Acxiom's Earnings Upbeat in 1Q - Analyst Blog
31 Juli 2012 - 1:00PM
Zacks
Acxiom Corporation
(ACXM) reported diluted earnings per share of 17 cents in the
fiscal first quarter of 2013 (ending June 30, 2012) compared with
13 cents in the previous-year quarter, beating our Zacks Consensus
Estimate of 10 cents.
Revenues
Total revenue came in at $271.7
million; declined 1.6% from the last year quarter and down 5.4%
sequentially, although the revenue in the quarter marginally
exceeded the Zacks Consensus Estimate of $270 million.
The Marketing and Data Services
segment sales increased slightly by 0.4% year over year to $185.7
million. The company’s IT Infrastructure Management segment fell
around 3.8% annually to reach $70.3 million. Other Services
revenues dropped 12.8% year over year to $15.7 million in the
quarter.
Margins
Operating margin for the quarter
came in at 9.4% versus 7.5% in the previous year quarter and 7.8%
in the last quarter.
Marketing and Data Services
operating margin was around 9.9% compared to 9.3% in the previous
year quarter. The IT Infrastructure Management segment produced an
operating margin of 12.6%, rising from 5.8% in the first quarter of
fiscal 2012. Other Services operating margin came in at (10.3%)
versus (3.1%) in the previous year quarter.
Balance Sheet and Cash
Flows
Acxiom ended the quarter with cash
and cash equivalents of $179.3 million, declining from $229.6
million at the end of the previous quarter. Net trade accounts
receivable came in at $172.5 million, rising from $169.4 million at
the end of the fourth quarter of fiscal 2012.
Long-term debt came in at $248.6
million, falling from $251.9 million at the end of the fourth
quarter of fiscal 2012. Deferred revenues came in at $52.6 million,
falling from $60 million at the end of the previous quarter of
fiscal 2012.
The net cash used by operating
activities was $1.9 million during the first quarter of fiscal 2013
compared to $32.8 million in the previous year quarter. Capital
expenditures incurred came in at $3.5 million versus $12.6 million
in the year-ago quarter.
Share
Repurchase
In the reported quarter the company
repurchased 2.4 million shares worth $33 million. A total of 8.1
million shares was bought back by Acxiom for $100 million since
August 2011.
Outlook
The company expects that the
revenue will be down by 5% in the second quarter of fiscal 2013
owing to the low yields in Acxiom’s IT Infrastructure Management
and Other Services segments.
The company also expects that its
revenue from continuing operations will either remain flat or
decline marginally during the fiscal 2013. Earnings per share are
likely to fall within a range of 60 cents – 65 cents for the full
year of fiscal 2013.
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