SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ----- to -----
Commission file number 0-13163
Acxiom Corporation
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 71-0581897
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
P.O. Box 2000, 301 Industrial Boulevard,
Conway, Arkansas 72033-2000
(Address of Principal Executive Offices) (Zip Code)
(501) 336-1000
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
The number of shares of Common Stock, $ 0.10 par value per share,
outstanding as of October 25, 1996, was 25,610,590.
<PAGE>
Form 10-Q
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Company for which report is filed:
ACXIOM CORPORATION
The consolidated financial statements included herein have been prepared by
Registrant, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. In the opinion of the Registrant's
management, however, all adjustments necessary for a fair statement of the
results for the periods included herein have been made and the disclosures
contained herein are adequate to make the information presented not misleading.
All such adjustments are of a normal recurring nature.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, March 31,
1996 1996
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 822,000 3,469,000
Trade accounts receivable, net 67,754,000 44,474,000
Refundable income taxes ---- 1,537,000
Other current assets 6,665,000 4,534,000
----------- -----------
Total current assets 75,241,000 54,014,000
----------- -----------
Property and equipment 184,325,000 153,224,000
Less - Accumulated depreciation
and amortization 73,849,000 64,123,000
----------- -----------
Property and equipment, net 110,476,000 89,101,000
----------- -----------
Software, net of accumulated amortization 14,213,000 10,524,000
Excess of cost over fair value of net
assets acquired 41,588,000 13,982,000
Other assets 27,839,000 26,428,000
----------- -----------
$ 269,357,000 194,049,000
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities:
Short-term notes payable 500,000 646,000
Current installments of long-term debt 3,955,000 3,866,000
Trade accounts payable 12,511,000 13,596,000
Accrued interest 808,000 435,000
Accrued payroll and related expenses 8,300,000 5,111,000
Other accrued expenses 8,722,000 7,189,000
Advances from customers 525,000 316,000
Income taxes 5,415,000 ----
----------- -----------
Total current liabilities 40,736,000 31,159,000
----------- -----------
Long-term debt, excluding current
installments 81,581,000 26,885,000
Deferred income taxes 10,933,000 10,933,000
Deferred revenue 1,819,000 2,331,000
Stockholders' equity:
Preferred stock ---- ----
Common stock 2,624,000 2,435,000
Additional paid-in capital 59,705,000 54,514,000
Retained earnings 74,734,000 68,978,000
Foreign currency translation adjustment (491,000) (863,000)
Treasury stock, at cost (2,284,000) (2,323,000)
----------- -----------
Total stockholders' equity 134,288,000 122,741,000
----------- -----------
Commitments and contingencies $ 269,357,000 194,049,000
=========== ===========
See accompanying condensed notes to consolidated financial statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
For the Three Months Ended
-------------------------------
September 30,
-------------------------------
1996 1995
----------- -----------
Revenue $ 97,547,000 62,376,000
Operating costs and expenses:
Salaries and benefits 35,038,000 22,652,000
Computer, communications and other
equipment 15,572,000 7,844,000
Data costs 17,871,000 15,992,000
Other operating costs and expenses 16,682,000 8,546,000
----------- -----------
Total operating costs and expenses 85,163,000 55,034,000
----------- -----------
Income from operations 12,384,000 7,342,000
----------- -----------
Other income (expense):
Interest expense (906,000) (546,000)
Other, net (1,294,000) (84,000)
----------- -----------
(2,200,000) (630,000)
----------- -----------
Earnings before income taxes 10,184,000 6,712,000
Income taxes 3,921,000 2,640,000
----------- -----------
Net earnings $ 6,263,000 4,072,000
=========== ===========
Earnings per share $ 0.21 0.16
=========== ===========
Weighted average shares outstanding 29,543,000 26,109,000
=========== ===========
See accompanying condensed notes to consolidated financial statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
For the Six Months Ended
-------------------------------
September 30,
-------------------------------
1996 1995
----------- -----------
Revenue $ 191,500,000 121,558,000
Operating costs and expenses:
Salaries and benefits 70,570,000 45,437,000
Computer, communications and other
equipment 28,393,000 15,965,000
Data costs 36,652,000 31,492,000
Other operating costs and expenses 34,290,000 15,805,000
----------- -----------
Total operating costs and expenses 169,905,000 108,699,000
----------- -----------
Income from operations 21,595,000 12,859,000
----------- -----------
Other income (expense):
Interest expense (1,724,000) (938,000)
Other, net (2,786,000) (151,000)
----------- -----------
(4,510,000) (1,089,000)
----------- -----------
Earnings before income taxes 17,085,000 11,770,000
Income taxes 6,577,000 4,562,000
----------- -----------
Net earnings $ 10,508,000 7,208,000
=========== ===========
Earnings per share $ 0.36 0.28
=========== ===========
Weighted average shares outstanding 29,398,000 25,966,000
=========== ===========
See accompanying condensed notes to consolidated financial statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
-------------------------------
September 30,
-------------------------------
1996 1995
----------- -----------
Cash flows from operating activities:
Net earnings $ 10,508,000 7,208,000
Non-cash operating activities:
Depreciation and amortization 14,589,000 10,519,000
Loss on impairment of assets 2,100,000 ----
Other, net 1,561,000 364,000
Changes in assets and liabilities:
Accounts receivable (15,403,000) (254,000)
Other assets 155,000 (789,000)
Accounts payable and other
liabilities (865,000) (1,047,000)
----------- -----------
Net cash provided by operating
activities 12,645,000 16,001,000
----------- -----------
Cash flows from investing activities:
Sale of assets 1,151,000 272,000
Cash acquired in pooling acquisition 21,000 1,624,000
Cash paid in purchase acquisition ---- (5,914,000)
Development of software (2,960,000) (547,000)
Capital expenditures (33,349,000) (21,950,000)
----------- -----------
Net cash used by investing activities (35,137,000) (26,515,000)
----------- -----------
Cash flows from financing activities:
Proceeds from debt 31,567,000 12,261,000
Payments of debt (14,163,000) (2,999,000)
Sale of common stock 2,441,000 1,011,000
Cash dividends paid by acquired
company prior to merger ---- (468,000)
Acquisition and retirement of common
stock by acquired company prior to
merger ---- (1,010,000)
Issuance of common stock by acquired
company prior to merger ---- 190,000
----------- -----------
Net cash provided by financing
activities 19,845,000 8,985,000
----------- -----------
Effect of exchange rate changes on cash ---- (28,000)
----------- -----------
Net decrease in cash and short-term
cash investments (2,647,000) (1,557,000)
Cash and short-term cash investments at
beginning of period 3,469,000 3,149,000
----------- -----------
Cash and short-term cash investments at
end of period $ 822,000 1,592,000
=========== ===========
Supplemental cash flow information:
Cash paid during the period for:
Interest $ 1,351,000 1,025,000
Income taxes 975,000 3,607,000
=========== ===========
See accompanying condensed notes to consolidated financial statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Certain note information has been omitted because it has not changed
significantly from that reflected in Notes 1 through 17 of the Notes to
Consolidated Financial Statements filed as a part of Item 14 of
Registrant's 1996 Annual Report on Form 10-K as filed with the Securities
and Exchange Commission on June 26, 1996.
1. In April 1996, the Company purchased certain assets of Direct Media/DMI,
Inc. ("DMI") for $25,000,000 and the assumption of certain liabilities of
DMI. The $25,000,000 purchase price, payable in three (3) years, is
collaterized by a letter of credit, and may, at DMI's option, be paid in
one million shares of Acxiom common stock in lieu of cash plus accrued
interest. Headquartered in Greenwich, Connecticut, DMI provides list
brokerage, management, and consulting services to business-to-business and
consumer list owners and mailers. At April 1, 1996 the liabilities assumed
by the Company exceeded the fair value of the assets acquired from DMI by
$3,648,000. The resulting excess of purchase price over fair value of net
assets acquired of $28,648,000 is being amortized over its estimated
economic life of 20 years. The acquisition has been accounted for as a
purchase and the results of operations of DMI are included in the
consolidated results of operations from the date of acquisition. The
purchase price for DMI has been allocated as follows:
Trade accounts receivable $ 7,558,000
Property and equipment 2,010,000
Excess of cost over fair value
of net assets acquired 28,648,000
Other assets 1,340,000
Short-term payable to bank (11,594,000)
Accounts payable and other liabilities (2,675,000)
Long-term debt (287,000)
----------
$ 25,000,000
==========
The following consolidated pro forma financial information (which includes
adjustments to reflect the accounting bases recognized in recording the
purchase and to eliminate the effects of transactions between the Company
and DMI) shows the results of the Company's operations for the six months
ended September 30, 1995 as if the purchase of DMI had occurred at the
beginning of the period:
Revenue $ 143,109,000
===========
Net earnings $ 9,025,000
===========
Earnings per share $ 0.33
===========
<PAGE>
ACXIOM CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2. On April 9, 1996, the Company issued approximately 1.7 million shares of
its common stock for all of the outstanding common stock and common stock
options of Pro CD, Inc. ("Pro CD"). Headquartered in Danvers,
Massachusetts, Pro CD is a publisher of business reference software on
CD-ROM. The acquisition is accounted for as a pooling of interests.
The stockholders' equity and operations of Pro CD are not material in
relation to those of the Company. As such, the Company has recorded the
combination by restating stockholders' equity as of April 1, 1996, without
restating prior year statements of earnings to reflect the pooling of
interests combination. For the year ended December 31, 1995, Pro CD had
revenues and a net loss of approximately $21,675,000 and $970,000,
respectively. At April 1, 1996, Pro CD's liabilities exceeded its assets by
approximately $1,775,000.
3. Effective March 31, 1994 the Company sold substantially all of the assets
of its former Acxiom Mailing Services operating unit to MorCom, Inc.
("MorCom") in exchange for the assumption of certain liabilities,
$4,500,000 in cash, a mortgage note receivable, and $1,000,000 of preferred
stock issued by MorCom. Additionally, the Company sold MorCom a software
license to use certain applications of the Company's software. At June 30,
1996 the assets remaining on the Company's books related to this
transaction were as follows:
Mortgage note receivable (other assets) $ 3,912,000
Software license receivable (other assets) 640,000
Preferred stock (other assets) 1,000,000
Trade accounts receivable 491,000
---------
$ 6,043,000
=========
In June 1996, MorCom ceased operations. In the first quarter of fiscal 1997
the Company established valuation reserves for the full amount of the
software license receivable, preferred stock, and trade accounts
receivable. In the second quarter, the Company obtained title to and sold a
portion of the property related to the mortgage note, receiving proceeds of
$949,000. The Company is negotiating a sale of the remaining property and
has established a valuation reserve of $1,100,000 toward its ultimate
disposition. Management believes that any further loss associated with this
event will not be material to the financial statements.
<PAGE>
ACXIOM CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4. Long term debt consists of the following:
September 30, March 31,
1996 1996
Unsecured revolving credit agreement $ 43,562,000 11,995,000
Convertible note, payable April 30,
1999 together with interest at 3.12%;
collateralized by letter of credit;
convertible at maturity into one
million shares of common stock 25,000,000 ----
9.75% senior notes, due May 1, 2000,
payable in annual installments of
$2,143,000 each May 1; interest is
payable semiannually 8,571,000 10,714,000
8.94% note payable due in monthly
installments of principal and interest
of $50,000 with remaining balance due
June 30, 1997; collateralized by real
estate 4,151,000 4,264,000
Other notes and capital lease
obligations payable 4,252,000 3,778,000
---------- ----------
Total long term debt 85,536,000 30,751,000
Less current installments 3,955,000 3,866,000
---------- ----------
Long-term debt, excluding current
installments $ 81,581,000 $ 26,885,000
========== ==========
During the quarter ended September 30, 1996 the unsecured revolving credit
facility was increased to provide for loans of up to $50,000,000 and now
expires on July 30, 2001. The 8.94% note payable which is due June 30, 1997
continues to be classified as long-term debt because the Company intends to
use available funding under the revolving credit agreement to refinance the
note on a long-term basis.
<PAGE>
ACXIOM CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. Earnings per share computations are based upon the weighted average number
of shares outstanding, including the dilutive effect of stock options and
warrants and the convertible debt issued for the purchase of DMI, all of
which are considered common stock equivalents. For purposes of calculating
earnings per share, the interest expense on the convertible note is
eliminated. The calculation of earnings per share for the periods presented
is as follows:
For the Six Months Ended
---------------------------------------
September 30, 1996 September 30, 1995
------------------ ------------------
Net earnings $ 10,508,000 $ 7,208,000
Interest expense (net of tax effect) 222,000 ----
---------- ----------
Adjusted net earnings $ 10,730,000 $ 7,208,000
========== ==========
Earnings per share $ .36 $ .28
==== ====
Weighted average shares outstanding 29,398,000 25,966,000
========== ==========
6. On October 10, 1996, the Company settled the arbitration matter between the
Company and Highlights for Children, Inc. ("Highlights"). On July 25, 1995,
Highlights had filed a demand for arbitration with the American Arbitration
Association. The demand alleged, among other things, breaches of express
warranties in connection with a software license agreement for the
Company's GS/2000 software product. The demand sought compensatory damages
of approximately $22,000,000 and punitive damages of $44,000,000 plus
attorneys' fees and costs. The settlement, the terms of which are
confidential, was not material to the financial statements of the Company.
The Company is involved in various other claims and legal actions in the
ordinary course of business. In the opinion of management, the ultimate
disposition of these matters will not have a material adverse effect on the
Company's consolidated financial position or its expected future
consolidated results of operations.
7. Trade accounts receivable are presented net of allowances for doubtful
accounts, returns, and credits of $4,025,000 and $1,880,000 at September
30, 1996 and March 31, 1996, respectively.
8. At a special meeting held on October 10, 1996, the Company's board of
directors approved a two-for-one stock split effective November 11, 1996.
The split will be effected in the form of a stock dividend. Certificates
for the additional shares will be mailed on November 12, 1996 to
shareholders of record as of October 25, 1996.
<PAGE>
Form 10-Q
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations
Consolidated revenue was a record $97,547,000 for the quarter ended September
30, 1996, a 56% increase over the same quarter a year ago. Excluding the impacts
of the Pro CD and DMI acquisitions which were completed during the first
quarter, revenue was up 32%. Direct marketing industry revenue grew 148%,
including the additional revenue from DMI, together with revenue associated with
Trans Union Marketing Services and a strong year-over-year performance by Acxiom
U.K. Information and communications revenue grew 118%, which includes the
additional revenue from Pro CD together with the revenues associated with the
Polk Company ("Polk") data center outsourcing contract. Financial services
revenue was down 5% compared to the previous year, reflecting reductions in mail
volumes for some of the credit card marketers due to their rise in delinquencies
which offset 20% growth in Dataquick revenues. Insurance and media/publishing
revenue grew 22% and 16%, respectively. The growth in insurance primarily
reflects growth in the Allstate Insurance Company contract. The growth in media
and publishing reflects the ramp-up of new contracts.
For the six months ended September 30, 1996, consolidated revenue was
$191,500,000, a 58% increase over the same period in the previous year.
Excluding the effects of the Pro CD and DMI acquisitions, revenue was up 35%
over the prior year. Direct marketing industry revenue grew 160%, including the
additional revenue from DMI, and information and communications revenue grew
118%, including the additional revenue from Pro CD. Financial services was flat
compared to the previous year. Insurance and media/publishing grew 20% and 6%,
respectively. The explanations noted above for the quarter variances are the
primary causes of variances on a year-to-date basis.
Operating expenses for the quarter increased 55% compared to the same quarter a
year ago. Salaries and benefits increased 55%; however, excluding the effects of
the acquisitions noted above and new contracts with Polk and Trans Union
Marketing Services, the increase was 11%. Computer, communications and other
equipment doubled from the prior year, primarily due to the new contracts noted
above. Data costs were up 12% due to increasing revenue under the Allstate
contract and the InfoBase unit. Other operating costs and expenses also nearly
doubled from the prior year, but after adjusting for the impact of the
acquisitions and new contracts noted above, the increase is 17%. Income from
operations was 12.7% of revenue compared to 11.8% for the same quarter in the
prior year.
Interest expense in the quarter increased due to increased levels of debt when
compared to the year-earlier period. Other expense in the quarter included a
charge of $1,100,000 for the writedown of the remaining real estate related to
the prior sale of Acxiom Mailing Services ("AMS") to MorCom, Inc. (see
discussion below).
For the six months ended September 30, 1996, operating costs and expenses
increased 56% compared to the previous year. Salaries and benefits increased
55%, computer, communications and other equipment costs increased 78%, and other
operating costs and expenses were up 117%. After adjusting for the impact of the
acquisitions noted above, salaries and benefits were up 27%, computer,
communications and other equipment costs increased 67%, and other operating
costs and expenses were up 41%. The remainder of the expense increases in the
six months were
<PAGE>
largely due to the Polk and Trans Union Marketing Services contracts. Data
expenses for the six months were up 16% due to increases in revenue under the
Allstate contract. Income from operations was 11.3% compared to 10.6% a year
ago.
Interest expense for the six months ended September 30, 1996 increased by 84%
over the prior year, due to higher levels of debt during the current year. Other
expense for the six months includes writedowns related to the Morcom property
and preferred stock investment totaling $2,100,000 (see discussion below).
The Company's effective tax rate for both the quarter and six month period was
38.5% compared to 39.3% and 38.8% for the previous year's quarter and six
months, respectively. The Company expects the actual effective rate for the full
fiscal year to remain in the 37-39% range.
Net earnings for the quarter increased 54% over the previous year, while net
earnings for the six months ended September 30, 1996 increased 46%. Earnings per
share increased 31% and 29% for the quarter and six months, respectively, while
the weighted average number of shares outstanding increased 13% for each of the
reported periods. The increase in the number of shares from the prior year is
primarily due to the acquisitions of Pro CD and DMI during the first quarter of
this fiscal year.
Capital Resources and Liquidity
Working capital at September 30, 1996 was $34,505,000 compared to $22,855,000 at
March 31, 1996. During the quarter ended September 30, 1996, the Company's
unsecured revolving credit agreement was increased to provide for revolving
loans of up to $50,000,000, and now expires on July 31, 2001, and the Company's
short-term unsecured credit agreement was increased to $1,500,000 which expires
on June 30, 1997. At September 30, 1996, a total of $43,562,000 was outstanding
under the revolving credit agreement and $500,000 was outstanding under the
short-term credit agreement. The Company continues to classify as long-term debt
the note payable totaling $4,151,000, which is due in full on June 30, 1997 as
it is the Company's intention to retire this loan with additional proceeds from
the revolving credit facility.
The Company's debt-to-capital ratio (capital defined as long-term debt plus
stockholders' equity) was 38% at September 30, 1996 compared to 18% at March 31,
1996. The increase in the ratio is largely due to the issuance of a $25,000,000
convertible note for the purchase of DMI.
Cash provided by operating activities was $12,645,000 for the six months ended
September 30, 1996 compared to $16,001,000 for the same period a year earlier.
Earnings before interest, taxes, depreciation, and amortization ("EBITDA")
increased by 44% compared to the year-earlier period, but the resulting increase
in operating cash flow was offset by a $15,403,000 increase in accounts
receivable during the period. In the current year, $35,137,000 was used by
investing activities and $19,845,000 was provided by financing activities.
Investing activities included $33,349,000 in capital expenditures compared to
$21,950,000 in the prior year. The majority of the capital expenditures in the
current year relate to the purchase of data center equipment for the Polk data
center outsourcing agreement, the Trans Union data center, and the Company's
Conway, Arkansas data center. Management expects capital expenditures to be
substantially lower in the second half of the fiscal year. Financing activities
included paying off short-term bank debt incurred when the Company acquired DMI,
and proceeds from additional borrowings under the revolving credit agreement.
<PAGE>
While the Company does not have any material contractual commitments for capital
expenditures, additional investments in facilities and computer equipment
continue to be necessary to support the growth of the business. In addition, new
outsourcing or facilities management contracts frequently require substantial
up-front capital expenditures in order to acquire or replace existing assets.
Management believes that the combination of existing working capital,
anticipated funds to be generated through future operations and the Company's
available credit lines is sufficient to meet the Company's current operating
needs as well as to fund the anticipated levels of capital expenditures. If
additional funds are required, the Company would use existing credit lines to
generate cash, followed by either additional borrowings to be secured by the
Company's assets or the issuance of additional equity securities in either
public or private offerings. Management believes that the Company has
significant unused capacity to raise capital which could be used to support
future growth.
Effective March 31, 1994 the Company sold substantially all of the assets of AMS
in exchange for the assumption of certain liabilities, $4,500,000 in cash, a
mortgage note receivable, and $1,000,000 of preferred stock issued by the buyer,
MorCom, Inc. Additionally the Company sold MorCom a software license to use
certain of the Company's software. In June 1996, MorCom ceased operations. In
the first quarter of the fiscal year, the Company established valuation reserves
for the full amount of the software license receivable, preferred stock, and
trade accounts receivable. In the second quarter, the Company obtained title to
and sold a portion of the property related to the mortgage note, receiving
proceeds of $949,000. The Company is negotiating a sale of the remaining
property and has established a valuation reserve of $1,100,000 for its ultimate
disposition. Management believes that any further loss associated with this
event will not be material to the financial statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
In the Company's annual report on Form 10-K for the fiscal
year ended March 31, 1996, the Company discussed an
arbitration matter involving the Company and Highlights for
Children, Inc. On October 10, 1996, the Company settled the
arbitration matter. A detailed discussion of the settlement
appears in Note 6 of the Notes to Consolidated Financial
Statements, and such discussion is incorporated herein by
reference.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
27 Financial Data Schedule
(b) Reports on Form 8-K.
A report was filed on May 14, 1996, as amended by a Form 8-K/A
filed on July 12, 1996, which reported the acquisition of
substantially all of the assets and assumption of certain
liabilities of Direct Media/DMI, Inc.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Acxiom Corporation
Dated: November 1, 1996
By: /s/ Robert S. Bloom
--------------------------------------
(Signature)
Robert S. Bloom
Chief Financial Officer
(Chief Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibits to Form 10-Q
Exhibit Number Exhibit
27 Financial Data Schedule
<TABLE> <S> <C>
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THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF EARNINGS AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
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<MULTIPLIER> 1,000
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<PERIOD-END> SEP-30-1996
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0
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