Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and software-as-a-service company, today announced financial results for its first quarter ended June 30, 2014.
First Quarter Financial Highlights
- Total revenue was down 6 percent compared to the first quarter of fiscal 2014 as a result of expected IT Infrastructure Management declines and European restructuring.
- Marketing and Data Services revenue was $187 million, slightly down compared to the first quarter of fiscal 2014.
- IT Infrastructure Management revenue was down, as expected, approximately 20 percent compared to the same period a year ago.
- Gross media spend through the Audience Operating System™ was approximately $28 million, up 87 percent compared to the fourth quarter of last year.
- GAAP operating income and diluted earnings per share were down due to one-time expenses associated with business separation and transformation activities.
- Net loss per diluted share from continuing operations was $0.08 compared to earnings per share of $0.17 a year ago. Unusual items and non-cash compensation expense impacted GAAP earnings per share by $0.21 in the quarter. Unusual items included expenses associated with the Company’s restructuring activities, separation and transformation initiatives, and the acquisition of LiveRamp, Inc.
- Operating cash flow from continuing operations was $149 million for the trailing twelve months, down 11 percent compared to the same period a year ago. Free cash flow to equity was $56 million for the trailing twelve-month period compared to $70 million for the comparable period. The decline was primarily due to cash restructuring and separation and transformation expenses and higher capital spending.
- Non-GAAP operating income and diluted earnings per share were down primarily due to the declines in the IT Infrastructure Management business.
- Excluding unusual items and non-cash compensation expense, diluted earnings per share were $0.13 compared to $0.19 a year ago.
- Excluding unusual items and non-cash compensation expense, operating income was $19 million, down from $27 million for the same period last year. The change was due to the expected declines in the IT Infrastructure Management business and, to a lesser extent, higher R&D expenses.
- The Company reiterates its full year revenue and earnings per share guidance.
A reconciliation between GAAP and non-GAAP results is attached to this release.