v. length·ened, length·en·ing, length·ens To make or become longer. length  en·er n. ; the
possibility that we may not be able to attract and retain qualified
technical and leadership associates, or that we may lose key associates
to other organizations; the possibility that we won't won't Contraction of will not. won't will not won't will be able to properly motivate our sales force or other associates; the possibility that we won't be able to achieve cost reductions and avoid unanticipated costs; the possibility that we won't be able to continue to receive credit upon satisfactory terms and conditions; the possibility that 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. , competitive products, technologies or services will be introduced into the marketplace by other companies; the possibility that we may be subjected to pricing pressure due to market conditions and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. competitive products and services; the possibility that there will be changes in consumer or business information industries and markets; the possibility that we won't be able to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms; the possibility that we may encounter difficulties when entering new markets or industries; the possibility that there will be changes in the legislative, accounting, 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. and consumer environments affecting our business, including but not limited to litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , legislation, regulations and customs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our ability to collect, manage, aggregate and use data; the possibility that data suppliers might withdraw data from us, leading to our inability to provide certain products and services; the possibility that we may enter into 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 which would affect the predictability of our revenues; the possibility that the amount of ad hoc For this purpose. Meaning "to this" in Latin, it refers to dealing with special situations as they occur rather than functions that are repeated on a regular basis. See ad hoc query and ad hoc mode. , volume-based and project work will not be as expected; the possibility that we may experience a 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 telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. links or power sources; the possibility that postal Postal can refer to:
tr.v. dis·rupt·ed, dis·rupt·ing, dis·rupts 1. To throw into confusion or disorder: Protesters disrupted the candidate's speech. 2. ; the possibility that the integration of our recently acquired businesses may not be successful; and the possibility that we may be affected by other competitive factors. With respect to the provision of products or services outside our primary base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army in the U.S., all of the above factors apply, along with the difficulty of doing business in numerous sovereign SOVEREIGN. A chief ruler with supreme power; one possessing sovereignty. (q.v.) It is also applied to a king or other magistrate with limited powers. 2. In the United States the sovereignty resides in the body of the people. Vide Rutherf. Inst. 282. jurisdictions due to differences in culture, laws and regulations. Other factors are detailed from time to time in our periodic reports and registration statements filed with the United States Securities and Exchange Commission. We believe that we have the product and technology offerings, facilities, associates and competitive and financial resources for continued business success, but future revenues, costs, margins and profits are all influenced by a number of factors, including those discussed above, all of which are inherently difficult to forecast. 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.
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)
For the Three
Months Ended
December 31,
-----------------
2003 2002
-----------------
Revenue 255,207 257,961
Operating costs and expenses:
Salaries and benefits 82,452 80,474
Computer, communications and
other equipment 66,863 69,066
Data costs 32,642 28,748
Other operating costs and expenses 38,915 48,457
Gains, losses and nonrecurring items, net (3,000) (521)
-------- --------
Total operating costs and expenses 217,872 226,224
-------- --------
Income from operations 37,335 31,737
-------- --------
Other income (expense):
Interest expense (4,702) (5,088)
Other, net (456) 1,064
-------- --------
(5,158) (4,024)
-------- --------
Earnings before income taxes 32,177 27,713
Income taxes 12,233 8,176
-------- --------
Net earnings 19,944 19,537
======== ========
Earnings per share:
Basic 0.23 0.22
======== ========
Diluted 0.22 0.20
======== ========
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)
For the Nine
Months Ended
December 31,
-----------------
2003 2002
-----------------
Revenue 732,985 718,763
Operating costs and expenses:
Salaries and benefits 251,721 230,316
Computer, communications and
other equipment 197,255 195,921
Data costs 95,113 87,478
Other operating costs and expenses 121,620 129,067
Gains, losses and nonrecurring items, net (4,008) (5,081)
-------- --------
Total operating costs and expenses 661,701 637,701
-------- --------
Income from operations 71,284 81,062
-------- --------
Other income (expense):
Interest expense (14,356) (15,485)
Other, net 430 2,607
-------- --------
(13,926) (12,878)
-------- --------
Earnings before income taxes 57,358 68,184
Income taxes 14,934 22,656
-------- --------
Net earnings 42,424 45,528
======== ========
Earnings per share:
Basic 0.50 0.51
======== ========
Diluted 0.47 0.49
======== ========
ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF EARNINGS PER SHARE
(Unaudited)
(In thousands, except earnings per share)
For the Three For the Nine
Months Ended Months Ended
December 31, December 31,
---------------- ----------------
2003 2002 2003 2002
------- -------- ------- --------
Basic earnings per share:
Numerator - net earnings 19,944 19,537 42,425 45,528
Denominator - weighted-average
shares outstanding 84,926 89,195 85,535 88,486
------- -------- ------- --------
Basic earnings per share 0.23 0.22 0.50 0.51
======= ======== ======= ========
Diluted earnings per share:
Numerator:
Net earnings 19,944 19,537 42,425 45,528
Interest expense on
convertible bonds
(net of tax benefit) 1,026 1,050 3,076 3,150
------- -------- ------- --------
20,970 20,587 45,501 48,678
------- -------- ------- --------
Denominator:
Weighted-average shares
outstanding 84,926 89,195 85,535 88,486
Dilutive effect of common
stock options and warrants 2,082 1,740 1,874 2,187
Dilutive effect of
convertible debt 9,589 9,589 9,589 9,589
------- -------- ------- --------
96,597 100,524 96,998 100,262
------- -------- ------- --------
Diluted earnings per share 0.22 0.20 0.47 0.49
======= ======== ======= ========
ACXIOM CORPORATION AND SUBSIDIARIES
REVENUES BY SEGMENT
(Unaudited)
(Dollars in thousands)
For the Three
Months Ended
December 31,
-------------------
2003 2002
--------- ---------
Services 191,697 192,510
Data and Software Products 54,625 46,085
I. T. Management 66,323 65,985
Intercompany eliminations (57,438) (46,619)
--------- ---------
Total Revenue 255,207 257,961
========= =========
For the Nine
Months Ended
December 31,
-------------------
2003 2002
--------- ---------
Services 551,457 540,772
Data and Software Products 142,535 129,429
I. T. Management 189,235 179,332
Intercompany eliminations (150,242) (130,770)
--------- ---------
Total Revenue 732,985 718,763
========= =========
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
December 31, March 31,
2003 2003
----------- -----------
Assets
------
Current assets:
Cash and cash equivalents $17,648 $5,491
Trade accounts receivable, net 193,491 189,704
Deferred income taxes 46,056 46,056
Refundable income taxes 3,386 2,576
Other current assets 36,218 45,288
----------- -----------
Total current assets 296,799 289,115
----------- -----------
Property and equipment 464,276 389,168
----------- -----------
Less - accumulated depreciation and
amortization 218,742 180,862
----------- -----------
Property and equipment, net 245,534 208,306
----------- -----------
Software, net of accumulated amortization 64,427 63,095
Goodwill 226,098 221,184
Purchased software licenses, net of accumulated
amortization 153,423 161,432
Unbilled and notes receivable, excluding
current portions 15,392 20,249
Deferred costs, net of accumulated amortization 113,218 108,444
Other assets, net 26,929 21,421
----------- -----------
$1,141,820 $1,093,246
=========== ===========
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Current installments of long-term obligations 57,006 29,491
Trade accounts payable 27,456 28,760
Accrued merger, integration and impairment
costs - 584
Accrued payroll and related expenses 13,666 14,234
Other accrued expenses 41,087 38,689
Deferred revenue 66,314 59,907
----------- -----------
Total current liabilities 205,529 171,665
----------- -----------
Long-term obligations:
Long-term debt and capital leases, net of
current installments 230,766 233,843
Software and data licenses, net of current
installments 53,119 55,834
----------- -----------
Total long-term obligations 283,885 289,677
----------- -----------
Deferred income taxes 86,024 69,348
Commitments and contingencies
Stockholders' equity:
Common stock 9,104 9,015
Additional paid-in capital 344,194 333,715
Retained earnings 295,983 253,558
Accumulated other comprehensive loss 3,553 (2,911)
Treasury stock, at cost (86,452) (30,821)
----------- -----------
Total stockholders' equity 566,382 562,556
----------- -----------
$1,141,820 $1,093,246
=========== ===========
ACXIOM CORPORATION AND SUBSIDIARIES
RECONCILIATION OF FREE CASH FLOW TO OPERATING CASH FLOW
(Unaudited)
(Dollars in thousands)
Qtr ended Qtr ended Qtr ended Qtr ended Yr ended
6/30/2001 9/30/2001 12/31/2001 3/31/2002 3/31/2002
Net cash
provided by
operating
activities (39,280) 69,300 60,493 60,092 150,605
Proceeds
received from
disposition of
assets 127 - - 46 173
Capitalized
software (5,935) (5,464) (5,832) (6,890) (24,121)
Capital
expenditures (8,789) - (2,612) (3,474) (14,875)
Deferral of
costs (8,690) (18,012) (14,077) (7,352) (48,131)
Proceeds from
sale and
leaseback
transaction - 1,964 4,035 - 5,999
---------- ---------- ----------- ---------- ----------
Free cash flow (62,567) 47,788 42,007 42,422 69,650
========== ========== =========== ========== ==========
Qtr ended Qtr ended Qtr ended Qtr ended Yr ended
6/30/2002 9/30/2002 12/31/2002 3/31/2003 3/31/2003
Net cash
provided by
operating
activities 60,243 53,446 76,992 63,112 253,793
Proceeds
received from
disposition of
assets 45 155 - 93 293
Capitalized
software (8,652) (8,958) (8,726) (8,237) (34,573)
Capital
expenditures (1,916) (3,000) (5,893) (2,403) (13,212)
Deferral of
costs (3,240) (4,108) (3,796) (3,883) (15,027)
Proceeds from
sale and
leaseback
transaction - 7,729 - - 7,729
---------- ---------- ----------- ---------- ----------
Free cash flow 46,480 45,264 58,577 48,682 199,003
========== ========== =========== ========== ==========
Forecast Forecast
Qtr ended Qtr ended Qtr ended Qtr ended Yr ended
6/30/2003 9/30/2003 12/31/2003 3/31/2004 3/31/2004
Net cash
provided by
operating
activities 48,125 49,909 79,282 43,000 220,316
Proceeds
received from
disposition of
assets 506 192 39 - 737
Capitalized
software (6,335) (7,296) (6,510) (7,000) (27,141)
Capital
expenditures (1,588) (3,036) (7,637) (6,000) (18,261)
Deferral of
costs (6,026) (4,006) (5,312) (5,000) (20,344)
---------- ---------- ----------- ---------- ----------
Free cash flow 34,682 35,763 59,862 25,000 155,307
========== ========== =========== ========== ==========
Forecast
Yr ended
3/31/2005
Net cash
provided by
operating
activities 200,000
Capitalized
software (28,000)
Capital
expenditures (18,000)
Deferral of
costs (19,000)
----------
Free cash flow 135,000
==========
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the Three
Months Ended
December 31,
-----------------
2003 2002
-----------------
Cash flows from operating activities:
Net earnings 19,944 19,537
Non-cash operating activities:
Depreciation and amortization 36,709 32,095
Loss (gain) on disposal or impairment of assets,
net - 12
Deferred income taxes 23,418 16,371
Tax benefit of stock options and interest 157
Changes in operating assets and liabilities:
Accounts receivable (7,197) 2,866
Other assets 3,168 7,837
Accounts payable and other liabilities 3,270 (1,480)
Merger, integration and impairment costs (30) (403)
-------- --------
Net cash provided by operating activities 79,282 76,992
-------- --------
Cash flows from investing activities:
Proceeds received from the disposition of assets 39 192
Capitalized software (6,510) (8,726)
Capital expenditures (7,637) (5,893)
Deferral of costs (5,312) (3,796)
Payments received from investments 159 -
Net cash paid in acquisitions - (5,833)
-------- --------
Net cash used by investing activities (19,261) (24,056)
-------- --------
Cash flows from financing activities:
Proceeds from debt 18,516 -
Payments of debt (67,592) (11,783)
Sale of common stock 4,275 2,212
Acquisition of treasury stock (1,350) (3,399)
-------- --------
Net cash used by financing activities (46,151) (12,970)
-------- --------
Effect of exchange rate changes on cash 129 44
-------- --------
Net increase (decrease) in cash and cash
equivalents 13,999 40,010
Cash and cash equivalents at beginning of period 3,649 26,392
-------- --------
Cash and cash equivalents at end of period 17,648 66,402
======= ========
Supplemental cash flow information:
Cash paid (received) during the period for:
Interest 3,195 3,975
Income taxes 570 (139)
Noncash investing and financing activities:
Notes payable, common stock and warrants
issued for acquisitions - 28,486
Note received in exchange for sale of
operations - 590
Enterprise software licenses acquired under
long-term obligation 1,923 -
Acquisition of property and equipment under
capital lease 28,861 7,335
Construction of assets under construction loan 4,244 -
======= ========
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the Nine
Months Ended
December 31,
-------------------
2003 2002
-------------------
Cash flows from operating activities:
Net earnings 42,425 45,528
Non-cash operating activities:
Depreciation and amortization 107,745 88,354
Gain disposal or impairment of assets, net (1,008) (39)
Deferred income taxes 16,676 23,923
Tax benefit of stock options and interest 157
Changes in operating assets and liabilities:
Accounts receivable (2,387) (4,041)
Other assets 11,994 53,803
Accounts payable and other liabilities 2,455 (15,232)
Merger, integration and impairment costs (584) (1,772)
--------- ---------
Net cash provided by operating activities 177,316 190,681
--------- ---------
Cash flows from investing activities:
Proceeds received from the disposition of
operations 7,684 451
Proceeds received from the disposition of
assets 737 200
Payments received from investments 1,519 -
Capitalized software (20,141) (26,336)
Capital expenditures (12,261) (10,809)
Investments in joint ventures and other
companies (5,000) (1,052)
Deferral of costs (15,344) (11,144)
Proceeds from sale and leaseback transaction - 7,729
Net cash paid in acquisitions - (14,105)
--------- ---------
Net cash used by investing activities (42,806) (55,066)
--------- ---------
Cash flows from financing activities:
Proceeds from debt 100,989 82,516
Payments of debt (178,480) (168,483)
Sale of common stock 10,984 14,353
Acquisition of treasury stock (56,047) (3,399)
--------- ---------
Net cash used by financing activities (122,554) (75,013)
--------- ---------
Effect of exchange rate changes on cash 201 124
--------- ---------
Net increase (decrease) in cash and cash
equivalents 12,157 60,726
Cash and cash equivalents at beginning of period 5,491 5,676
--------- ---------
Cash and cash equivalents at end of period 17,648 66,402
========= =========
Supplemental cash flow information:
Cash paid (received) during the period for:
Interest 13,497 17,428
Income taxes (986) (40,420)
Noncash investing and financing activities:
Notes payable, common stock and warrants
issued for acquisitions - 28,486
Acquisition of land in exchange for debt 2,698 -
Acquisition of data under long-term
obligation 18,340 -
Note received in exchange for sale of
operations - 1,386
Issuance of warrants - 1,317
Enterprise software licenses acquired under
long-term obligation 11,135 2,828
Acquisition of property and equipment under
capital lease 60,195 9,645
Construction of assets under construction
loan 6,854 -
========= =========
MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4554816 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion