Equifax Board of Directors Declares Quarterly Dividend
ATLANTA,- Equifax Inc. (NYSE: EFX) today announced updated guidance for full year 2007, based on its expected financial performance for 2007 as a result of its acquisition of TALX Corporation which was completed on May 15, 2007.
* Based on current business trends and management’s outlook for the remainder of 2007, Equifax expects consolidated annual revenue growth to be between 19 percent and 22 percent. This revenue projection is based on growth of 7 percent to 10 percent for the continuing Equifax businesses plus an estimated $182 million to $190 million of incremental revenue from TALX.
* Earnings per share for the full year is expected to be between $1.96 and $2.04. Adjusted earnings per share, a non-GAAP financial measure (defined as earnings per share plus the after-tax effect of the amortization of acquisition-related intangible assets), which is also described by Equifax as “cash EPS”, is expected to be between $2.25 and $2.33 per share.
* EBITDA, a non-GAAP financial measure (defined as operating income before depreciation and amortization expense), is expected to be in the range of $615 million to $635 million for the full year.
* Annual capital expenditures are targeted at $80 million to $110 million.
* For the second quarter of 2007, which will include the results of TALX since its acquisition on May 15, 2007, Equifax expects revenue to be in the range of $453 million to $458 million, earnings per share to be in the range of $0.48 to $0.50 per share, and earnings per share adjusted for amortization of acquisition-related intangibles to be in the range of $0.55 to $0.57 per share. Although Equifax generally provides guidance only on an annual basis, the foregoing information is provided to enable investors to better evaluate the company and its prospects for performance following completion of the TALX transaction during the quarter.
“Completing this acquisition puts Equifax on a clear path to deliver the growth and financial performance outlined in the strategic plan presented last year at the New York Stock Exchange,” said Richard F. Smith, Equifax Chairman and Chief Executive Officer. “TALX is an outstanding company with a well established and valuable market franchise. Following our strong performance in the first quarter and the addition of our new, fifth business unit, Equifax is well positioned for a very successful year in 2007.”
“This revised guidance incorporates the partial year contribution of TALX into our previous guidance and adds an additional, very important measure of financial performance, earnings per share adjusted for amortization of acquisition intangibles,” added Lee Adrean, Equifax’s Corporate Vice President and Chief Financial Officer. “Our expectations for adjusted EPS have improved since we announced the acquisition of TALX in February due to solid performance trends at Equifax and a refinement of our expectations for the acquisition now that we have completed the transaction.”
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