Equifax's Net Income Tumbles

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On Feb.4, 2009, Equifax (EFX Quote) reported its Q4 FY08 net income plunged 2.6% on lower revenue of $64.00 million or $0.50 per share from $65.70 million or $0.49 per share a year ago on lower revenue. The latest quarterly earnings were also negatively affected by acquisition-related amortization expenses, restructuring, and asset write-down charges. On a non-GAAP basis, net income was down 1.6% to $77.70 million or $0.61 per share, which beat the consensus estimate of $0.59 per share.

Total operating revenue decreased 9.0% to $446.60 million from $490.90 million, due to a decline in revenue in most of its segments and 5.0% loss from exchange rates. The U.S. Consumer Information Solutions' operating revenue declined 8.9% to $208.40 million, due to a decline in revenue from online consumer information solutions, credit market services and direct marketing services. International operating revenue shrank 17.9% to $105.80 million, hurt by lower revenue from Europe, Latin America and Canada. Revenue from TALX grew 2.2% to $75.40 million, led by 11.4% increase in work number, offset by 3.5% drop in tax and talent management services revenues. Sales of North America Commercial Solutions and North America Personal Solutions decreased 6.1% and 3.1% to $19.90 million and $37.10 million, respectively. ...