) 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.
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
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.
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.
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.
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.
ACXIOM CORP (ACXM): Free Stock Analysis Report
To read this article on Zacks.com click here.