-----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, A1dXA6ObPf/pcn67GiXBZ07I4kqAUwkE8o8zAkySU5hryyQkw/SPy2ZeONc9YQGz +1XKPr4eaRDaojSZ9mIRuQ== 0000950144-04-011308.txt : 20041117 0000950144-04-011308.hdr.sgml : 20041117 20041117102826 ACCESSION NUMBER: 0000950144-04-011308 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041117 ITEM INFORMATION: Other Events FILED AS OF DATE: 20041117 DATE AS OF CHANGE: 20041117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CATALINA MARKETING CORP/DE CENTRAL INDEX KEY: 0000883977 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING AGENCIES [7311] IRS NUMBER: 330499007 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11008 FILM NUMBER: 041151057 BUSINESS ADDRESS: STREET 1: 200 CARILLON PARKWAY CITY: ST PETERSBURG STATE: FL ZIP: 33716-1242 BUSINESS PHONE: 7275795000 MAIL ADDRESS: STREET 1: 200 CARILLON PARKWAY CITY: ST PETERSBURG STATE: FL ZIP: 33716-1242 8-K 1 g92017e8vk.htm CATALINA MARKETING CORPORATION Catalina Marketing Corporation
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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) November 17, 2004

Commission File Number: 1-11008

CATALINA MARKETING CORPORATION

(Exact Name of Registrant as Specified in its Charter)
     
Delaware   33-0499007
(State or Other Jurisdiction of   (I.R.S. Employer
Incorporation or Organization)   Identification Number)
     
200 Carillon Parkway, St. Petersburg, Florida   33716-2325
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: (727) 579-5000

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     
o
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

TABLE OF CONTENTS

SIGNATURES

Table of Contents

Item 8.01 Other Events

     During the three months ended September 30, 2004, the company sold its Japan Billboard and DMS business units. The unaudited condensed consolidated financial statements and related notes thereto for the three and six month periods ended September 30, 2004 included in Form 10-Q for the three months ended September 30, 2004 and filed with the Securities and Exchange Commission on November 9, 2004, reflected the disposition of those businesses and included their results of operations in discontinued operations. The Form 10-Q for the three months ended September 30, 2004 also included comparative results of operations for the three and six month periods ended September 30, 2003 reflecting reclassification of Japan Billboard and DMS as discontinued operations for those periods.

     The following table presents certain segment results for the company for each fiscal quarter and for the full fiscal year 2004, reflecting the reclassification of Japan Billboard and DMS to discontinued operations for those periods. In accordance with EITF Issue No. 87-24, “Allocation of Interest to Discontinued Operations,” general corporate overhead may not be allocated to discontinued operations. As such, the company revised the previously reported results of its DMS and Japan Billboard segments to reverse corporate overhead expenses. These corporate overhead expenses are now included in “Corporate.”

                                         
    For the three months ended Total for
    June 30,   September 30,   December 31,   March 31,   Fiscal Year
    2003   2003   2003   2004   2004
Revenue
                                        
Catalina Marketing Services
   $ 59,599     $ 71,427     $ 69,001     $ 82,101     $ 282,128  
Catalina Health Resource
     14,466       19,148       21,622       22,529       77,765  
International
     9,111       13,633       11,476       15,360       49,580  
Catalina Marketing Research Solutions
     3,767       3,354       3,246       2,113       12,480  
Corporate
     470       1,099       627       831       3,027  
Eliminations
     (781 )     (985 )     (841 )     (1,261 )     (3,868 )
 
    
 		      
 		      
 		      
 		      
 		  
Consolidated
   $ 86,632     $ 107,676     $ 105,131     $ 121,673     $ 421,112  
 
    
 		      
 		      
 		      
 		      
 		  
Operating Income
                                        
Catalina Marketing Services
   $ 21,573     $ 31,715     $ 30,583     $ 38,353     $ 122,224  
Catalina Health Resource
     (3,356 )     3,585       6,946       5,049       12,224  
International
     (454 )     2,760       330       2,877       5,513  
Catalina Marketing Research Solutions(1)
     462       159       (6,492 )     (15,035 )     (20,906 )
Corporate
     (9,729 )     (9,006 )     (11,156 )     (11,374 )     (41,265 )
 
    
 		      
 		      
 		      
 		      
 		  
Consolidated
   $ 8,496     $ 29,213     $ 20,211     $ 19,870     $ 77,790  
 
    
 		      
 		      
 		      
 		      
 		  
Net Income
                                        
Catalina Marketing Services
   $ 12,836     $ 18,870     $ 18,198     $ 22,820     $ 72,724  
Catalina Health Resource
     (1,997 )     2,133       4,133       3,004       7,273  
International
     (1,146 )     1,083       (652 )     1,177       462  
Catalina Marketing Research Solutions(1)
     275       92       (3,860 )     (8,946 )     (12,439 )
Corporate
     (4,452 )     (5,641 )     (6,452 )     (3,182 )     (19,727 )
 
    
 		      
 		      
 		      
 		      
 		  
 
     5,516       16,537       11,367       14,873       48,293  
Discontinued operations
     (483 )     (27,648 )     (15,016 )     (23,649 )     (66,796 )
Cumulative effect of accounting change
     (770 )     —       —       —       (770 )
 
    
 		      
 		      
 		      
 		      
 		  
Consolidated
   $ 4,263     $ (11,111 )   $ (3,649 )   $ (8,776 )   $ (19,273 )
 
    
 		      
 		      
 		      
 		      
 		  

 

Table of Contents

                                         
    For the three months ended   Total for
    June 30,   September 30,   December 31,   March 31,   Fiscal Year
    2003   2003   2003   2004   2004
Diluted Earnings Per Share
                                        
Catalina Marketing Services
   $ 0.24     $ 0.36     $ 0.35     $ 0.44     $ 1.39  
Catalina Health Resource
     (0.04 )     0.04       0.08       0.06       0.14  
International
     (0.02 )     0.02       (0.01 )     0.02       0.01  
Catalina Marketing Research Solutions(1)
     0.01       —       (0.08 )     (0.17 )     (0.24 )
Corporate
     (0.08 )     (0.10 )     (0.12 )     (0.07 )     (0.37 )
 
    
 		      
 		      
 		      
 		      
 		  
 
     0.11       0.32       0.22       0.28       0.93  
Discontinued operations
     (0.01 )     (0.53 )     (0.29 )     (0.45 )     (1.28 )
Cumulative effect of accounting change
     (0.02 )     —       —       —       (0.02 )
 
    
 		      
 		      
 		      
 		      
 		  
Consolidated
   $ 0.08     $ (0.21 )   $ (0.07 )   $ (0.17 )   $ (0.37 )
 
    
 		      
 		      
 		      
 		      
 		  
Diluted weighted average common shares outstanding(2)
     52,569       52,217       52,229       52,229       52,304  
 
    
 		      
 		      
 		      
 		      
 		  

(1)As discussed in our Form 10-Q for the three months ended September 30, 2003, Catalina Marketing Research Solutions (“CMRS”) has been targeted for divestiture. During fiscal year 2004, approximately $0.6 million of general corporate overhead was allocated to CMRS. If CMRS is divested and is accounted for as discontinued operations, those previously allocated general corporate overhead expenses will be reversed in accordance with EITF Issue No. 87-24.

(2)The assumed net exercise of stock options was excluded in its entirety during those periods in which a net loss was incurred as the effect would have been anti-dilutive.

 

Table of Contents

     The following table presents certain unaudited quarterly results for Catalina Health Resource, adjusted for the one-time deferral of revenues resulting from the prior year’s revenue recognition adjustments. The non-GAAP, pro forma results presented in the table are a supplement to the financial data that is based on generally accepted accounting principles. The Company believes this non-GAAP, pro forma presentation provides useful information to investors because it assists investors in better understanding the Company’s operations for the periods. It should be emphasized, however, that these non-GAAP, pro forma measurements are not a substitution for GAAP-based financial statements.

                                         
    For the three months ended   Total for
    June 30,   September 30,   December 31,   March 31,   Fiscal Year
    2003   2003   2003   2004   2004
Revenue
                                        
As presented
   $ 14,466     $ 19,148     $ 21,622     $ 22,529     $ 77,765  
Revenue recognition adjustment
     (1,050 )     (3,995 )     (4,376 )     (2,137 )     (11,558 )
 
    
 		      
 		      
 		      
 		      
 		  
Non-GAAP, pro forma revenue
   $ 13,416     $ 15,153     $ 17,246     $ 20,392     $ 66,207  
 
    
 		      
 		      
 		      
 		      
 		  
Operating Income
                                        
As presented
   $ (3,356 )   $ 3,585     $ 6,946     $ 5,049     $ 12,224  
Revenue recognition adjustment
     (1,050 )     (3,995 )     (4,376 )     (2,137 )     (11,558 )
 
    
 		      
 		      
 		      
 		      
 		  
Non-GAAP, pro forma operating income
   $ (4,406 )   $ (410 )   $ 2,570     $ 2,912     $ 666  
 
    
 		      
 		      
 		      
 		      
 		  
Net Income
                                        
As presented
   $ (1,997 )   $ 2,133     $ 4,133     $ 3,004     $ 7,273  
Revenue recognition adjustment
     (667 )     (2,279 )     (2,604 )     (1,327 )     (6,877 )
 
    
 		      
 		      
 		      
 		      
 		  
Non-GAAP, pro forma net income
   $ (2,664 )   $ (146 )   $ 1,529     $ 1,677     $ 396  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted Earnings Per Share
                                        
As presented
   $ (0.04 )   $ 0.04     $ 0.08     $ 0.06     $ 0.14  
Revenue recognition adjustment
     (0.01 )     (0.04 )     (0.05 )     (0.03 )     (0.13 )
 
    
 		      
 		      
 		      
 		      
 		  
Non-GAAP, pro forma diluted earnings per share
   $ (0.05 )   $ (0.00 )   $ 0.03     $ 0.03     $ 0.01  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted weighted average common shares outstanding(1)
     52,569       52,217       52,229       52,229       52,304  

(1)The assumed net exercise of stock options was excluded in its entirety during those periods in which a net loss was incurred as the effect would have been anti-dilutive.

 

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly authorized and caused the undersigned to sign this report on the registrant’s behalf.

     
November 17, 2004
  CATALINA MARKETING CORPORATION
  (Registrant)
 
    
  /s/ Deborah A. Booth
 
 
  Name: Deborah A. Booth
  Title: Executive Vice President, Business Support Services

 

-----END PRIVACY-ENHANCED MESSAGE-----