Printer Friendly

EQUIFAX ANNOUNCES RECORD FIRST QUARTER NET INCOME

 ATLANTA, April 19 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) today reported the highest first quarter earnings in its history.
 Net income increased by 16 percent over a strong 1992 first quarter performance, driving earnings per share to 24 cents, up 5 cents from the 1992 first quarter level of 19 cents per share. This solid start to 1993 operations was brought about by strong revenue gains posted throughout the quarter by Equifax's higher-margin business units and the company's continuing focus on expense management. As a result, quarterly operating income increased to $31.3 million, up $5.2 million (20 percent) over that of the first quarter 1992.
 "Our first quarter results demonstrate that last year's profit momentum is being sustained," said Equifax Chairman and Chief Executive Officer C.B. Rogers Jr. He added, "We have seen month-by-month improvement in both revenue and profit during the quarter and expect continued momentum in both measures for at least the next several months." Rogers pointed out that Equifax's higher-margin businesses posted solid revenue gains in each of the first three months of 1993, and all major operating groups held expenses close to budgeted levels. The combination of these revenue gains and cost management efforts boosted Equifax's operating profit margin to 11.3 percent compared with 9.4 percent a year ago.
 According to Rogers, the revenue decline experienced in 1992 within Insurance Information Services has stabilized. "Monthly revenues have leveled in the more labor-intensive product lines during the first quarter of 1993. This trend is encouraging, but establishing a positive trend remains a top priority issue. We will carefully monitor our progress as we continue to revitalize this part of our operations," said Rogers.
 Equifax Inc. is the leading provider of information for consumer financial transactions. Established in 1899 in Atlanta, Equifax today employs 12,000 people throughout North America and the United Kingdom. The company provides information services and automated systems that help its customers grant credit, insure lives and property, select new employees, authorize checks at the point of sale, process credit card transactions, market products, control health care costs and complete other transactions that benefit the economy, businesses and consumers. Revenues for the year ending Dec. 31, 1992, were more than $1.1 billion.
 EQUIFAX INC.
 FINANCIAL HIGHLIGHTS
 (in thousands, except per share amounts)
 (Unaudited)
 First quarter 1993 1992
 Operating revenue $275,873 $276,260
 Income before provision for
 income taxes:
 Operating income $ 31,251 $ 26,036
 Other income 1,260 2,244
 Interest expense (1,901) (1,242)
 Income before income taxes 30,610 27,038
 Provision for income taxes 12,492 11,404
 Net income $ 18,118 $ 15,634
 Net income per common share $ .24 $ .19
 Average number of shares
 outstanding 75,396 82,168
 -0- 4/19/93
 /CONTACT: Richard F. Wacht of Equifax Inc., 404-885-8304/
 (EFX)


CO: Equifax Inc. ST: Georgia IN: FIN SU: ERN

BN-BR -- AT002 -- 7189 04/19/93 09:03 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 19, 1993
Words:487
Previous Article:PATENT LAWSUIT FILED AGAINST TEKTRONIX
Next Article:CROWNAMERICA REPORTS MID-YEAR OPERATING RESULTS
Topics:


Related Articles
EQUIFAX REPORTS SECOND QUARTER EARNINGS INCREASE
EQUIFAX REPORTS SECOND QUARTER EARNINGS INCREASE
FIRST NATIONAL BANK CORP. REPORTS FIRST-QUARTER RESULTS
EQUIFAX POSTS 37 PERCENT INCREASE IN FIRST QUARTER EARNINGS PER SHARE
EQUIFAX POSTS 20 PERCENT INCREASE IN FIRST QUARTER REVENUE
EQUIFAX POSTS RECORD SECOND QUARTER; REVENUE JUMPS 19%, OPERATING INCOME 25%
EQUIFAX EARNINGS SET SECOND QUARTER RECORD; EARNINGS PER SHARE GROW 22%
Equifax Posts Another Record Quarter; Earnings Per Share Increase 28%
Equifax Sets Quarterly Annual Records
Equifax Posts New First Quarter Record; Earnings Per Share Climb 24%

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters