ATLANTA, GA – Equifax Inc. (NYSE: EFX) today reported record revenue of $323 million for the third quarter of 2004, an increase of 4 percent from the same period last year. Earnings from continuing operations were $53 million, unchanged from the same period last year. Earnings per share (EPS) totaled $0.40, a 3 percent increase from 2003′s third quarter.
“Equifax delivered record revenue in what continues to be a challenging economic environment. We enter the fourth quarter with significant momentum,” said Thomas F. Chapman, Equifax chairman and CEO. “This solid financial performance is reflected in our free cash flow and improving operating margins.”
Third quarter performance highlights compared to the third quarter of 2003:
- Consolidated operating margins increased to 30 percent from 29 percent;
- Cash flow from operations was $94 million, up 3 percent; free cash flow was $81 million, up 4 percent;
- North America Information Services reported revenue of $177 million, up 1 percent;
- Revenue for Marketing Services in North America was $60 million, a 3 percent decline, however Equifax Credit Marketing Services revenue increased 3 percent to $37 million;
- Personal Solutions increased revenue 26 percent to $24 million, with several new products already introduced for the fourth quarter;
- Europe revenue grew to $39 million, up 22 percent;
- Latin America revenue rose to $24 million, a 10 percent increase.
Teleconference and non-GAAP reconciliation information
Equifax’s quarterly teleconference to discuss results will be held today at 9 a.m. (EDT). The live audio Webcast of the speakers’ presentations will be available at http://www.equifax.com. Please note that Microsoft Media Player is required to access the Webcast. This can be downloaded from http://www.microsoft.com/windows/mediaplayer.
Equifax has presented in this press release and will discuss during the teleconference certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. As required by SEC rules a reconciliation of such measures to the most comparable GAAP measure is presented below in the Common Questions and Answers (Unaudited) that are a part of this press release. This information can also be found under the heading “non-GAAP Financial Measures” in the Investor Center on the company’s website at www.equifax.com.
About Equifax
Equifax Inc. is a global leader in turning information into intelligence. For businesses, Equifax provides faster and easier ways to find, approve and market to the appropriate customers. For consumers, Equifax offers easier, instantaneous ways to buy products or services and better insight into and management of their personal credit. Equifax. Information that Empowers.
Safe Harbor – Statements in this press release that relate to Equifax’s future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events, risks and uncertainties, individually or in the aggregate, could cause our actual results to differ materially from those expressed or implied in these forward-looking statements. Those factors include, but are not limited to, changes in worldwide and U.S. economic conditions that materially impact consumer spending and consumer debt, changes in demand for Equifax’s products and services, risks associated with the integration of acquisitions and other investments, changes in laws governing our business, including particularly the cost of compliance with the FACT Act and related regulations, the ability of Equifax to achieve its productivity improvement and cost reduction targets, pricing and other competitive pressures, and certain other factors discussed under the caption “Risk Factors” in the Management’s Discussion and Analysis section of Equifax’s annual report on Form 10-K for the year ended December 31, 2003, and in our other filings with the U.S. Securities and Exchange Commission. Equifax assumes no obligation to update any forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made.
