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FactSet Research Systems Announces Adjusted EPS Growth Of 10% For The Third Quarter Of Fiscal 2013

  • Adjusted EPS was $1.15, up 10%
  • Revenues increased 6% to $215 million
  • Free cash flow was $92 million, up 32%

NORWALK, Conn., June 18, 2013 (GLOBE NEWSWIRE) -- FactSet Research Systems Inc. (NYSE:FDS) (Nasdaq:FDS), a leading provider of integrated financial information and analytical applications to the global investment community, today announced its results for the third quarter of fiscal 2013.

For the quarter ended May 31, 2013 revenues increased to $214.6 million, up 6% over the prior year. Included in this total was $2.9 million of acquired revenues from StreetAccount. Operating income was $71.6 million compared to $68.5 million in the third quarter of fiscal 2012. Net income was $53.4 million versus $48.0 million a year ago. Diluted earnings per share was $1.20 compared to $1.05 in the same period of fiscal 2012.

Adjusted net income increased 6% to $51.1 million, while adjusted diluted EPS grew 10% to $1.15. Adjusted net income and diluted EPS both exclude income tax benefits of $2.3 million or $0.05 per diluted share related to finalizing prior years' tax returns.

A reconciliation between GAAP and adjusted financial measures is presented on page 8 of this press release.

(Condensed and Unaudited)   Three Months Ended May 31,
(In thousands, except per share data) 2013 2012 Change
Revenues $214,613 $202,311 6%
Operating income $71,637 $68,494 5%
Adjusted net income $51,097 $47,980 6%
Adjusted diluted earnings per share $1.15 $1.05 10%
Diluted weighted average shares 44,485 45,736  

"We again delivered double-digit diluted EPS growth and our free cash flow reached an all-time high of $92 million during the third quarter of fiscal 2013. Off-market conditions, especially on the sell-side, continue to interrupt client buying patterns and limited our ASV growth this quarter as expected," said Philip A. Hadley, Chairman and CEO. "We continue to return capital to shareholders as evidenced by a 13% increase in our dividend and a $200 million expansion to our share repurchase program during the quarter."

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