They warned us it would be bad.
Acxiom Corp., the Little Rock database and digital marketer, reported a $67 million fourth quarter loss thanks to one-time charges related to goodwill and asset impairment and the disposal of several overseas operations.
Revenue for the quarter topped $298.79 million. One year ago, Acxiom reported earnings of $16.65 million on revenue of $288.34 million.
In late March, Acxiom announced the immediate departure of its CEO, the pending exit of its CFO and a warning that it would take a write-down on assets in the $50-90 million range.
Jerry Gramaglia, Acxiom’s interim CEO, said, “Our results for the fourth quarter and for the entire fiscal 2011 year were in line with our expectations expressed in our March 30th announcement. In the fourth quarter and continuing into fiscal year 2012, Acxiom’s focus is on delivering exceptional value to the world’s top marketers. In turn, we continue to be rewarded with long term renewals and significantly expanded business relationships.”
The write-down charges break out as follows:
- Goodwill/Asset Impairment of $79.7 million. $15.4 million related to European Services, $57.1 million related to European Products and $7.2 million related to Middle East, North Africa
- Disposal of operations of $3.3 million related to the disposal of the Netherlands and Portugal operations, of which $1.1 million represents cash payments to be made in future periods
- Other charges of $6.5 million including $5.5 million to be paid in future periods.