Acxiom Third Quarter Earnings Meet Guidance and Analysts' Estimates; Strong Cash Flow, Significant Business Wins Highlight Results.Business Editors & Technology Writers LITTLE ROCK, Ark.--(BUSINESS WIRE)--Jan. 22, 2002 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 reported results for the third quarter of fiscal 2002 ended December December: see month. 31, 2001, that met its revenue and earnings guidance and consensus analysts' earnings estimates and greatly exceeded its guidance for cash flow. Acxiom will hold a conference call at 8:00 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. on January January: see month. 22, 2002 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. "We are strongly encouraged by the results for the quarter," 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. "We continued to focus on cash flow and achieving greater efficiencies in all areas of our operations. That intense focus, coupled with many significant business wins, helped us achieve all of our financial targets for the quarter. And the continuing strength of our business pipeline makes us very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Acxiom's performance in the fiscal fourth quarter and beyond." Highlights of Acxiom's third quarter performance include: -- Revenue of $220.5 million, which was in line with earlier guidance and up from $215.2 million in the second quarter and $205 million in the first quarter. -- Diluted earnings per share of $.13, meeting consensus analysts' estimates and a significant improvement over second-quarter earnings of $.08 per share. -- Positive operating cash flow of $60.5 million compared to $5.8 million in Q3 a year ago. -- Positive operating cash flow of $129.8 million for the six-month period ended December 31, 2001. -- Positive free cash flow of $50.4 million, compared to a negative $17.7 million in the third quarter a year ago. -- Positive free cash flow of $93.7 million for the six-month period ended December 31, 2001. -- New business wins with new and current customers, including significant wins with two major financial institutions and a major retailer, that total more than $140 million over the life of the contracts and approximately $35 million annually. "As a result of strong operating and free cash flow, we were able to pay down more than $60 million in debt obligations this quarter in addition to the $46 million we paid down last quarter," said Rodger S Rodger is a surname, and may refer to:
An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed collections, expense management and a rigorous capital expenditure approval process, and we expect to generate strong positive free cash flow for the fourth quarter ending March 2002, and for the 2003 fiscal year that begins April 1, 2002." "We are very pleased that we were awarded $140 million in new business this quarter, including a very large data warehousing See data warehouse. data warehousing - data warehouse win with a major 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. Also, existing customer contract renewals completed this quarter total over $150 million, including the renewal of a major credit card marketer," Morgan said. "These wins and renewals, plus the opportunities we see for new revenues from new products in the security, fraud detection, risk management and privacy arenas, as well as other opportunities for data integration with the U.S. Government, give us renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. confidence regarding future growth." Other items On January 21, 2002, Fortune magazine recognized Acxiom as one of the best 100 companies to work for in America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. . Acxiom has been named to this prestigious list four of the last five years. 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. Our current assumption concerning general economic activity is that we do not expect substantial improvement during this fiscal year, but we do anticipate improving economic conditions next fiscal year, and our guidance is structured accordingly. The Company has updated its revenue guidance based on divestitures of its Skokie Skokie (skō`kē), village (1990 pop. 59,432), Cook co., NE Ill., an industrial suburb adjacent to Chicago; inc. 1888. Its varied products include communications, computer, and electrical equipment; rubber, iron, and steel products; and tools. , IL, Rochester Rochester (rŏch`ĕstər, –ĭstər). 1 City (1990 pop. 70,745), seat of Olmsted co., SE Minn.; inc. 1858. , NY, and Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. operations (Buckley Buck·ley , William Frank, Jr. Born 1925. American writer and editor known especially for his caustic, polysyllabic wit. Dement de·ment tr.v. de·ment·ed, de·ment·ing, de·ments 1. To make (a person) insane. 2. To cause (a person) to lose intellectual capacity. , SIGMA Marketing Group and Marketing Technology, S.A., respectively), which in the aggregate generated approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $37 million in annual revenues. Buckley Dement was divested in several components over the last three quarters, while SIGMA Marketing Group and Marketing Technology, S. A. were divested in the December 2001 ended quarter. The Company is re-affirming its earnings guidance for the fiscal years ending March 31, 2002 and March 31, 2003. Other guidance has also been updated based on the third-quarter results. For the fourth quarter ending March 31, 2002, the Company expects earnings per share of $.14 to $.17 and revenue of $217 million to $225 million. This takes into account $8 to $10 million in revenue reductions associated with the divestitures and an expected reduction in Allstate This article is about the American insurance company. For the line of automobiles, see Allstate (automobile). The Allstate Corporation NYSE: ALL is the largest publicly held personal lines insurer in the United States. data sales. For the fiscal year ending March 31, 2002, the revised revenue is expected to be in the range of $857 million to $865 million. Earnings per share for fiscal 2002 are expected to be $.28 to $.31, after adjusting for non-recurring items in the first quarter. For the 2002 fiscal year ending March 31, 2002, the Company expects 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 $135 million to $145 million as well as free cash flow of $45 to $55 million. Depreciation and amortization for the fiscal year is expected to be $115 million to $120 million. Capital expenditures, capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of deferred expenses and software development costs are expected to be $95 million to $110 million. For the 2003 fiscal year ending March 31, 2003, the Company expects revenue of approximately $970 million, which represents a revenue growth rate of 19% over fiscal 2002, adjusting for the divestitures and reduced Allstate data sales previously discussed. Earnings per share are expected to be $.65 to $.75, which is expected to include approximately $16 million in phased reinstatement Reinstatement The restoration of an insurance policy after it has lapsed for nonpayment of premiums. of salary reductions made in the 2002 fiscal year. The Company's free cash flow target for the 2003 fiscal year is $60 million. About Acxiom Corporation Acxiom Corporation, a global leader in 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 ) and customer recognition infrastructure, enables businesses to develop and deepen deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. deepen Verb to make or become deeper or more intense Verb 1. customer relationships by creating a single, accurate view of their customers across the enterprise. Acxiom achieves this by providing CDI software, database management services, and premier customer data content through its AbiliTec(R), Solvitur(R) and InfoBase A database created in Folio. See Folio. (R) products, while also offering a broad range of information technology outsourcing Information Technology Outsoucing or ITO is a company's outsourcing of computer or Internet related work, such as programming, to other companies. It is used in refence to Business Process Outsourcing or BPO, which is the outsourcing of the work that does not require so much services. Founded in 1969, Acxiom (Nasdaq:ACXM) is based 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 with operations in the United Kingdom, France, and 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. . For more information, please visit www.acxiom.com. Acxiom, AbiliTec, InfoBase and Solvitur are registered trademarks of Acxiom RTC See real time clock. , Inc. This press release and the conference call to be held today 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 business pipeline and that our current cost structure will allow the Company to continue to meet or exceed expectations; 2) that the revenue, earnings, cash flow, depreciation, amortization, capital expenditures, deferrals, capitalization of deferred expenses and software development costs, growth projections and phased reinstatement of salary reductions for future time periods will be within the indicated ranges; 3) that the Company will be able to continue to focus on all areas of cash flow including receivables collections, expense management and a rigorous capital expenditure process; 4) that the Company expects to generate positive free cash flow for the fourth quarter of the current fiscal year and for fiscal year 2003; 5) that the Company expects to see continued improvement in revenues and earnings for the quarter ending March 31, 2002; 6) that AbiliTec will continue to be a key differentiator Dif`fer`en´ti`a`tor n. 1. One who, or that which, differentiates. Noun 1. differentiator - a person who (or that which) differentiates discriminator of Acxiom solutions; 7) that the Company remains confident and optimistic about future performance; 8) that the Company has significant future opportunities related to providing data and data integration services to Government; 9) that the Company has significant future opportunities in security related products and services. 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 closed within the anticipated time frames; the possibility that economic or other conditions might lead to a reduction in demand for the Company's products and services; the possibility that the current 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 worsen wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. worsen Verb to make or become worse worsening adjn 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. persist for an unpredictable period of time given the attacks upon the people of the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, and other economic factors; the possibility that economic conditions will not improve as rapidly as expected; the possibility that significant customers may experience extreme, severe economic difficulty; 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 continued ability to
attract and retain qualified technical and leadership associates and the
possible loss of associates to other organizations; the ability to
properly motivate the sales force and other associates of the Company;
the ability to achieve cost reductions and avoid unanticipated costs;
the continued availability of credit upon satisfactory terms and
conditions; 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. , competitive products, technologies or services by other companies; changes in consumer or 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 difficulties encountered when entering new markets or industries; 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 the Company's 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 the Company's ability to collect, manage, aggregate 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 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. project work will not be as expected; 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 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; postal Postal can refer to:
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 and 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 the Company's periodic reports and registration statements filed with the United States Securities and Exchange Commission. Acxiom believes that it has 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. Acxiom undertakes no obligation to update the information contained in this press release or any other forward-looking statement.
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)
For the Three Months Ended
December 31,
--------------------------
2001 2000
--------------------------
Revenue 220,543 262,748
Operating costs and expenses:
Salaries and benefits 74,121 88,102
Computer, communications
and other equipment 53,604 47,729
Data costs 27,793 28,045
Other operating costs and
expenses 39,386 54,537
Gains, losses and
nonrecurring items, net (1,059) -
----------- -------------
Total operating costs
and expenses 193,845 218,413
----------- -------------
Income from operations 26,698 44,335
----------- -------------
Other income (expense):
Interest expense (7,767) (6,953)
Other, net (1,029) 1,154
----------- -------------
(8,796) (5,799)
----------- -------------
Earnings before income taxes 17,902 38,536
Income taxes 6,624 14,839
----------- -------------
Net earnings 11,278 23,697
=========== =============
Earnings per share:
Basic 0.13 0.27
=========== =============
Diluted 0.13 0.25
=========== =============
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)
For the Nine Months Ended
December 31,
-------------------------
2001 2000
-------------------------
Revenue 640,785 766,183
Operating costs and expenses:
Salaries and benefits 245,253 268,565
Computer, communications and
other equipment 186,940 138,040
Data costs 88,503 82,043
Other operating costs and
expenses 121,922 156,745
Gains, losses and
nonrecurring items, net 44,283 (3,064)
----------- ------------
Total operating costs
and expenses 686,901 642,329
----------- ------------
Income (loss) from operations (46,116) 123,854
----------- ------------
Other income (expense):
Interest expense (21,722) (18,446)
Other, net (3,412) 8,446
----------- ------------
(25,134) (10,000)
----------- ------------
Earnings (loss) before income
taxes and cumulative effect
of change in accounting
principle (71,250) 113,854
Income taxes (25,918) 43,837
----------- ------------
Earnings (loss) before
cumulative effect of change
in accounting principle (45,332) 70,017
Cumulative effect of change
in accounting principle,
net of tax benefit - 37,488
----------- ------------
Net earnings (loss) (45,332) 32,529
=========== ============
Basic earnings (loss) per share:
Earnings (loss) before
cumulative effect of change
in accounting principle (0.51) 0.79
Cumulative effect of change
in accounting principle - (0.42)
----------- ------------
Net earnings (loss) (0.51) 0.37
=========== ============
Diluted earnings (loss) per share:
Earnings (loss) before
cumulative effect of change
in accounting principle (0.51) 0.74
Cumulative effect of change
in accounting principle - (0.38)
----------- ------------
Net earnings (loss) (0.51) 0.36
=========== ============
ACXIOM CORPORATION AND SUBSIDIARIES
REVENUES BY SEGMENT
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
December 31,
--------------------------
2001 2000
--------------------------
Services 159,543 196,197
Data and Software Products 44,241 56,921
I. T. Management 57,777 62,247
Intercompany eliminations (41,018) (52,617)
---------------- --------------
Total Revenue 220,543 262,748
================ ==============
For the Nine Months Ended
December 31,
--------------------------------
2001 2000
--------------------------------
Services 467,746 577,244
Data and Software Products 116,724 161,212
I. T. Management 164,004 170,798
Intercompany eliminations (107,689) (143,071)
----------------- -------------
Total Revenue 640,785 766,183
================= =============
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
December 31, March 31,
2001 2001
------------ ----------
Assets
Current assets:
Cash and cash equivalents $ 1,317 $ 14,176
Trade accounts receivable, net 182,941 196,107
Deferred income taxes 44,377 36,211
Other current assets 84,130 105,953
---------- ------------
Total current assets 312,765 352,447
---------- ------------
Property and equipment 328,517 428,244
Less - accumulated
depreciation and amortization 141,070 182,904
---------- ------------
Property and equipment, net 187,447 245,340
---------- ------------
Software, net of accumulated
amortization 61,139 63,906
Excess of cost over fair
value of net assets acquired 171,017 172,741
Purchased software licenses,
net of accumulated amortization 165,935 168,673
Unbilled and notes receivable,
excluding current portions 56,662 71,735
Deferred costs, net of
accumulated amortization 121,007 108,928
Other assets, net 51,991 48,955
---------- ------------
$ 1,127,963 $ 1,232,725
=========== ============
Liabilities and Stockholders' Equity
Current liabilities:
Current installments of
long-term debt 27,474 31,031
Trade accounts payable 26,173 68,882
Accrued merger, integration
and impairment costs 4,576 3,215
Accrued payroll and related
expenses 15,073 18,467
Other accrued expenses 57,288 49,767
Deferred revenue 64,078 31,273
Income taxes 7,341 11,685
------------ ------------
Total current liabilities 202,003 214,320
------------ ------------
Long-term debt, excluding
current installments 420,223 369,172
Deferred income taxes 14,709 32,785
Stockholders' equity:
Common stock 8,701 9,055
Additional paid-in capital 273,231 351,921
Retained earnings 218,423 263,755
Accumulated other
comprehensive income (loss) (7,001) (5,996)
Treasury stock, at cost (2,326) (2,287)
------------ ------------
Total stockholders' equity 491,028 616,448
------------ ------------
Commitments and contingencies
$ 1,127,963 $ 1,232,725
============ ============
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
December 31,
2001 2000
--------- ---------
Cash flows from operating activities:
Net earnings $ 11,278 23,697
Non-cash operating activities:
Depreciation and amortization 26,120 31,264
Gain on disposal or
impairment of assets, net (22) -
Deferred income taxes 8,500 -
Changes in operating assets and liabilities:
Accounts receivable 10,227 (11,827)
Other assets (2,529) (38,368)
Accounts payable and
other liabilities 9,402 1,420
Merger, integration and
impairment costs (2,483) (384)
-------- -----------
Net cash provided by
operating activities 60,493 5,802
-------- -----------
Cash flows from investing activities:
Proceeds received from
the disposition of assets 9,909 25,512
Capitalized software (5,832) (9,956)
Capital expenditures (2,612) (5,320)
Investments in joint
ventures and other
companies (1,481) (1,578)
Proceeds from sale and
leaseback transaction 4,035 -
Deferral of costs (14,077) (30,232)
Net cash paid in acquistions - (1,897)
-------- ---------
Net cash used by
investing activities (10,058) (23,471)
-------- ---------
Cash flows from financing activities:
Proceeds from debt 20,817 20,445
Payments of debt (81,202) (7,884)
Sale of common stock 2,170 12,884
Payments on equity
forward contracts - (1,865)
------------ ------------
Net cash (used)
provided by financing
activities (58,215) 23,580
------------ ------------
Effect of exchange rate
changes on cash (19) 58
------------ ------------
Net (decrease) increase
in cash and cash equivalents (7,799) 5,969
Cash and cash equivalents
at beginning of period 9,116 9,271
------------ ------------
Cash and cash equivalents
at end of period $ 1,317 15,240
============ ============
Supplemental cash flow information:
Cash paid (received) during the period for:
Interest $ 9,378 11,013
Income taxes (124) 2,964
============ =============
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the Nine Months Ended
December 31,
2001 2000
------- ------
Cash flows from operating activities:
Net earnings (loss) $ (45,332) 32,529
Non-cash operating activities:
Depreciation and
amortization 91,991 85,976
Loss (gain) on disposal
or impairment of assets, net 45,617 (16,812)
Cumulative effect of
change in accounting
principle - 37,488
Deferred income taxes (26,242) -
Changes in operating assets and liabilities:
Accounts receivable 11,911 (34,407)
Other assets 25,691 (101,699)
Accounts payable and
other liabilities (2,348) (2,670)
Merger, integration and
impairment costs (10,775) (14,750)
----------- ------------
Net cash provided (used)
by operating activities 90,513 (14,345)
----------- ------------
Cash flows from investing activities:
Proceeds received from
the disposition of assets 9,577 59,997
Capitalized software (17,231) (28,694)
Capital expenditures (11,401) (39,480)
Deferral of costs (40,779) (40,079)
Investments in joint
ventures and other
companies (7,228) (20,285)
Proceeds from sale and
leaseback transaction 4,035 -
Net cash paid in acquisitions - (16,030)
------------ ---------
Net cash used by
investing activities (63,027) (84,571)
------------ ---------
Cash flows from financing activities:
Proceeds from debt 149,986 99,403
Payments of debt (175,400) (19,724)
Sale of common stock 8,631 22,859
Acquisition of treasury
stock - (7,478)
Payments on equity forward
contracts (23,547) (4,732)
------------ ---------
Net cash (used) provided
by financing activities (40,330) 90,328
------------ ---------
Effect of exchange rate
changes on cash (15) (96)
------------ ---------
Net decrease in cash
and cash equivalents (12,859) (8,684)
Cash and cash equivalents
at beginning of period 14,176 23,924
------------ ---------
Cash and cash equivalents
at end of period $ 1,317 15,240
============ =========
Supplemental cash flow information:
Cash paid during the period for:
Interest $ 20,711 25,647
Income taxes 12,659 9,998
Noncash investing and financing
activities - equity forward
contracts settled through
term note 64,169 -
============ =======
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