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PRIMARK ANNOUNCES AGREEMENT TO ACQUIRE DATASTREAM; REPORTS SECOND QUARTER RESULTS

 PRIMARK ANNOUNCES AGREEMENT TO ACQUIRE DATASTREAM;
 REPORTS SECOND QUARTER RESULTS
 MCLEAN, Va., Aug. 14 /PRNewswire/ -- Primark Corporation (NYSE: PMK; PSE) announced today that it has entered into an agreement to acquire all of the outstanding common stock of Datastream International, Ltd. and its affiliates from The Dun & Bradstreet Corporation (NYSE: DNB) for approximately $191 million in cash and notes. Datastream had revenues of $94.6 million for the fiscal year-ended Nov. 30, 1991 and had excellent margins.
 Founded in 1964, Datastream provides computer-based financial information services to customers in Europe, Asia, Australia and North America. Its products are utilized by over 1,300 professional investment organizations ranging from investment bankers, brokers, pension and money fund managers, to insurance companies in 36 countries worldwide. Datastream is the leading provider of historical financial information globally, and of investment valuation services and fund accounting in the United Kingdom. The company grew revenues and operating income at a compound rate of 20 percent and 18 percent, respectively, over the past five years. Datastream registered positive growth in revenues and income in 1991, despite recessions and deteriorating financial markets around the world. Datastream employs approximately 640 personnel in 13 offices worldwide; its headquarters are located in London, England.
 The agreement provides for the payment to Dun & Bradstreet of $145 million in cash and, on an original issue discount basis, approximately $35 million in Primark convertible zero-coupon notes and $11 million in zero-coupon notes of a single purpose Primark subsidiary that will indirectly own the stock of Datastream. Primark has obtained a commitment letter from Mellon Bank, N.A. and Barclays Bank PLC to provide up to $80 million of financing. In addition, $45 million has been obtained through a private placement of 8.82 percent notes issued by Primark Storage Leasing Corporation ("PSLC") which will mature in 18 years and be secured by the assets of PSLC.
 The Primark convertible zero-coupon notes will have a yield to maturity of 7 percent, will mature in 10 years, and will be convertible into Primark common stock at a 15 percent conversion premium over the average price per share of Primark's common stock for the 10 trading days immediately preceding the closing of the transaction. The zero-coupon notes of the single-purpose Primark subsidiary will have a yield to maturity of 8.5 percent and mature in 7 years.
 In the second quarter, Primark reclassified Westmark Mortgage Corporation and all of its transportation segment, comprised of Triad International Maintenance Corporation and General Transport Services, to discontinued operations to reflect the company's strategic intent to focus exclusively on the information services industry.
 "The acquisition of Datastream will enable Primark to combine the information technology expertise of TASC (The Analytic Sciences Corporation) with the product leadership of Datastream to enhance the growth of both companies," said Joseph Kasputys, Primark's chairman and CEO. "This acquisition and the planned dispositions of unrelated operating subsidiaries will complete the restructuring program initiated in 1988. After the changes, Primark will have grown to $380 million in annualized revenues, with one-third of these revenues from commercial operations. More significantly, in the coming year, approximately one half of Primark's operating income before acquisition expenses will be from commercial sources."
 Primark reports net income from continuing operations before preferred stock dividends of $872,000 for the second quarter of 1992 and $3.3 million for the 1992 six-month period. These results represent an improvement over the $696,000 and $2.4 million reported for the corresponding 1991 periods. The second quarter earnings were reduced by an investment adjustment of $1.3 million net of tax to recognize an unrealized loss on securities the company received in connection with the sale of one of its subsidiaries in 1990. Before unrealized gains and losses on marketable securities, earnings per share from continuing operations were $0.08 and $0.10 for the first and second quarter of 1992, respectively.
 Operating revenues rose to $73 million and $141.5 million for the 1992 second quarter and year-to-date period. The substantial increase in revenues and earnings primarily reflects the operations of TASC which was acquired by Primark in August of 1991.
 Primark Corporation, headquartered in McLean, is principally engaged in information services, together with businesses in transportation and financial services.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 (Thousands Except Per Share Amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Operating Revenues $ 72,997 $ 2,700 $141,459 $ 5,828
 Operating Expenses 69,101 3,976 133,861 8,104
 Operating Income (Loss) 3,896 (1,276) 7,598 (2,276)
 Other Income
 (Deductions) - Net (2,238) 2,010 (1,663) 5,313
 Income Tax Expense (786) (38) (2,619) (660)
 Income From Continuing
 Operations 872 696 3,316 2,377
 Income (Loss) From
 Discontinued Operations 612 (1,167) 836 (1,920)
 Net Income (Loss) 1,484 (471) 4,152 457
 Dividends on Preferred Stock (337) - (666) -
 Net Income (Loss)
 Applicable to Common Stock $1,147 $ (471) $ 3,486 $ 457
 Earnings (Loss) Per Common and
 Common Equivalent Share
 Continuing Operations $ 0.03 $ 0.04 $ 0.14 $ 0.12
 Discontinued Operation 0.03 (0.06) 0.04 (0.10)
 Total $ 0.06 $(0.02) $ 0.18 $ 0.02
 Weighted Average Common
 and Common Equivalent
 Shares Outstanding 19,350 19,377 19,376 19,153
 CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
 (Thousands of Dollars)
 June 30, Dec. 31,
 1992 1991
 Assets
 Cash and cash equivalents $ 38,545 $ 39,514
 Marketable equity securities 7,786 7,000
 Accounts receivable - net 56,777 60,801
 Net assets of discontinued operations 22,574 21,150
 Goodwill and other intangibles - net 107,190 108,480
 Other assets 65,922 71,717
 Total $298,794 $308,662
 Liabilities and Common Shareholders' Equity
 Current and noncurrent portions of long-term debt
 and capital lease obligations $ 33,188 $ 45,235
 Other liabilities 50,178 52,844
 Redeemable preferred stock 15,842 15,190
 Common shareholders' equity 199,586 195,393
 Total $298,794 $308,662
 CONDENSED SEGMENT DATA (UNAUDITED)
 (Thousands of Dollars)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Operating Revenue
 Information services $ 70,704 $ 393 $136,835 $ 1,040
 Financial services 2,293 2,307 4,624 4,788
 Total Primark $ 72,997 $ 2,700 $141,459 $ 5,828
 Operating Income (Loss)
 Information services $ 3,889 $ (1,315) $ 7,913 $ (2,342)
 Financial services 1,451 1,474 2,934 3,115
 Corporate (1,444) (1,435) (3,249) (3,049)
 Total Primark $ 3,896 $ (1,276) $ 7,598 $ (2,276)
 -0- 8/14/92
 /CONTACT: Steven L. Schneider of Primark Corporation, 703-790-7630/
 (PMK DNB) CO: Primark Corporation; The Dun & Bradstreet Corporation ST: Virginia, New York IN: PUB SU: ERN TNM


DS -- DC008 -- 9860 08/14/92 08:33 EDT
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Date:Aug 14, 1992
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