) recently announced that it has expanded its share repurchase
authorization program by $50 million to $250 million. The program
is valid for the next 12 months, but may be discontinued at any
This information technology company has repurchased 12 million
shares worth $179 million, since the program began in Aug 2011.
The repurchased shares represent approximately 14.6% of the
company's outstanding shares.
During the second quarter of fiscal 2014, Acxiom repurchased
approximately 0.9 million shares for $22.7 million.
The increased share repurchase authorization program by the
company is aimed to boost shareholders' wealth.
On Nov 7, 2013, Acxiom reported its second-quarter fiscal 2014
results, wherein its adjusted earnings of 20 cents per share
missed the Zacks Consensus Estimate by a penny. Net income
decreased around 40% to $9.8 million or 13 cents per share, due
to rising operating costs.
Moreover, the company's top-line dropped 0.4% year over year
to $276.3 million, owing to dismal performances in two out of
three segments. The Infrastructure Management Services segment's
revenues fell 4.7% to $66.8 million, while revenues from the
Other Services segment decreased 3.4% year over year to $8.5
million. Acxiom reported cash and cash equivalents of $216.6
million for the quarter ended Sep 2013.
Acxiom has been using share repurchases as a tool to reward
its shareholders in recent years. The company last paid a
quarterly dividend of 6 cents on Aug 19, 2008.
Acxiom currently has a Zacks Rank #4 (Sell). However, stocks
with a favorable Zacks Rank in the industry include
CoStar Group Inc.
EPAM Systems, Inc.
). All these stocks carry a Zacks Rank #2 (Buy).
ACXIOM CORP (ACXM): Free Stock Analysis
COSTAR GRP INC (CSGP): Free Stock Analysis
EPAM SYSTEMS (EPAM): Free Stock Analysis
INFOSYS LTD (INFY): Free Stock Analysis
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