Restructuring Costs Send Acxiom to a Loss

Consumer information analyst Acxiom Corp. (Nasdaq: ACXM) reported yesterday an operating loss for its fiscal fourth quarter of $76 million, due primarily to restructuring costs of $107.2 million. Revenues for the quarter ending March 31 were down to $349.8 million from $356.4 million a year ago.

For its fiscal year ending March 31, Acxiom reported income from operations of $40.2 million, compared with a loss of $154.1 million in the previous fiscal year. Revenues for 2007 dropped slightly to nearly $1.4 billion.

The Little, Rock, Ark.-based firm reported a loss per diluted share of 0.10 cents for the most recent fiscal year, compared with earnings per diluted share of 0.80 cents in the previous year.

John Meyer, Acxiom Corp. CEO and president, said in a statement, “During my first 90 days I have focused on meeting our customers and our people, rationalizing costs and gaining a deeper understanding of our offerings and value propositions. I have also made a number of leadership and role changes."

Acxiom named Meyer to his leadership posts in January ("Executive Change: Acxiom Names John Meyer as CEO and President," Jan. 18).

Acxiom also announced it was restating its financial statements for 2007, 2006, and prior years to correct its accounting related to accrued service revenue. The restatement means a reduction in net income of $2.4 million in 2006 and $2.9 million in 2007. Accrued revenue, which is reflected in accounts receivable, will be reduced by a total of $52.2 million.