By a News Reporter-Staff News Editor at Investment Weekly News -- Acxiom® (Nasdaq: ACXM), an enterprise data, analytics and software-as-a-service company, 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. During the quarter, the Company announced its acquisition of LiveRamp, an industry leader in connecting first and third party offline data with the digital marketing ecosystem. In addition, Acxiom completed the sale of its U.K. call center business, 2Touch. As a result, 2Touch results for the current and prior years are presented as discontinued operations in the consolidated statement of operations. Revenue and expenses related to discontinued operations are netted and presented on one line, net of tax, in the statement of operations.
Keywords for this news article include: Finance, Marketing, Advertising, Acxiom Corporation.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC