-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S+g6BDbCJzvcIGL8IS8vSnqZsKe81F+T0Ks0jit6YOcirIjjIR0YkaQCc9XE6kBT FPw9doTBUsGygPe4t99iVA== 0000950137-03-002351.txt : 20030424 0000950137-03-002351.hdr.sgml : 20030424 20030424080204 ACCESSION NUMBER: 0000950137-03-002351 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030423 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFORMATION RESOURCES INC CENTRAL INDEX KEY: 0000714278 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT [8700] IRS NUMBER: 521287752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11428 FILM NUMBER: 03661020 BUSINESS ADDRESS: STREET 1: 150 N CLINTON ST CITY: CHICAGO STATE: IL ZIP: 60661-1416 BUSINESS PHONE: 3127261221 MAIL ADDRESS: STREET 1: 150 N CLINTON ST CITY: CHICAGO STATE: IL ZIP: 60661-1416 8-K 1 c76453e8vk.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 23, 2003 INFORMATION RESOURCES, INC. (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 0-11428 36-2947987 (Commission File Number) (I.R.S. Employer Identification No.) 150 North Clinton Street, Chicago, Illinois 60661-1416 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (312) 726-1221 ITEM 12. Disclosure of Results of Operations and Financial Condition On April 23, 2003, Information Resources, Inc. (the "Company") issued a press release announcing its results for the first quarter ended March 31, 2003. A copy of the press release is attached as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INFORMATION RESOURCES, INC. By: /s/ Monica M. Weed ---------------------------------- Title: Secretary ------------------------------- Date: April 23, 2003 EXHIBITS Exhibit No. Description - ----------- ----------- 99.1 Press Release of Information Resources, Inc. dated April 23, 2003 EX-99.1 3 c76453exv99w1.txt PRESS RELEASE DATED 4/23/03 FOR IMMEDIATE RELEASE EXHIBIT 99.1 APRIL 23, 2003 INFORMATION RESOURCES, INC. ANNOUNCES FIRST QUARTER 2003 RESULTS CHICAGO, APRIL 23, 2003 - Information Resources, Inc. (NASDAQ: IRIC) today reported results for the first quarter of 2003. For the quarter ended March 31, 2003, IRI reported net income of $260,000 or $.01 per share compared to a net loss of $9.4 million or $.32 per share for the first quarter of 2002. First quarter results for 2002 included a charge of $7.1 million or $.24 per share due to the change in accounting for goodwill and restructuring charges of $5.3 million or $.11 per share. First quarter consolidated revenues of $137.7 million were 3% higher than the first quarter of 2002. U.S. revenues of $100.2 million were flat versus prior year. While revenues from IRI's U.S. Retail Tracking business, which comprises about 70% of the U.S. business, were down 2% for the quarter versus prior year, the U.S. Panel and Analytics business continued to post strong growth, up 9% over the same period last year. International revenues of $37.5 million were 13% higher in U.S. dollars than the first quarter of 2002, but 4% lower in local currencies. International revenue grew 2% in local currencies excluding IRI's German operation, which is showing signs of recovery after a difficult 2002. "IRI made significant progress on a number of fronts during the first quarter. In U.S. Retail Tracking, where client renewals are an ongoing part of the business, we renewed a number of major contracts in the first quarter. At this point, eight of our ten largest clients are either under contract, or will be under contract shortly, through at least the end of 2005. In U.S. Panel and Analytics, the investments we made to enhance our household panel and to develop new marketing models are paying off as we realized 9% growth over last year. In Germany we saw a sequential quarter-on-quarter reduction in operating losses, while in the remainder of Europe we made a profit and realized significant improvement in operating margin from last year," said Joe Durrett, Chairman and CEO. "In the short term, however, business conditions remain challenging. IRI took steps in the second quarter to reduce North American headcount by a further 7%. This action was taken for two primary reasons: to free up resources to invest in areas that we believe represent future opportunity for IRI and to continue to size expenses to revenue to meet our full year financial goals," Durrett said. The Company will take a charge of approximately $2.4 million in the second quarter and expects ongoing operating costs to be reduced by $12 million annually as a result of these actions. "Longer term, IRI is making progress developing several new business initiatives. This work will leverage the combination of our expertise in managing large databases with new proprietary data sources to enable us to provide a whole new level of value added insights. Also, during the quarter, IRI announced that it retained the investment banking firm William Blair & Company to assist in exploring strategic options that could enable IRI to accelerate both the growth of our Panel and Analytics business and our new business initiatives, as well as to enhance shareholder value," Durrett said. Certain matters discussed above are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in reports and other documents filed by the Company with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year 2002. IRI ANNOUNCES FIRST QUARTER 2003 RESULTS APRIL 23, 2003 PAGE 2 IRI will conduct a conference call to discuss first quarter results on Thursday, April 24, 2003 at 10:00 a.m. Central Time. As previously announced, THE DIAL-IN NUMBER TO LISTEN TO THIS CONFERENCE IS (877) 244-8007 FOR DOMESTIC CALLS AND (706) 634-1503 FOR INTERNATIONAL CALLS. Participants should call in at least 15 minutes prior to the 10:00 a.m. start time to be connected to the call. A recording of this call will be available from 12 noon Central Time on Thursday April 24, 2003 until 12 noon Central Time on Thursday, May 1, 2003. The dial-in number for this recording is (800) 642-1687 for domestic calls and (706) 645-9291 for international calls. The access code is 9659849 followed by the pound key (#). Information Resources, Inc. is a leading provider of UPC scanner- and panel-based business solutions to the consumer packaged goods (CPG) and healthcare industries, offering services in the U.S., Europe and other international markets. The Company supplies CPG and pharmaceutical manufacturers, retailers, and brokers with information and analysis critical to their sales, marketing, and supply chain operations. IRI provides services designed to deliver value through an enhanced understanding of the consumer to a majority of the Fortune 500 companies in the CPG industry. More information is available at www.infores.com. Detailed results follow. IRI ANNOUNCES FIRST QUARTER 2003 RESULTS APRIL 23, 2003 PAGE 3 INFORMATION RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED OPERATING RESULTS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED MARCH 31, --------------------------- 2003 2002 --------- --------- Revenues $ 137,672 $ 133,119 Costs and expenses Operating expenses (126,802) (120,551) Selling, general & administrative expenses (10,000) (10,752) Special charges, net - (5,292) --------- --------- Operating profit (loss) 870 (3,476) Equity in earnings/(losses) of affiliated companies (151) 41 Minority interest benefit 44 299 Interest expense and other, net (303) (419) --------- --------- Income (loss) before income taxes and cumulative effect of accounting change 460 (3,555) Income tax (expense) benefit (200) 1,264 --------- --------- Income (loss) before cumulative effect of accounting change 260 (2,291) Cumulative effect of accounting change - impairment of goodwill - (7,065) --------- --------- Net income (loss) $ 260 $ (9,356) ========= ========= Net income (loss) per common share before cumulative effect of accounting change - basic $ .01 $ (.08) ========= ========= Net income (loss) per common share - basic $ .01 $ (.32) ========= ========= Net income (loss) per common and common equivalent share before cumulative effect of accounting change - diluted $ .01 $ (.08) ========= ========= Net income (loss) per common and common equivalent share - diluted $ .01 $ (.32) ========= ========= Weighted average common shares - basic 29,809 29,430 ========= ========= Weighted average common and common equivalent shares - diluted 29,813 29,430 ========= =========
Additional results follow. IRI ANNOUNCES FIRST QUARTER 2003 RESULTS APRIL 23, 2003 PAGE 4 INFORMATION RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (IN THOUSANDS)
ASSETS MARCH 31, 2003 DECEMBER 31, 2002 - ------ -------------- ----------------- (UNAUDITED) Cash and cash equivalents $ 12,464 $ 8,968 Accounts receivable, net 83,892 85,453 Prepaid expenses and other 11,413 15,801 -------- -------- Total current assets 107,769 110,222 Property and equipment, net 59,019 63,379 Other assets, including investments 186,594 185,596 -------- -------- $353,382 $359,197 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current maturities of long-term debt $ 3,849 $ 3,639 Accounts payable and accrued expenses 91,204 100,332 Deferred revenue 39,301 36,247 -------- -------- Total current liabilities 134,354 140,218 Long-term debt 3,580 4,495 Other liabilities 10,440 10,812 Stockholders' equity 205,008 203,672 -------- -------- $353,382 $359,197 ======== ========
IRI ANNOUNCES FIRST QUARTER 2003 RESULTS APRIL 23, 2003 PAGE 5 INFORMATION RESOURCES, INC. AND SUBSIDIARIES REVENUE AND OPERATING RESULTS SUMMARY (UNAUDITED) (IN THOUSANDS)
THREE MONTHS ENDED MARCH 31, ---------------------------- 2003 2002 --------- --------- REVENUE U.S. Services $ 100,150 $ 100,036 International Services 37,522 33,083 --------- --------- Total Revenues $ 137,672 $ 133,119 ========= ========= OPERATING RESULTS* U.S. Services $ 3,829 $ 6,242 International Services (2,408) (2,602) Corporate expenses (658) (1,484) --------- --------- Operating results before special charges, net 763 2,156 Special charges, net - (5,292) --------- --------- Total Operating Results $ 763 $ (3,136) ========= =========
* Includes equity in earnings of affiliated companies and minority interests; excludes interest and other, net, cumulative effect of accounting change and income taxes. For further information, please contact: Andrew G. Balbirer, Executive Vice President and Chief Financial Officer Mary K. Sinclair, Corporate Controller Kristin Van, Vice President Corporate Communications Information Resources, Inc., 150 North Clinton Street Chicago, Illinois 60661, (312) 726-1221 -----END PRIVACY-ENHANCED MESSAGE-----