Equifax Reports First Quarter 2013 Results

ATLANTA, April 24, 2013 (GLOBE NEWSWIRE) -- Equifax Inc. (NYSE:EFX) today announced financial results for the quarter ended March 31, 2013. The company reported revenue from continuing operations of $566.5 million in the first quarter of 2013, a 12 percent increase from the first quarter of 2012.

First quarter diluted EPS from continuing operations attributable to Equifax was $0.67, an increase of 15 percent from the first quarter of 2012. On a non-GAAP basis, adjusted EPS attributable to Equifax, excluding the impact of acquisition-related amortization expense, net of associated tax impacts, was $0.87, up 26 percent from the first quarter of 2012.

"Double digit revenue growth in four of our five operating segments, along with solid execution on our most important strategic initiatives, resulted in strong first quarter performance," said Richard F. Smith, Equifax's Chairman and Chief Executive Officer. "Each of our operating segments continues to make very good progress and with this strong performance we remain confident with the full year guidance we outlined at the beginning of the year."

First Quarter 2013 Highlights
  • In addition to the financial highlights noted above, first quarter 2013 net income from continuing operations attributable to Equifax was $82.1 million, a 15 percent increase from the prior year.   
  • Operating margin was 26.3 percent for the first quarter of 2013, compared to 25.4 percent in the first quarter of 2012.  
  • We recorded a gain of $18.4 million from the sales of our Talent Management Services and Equifax Settlement Services business lines. The gain includes an income tax benefit of $18.1 million. Both of these businesses, as well as the gain on the sales, are reported as discontinued operations.  
  • Total debt at March 31, 2013 was $1.62 billion, down $108.4 million from December 31, 2012.

U.S. Consumer Information Solutions (USCIS)

Total revenue was $245.1 million in the first quarter of 2013 compared to $210.3 million in the first quarter of 2012, an increase of 17 percent. 
  • Online Consumer Information Solutions revenue was $175.6 million, up 14 percent from a year ago.
  • Mortgage Solutions revenue was $29.6 million, up 33 percent from a year ago.
  • Consumer Financial Marketing Services revenue was $39.9 million, up 17 percent when compared to a year ago.

Operating margin for USCIS was 37.5 percent in the first quarter of 2013 compared to 38.7 percent in the first quarter of 2012. Depreciation and amortization expense as a percent of revenue increased 2.4 percentage points, compared to the first quarter of 2012, primarily due to the acquisition in December 2012 of CSC Credit Services.

International

Total revenue was $123.7 million in the first quarter of 2013, a 2 percent increase from the first quarter of 2012 and a 4 percent increase on a local currency basis.
  • Latin America revenue was $46.5 million, up 4 percent in local currency and flat in U.S. dollars from a year ago. 
  • Europe revenue was $44.6 million, up 4 percent in local currency and 3 percent in U.S. dollars from a year ago. 
  • Canada Consumer revenue was $32.6 million, up 5 percent in local currency and 4 percent in U.S. dollars from a year ago.

Operating margin for International was 28.1 percent in the first quarter of 2013 compared to 31.8 percent in the first quarter of 2012. 

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