Acxiom Beats in 1Q, Revs Down - Analyst Blog
October 26 2012 - 12:27PM
Zacks
Acxiom Corporation (ACXM) reported diluted
earnings per share of 21 cents in the fiscal second quarter of 2013
(ended September 30, 2012) compared with 19 cents in the
previous-year quarter and 17 cents in the previous quarter, beating
the Zacks Consensus Estimate of 15 cents.
Revenues
Total revenue came in at $277.5 million; down 3.1% from the last
year quarter and 2.1% sequentially, although the revenue in the
quarter exceeded the Zacks Consensus Estimate of $275 million.
The Marketing and Data Services segment sales decreased slightly
by 0.7% year over year to $194.4 million. The company’s IT
Infrastructure Management segment fell around 5% annually to reach
$70.1 million. Other Services revenues dropped nearly 23% year over
year to $13 million in the quarter.
Margins
Operating margin for the quarter came in at 10.9% versus 9.4% in
the previous year quarter and 9.4% in the last quarter. The annual
rise in margin was driven by the company’s IT infrastructure
management segment and improved international operations.
Marketing and Data Services operating margin was 12.0% compared
to 13.8% in the previous year quarter. The IT Infrastructure
Management segment produced an operating margin of 12.2%, rising
from 6.9% in the second quarter of fiscal 2012. Other Services
operating margin came in at (12.4%) versus (15.7%) in the previous
year quarter.
Balance Sheet and Cash Flows
Acxiom ended the quarter with cash and cash equivalents of
$188.4 million, rising from $179.3 million at the end of the
previous quarter. Net trade accounts receivable came in at $166.7
million, rising from $172.5 million at the end of the first quarter
of fiscal 2013.
Long-term debt came in at $244.3 million, falling from $248.6
million at the end of the previous quarter. Deferred revenues came
in at $47.4 million, falling from $52.6 million at the end of the
previous quarter of fiscal 2013.
The net cash provided by operating activities was $39.2 million
during the second quarter of fiscal 2013 compared to $57.7 million
in the previous year quarter. Capital expenditures incurred came in
at $8.2 million versus $12.1 million in the year-ago quarter.
Share Repurchase
In the reported quarter, the company repurchased 800,000 shares
worth $14 million. A total of 9 million shares were bought back by
Acxiom for $115 million since August 2011.
Outlook
For fiscal 2013, management expects that the revenue would
either remain consistent or go down compared with the prior
year.
The company raised its earnings per share guidance from 60 cents
– 65 cents to 70 cents for the full year of fiscal 2013.
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