Equifax reported revenue of $461.3 million in the first quarter of 2010, a 3 percent increase from the first quarter of 2009. Revenue was unchanged from the prior year when adjusted for the favorable effect of foreign exchange rates. First quarter 2010 net income from continuing operations attributable to Equifax was $56.1 million, a 5 percent increase from the prior year.
On April 23, 2010, Equifax sold its APPRO loan origination software product line for approximately $72 million to CRIF. The gain from the sale is approximately $12 million, after tax. Equifax acquired its Atlanta headquarters building in during the first quarter of 2010 for cash consideration of $29.1 million.
Total debt at March 31, 2010 decreased $26.3 million from December 31, 2009 and Equifax repurchased 0.3 million of our common shares on the open market for $9.4 million during the first quarter of 2010. At March 31, 2010, the remaining authorization for future share repurchases was $112.5 million.
“The strength and diversity of our business units were again evident with our first quarter performance. North America Personal Solutions and North America Commercial Solutions exceeded our expectations for revenue growth, and four of our five business units achieved constant dollar growth over the prior year during the quarter,” said Richard F. Smith, Equifax’s Chairman and Chief Executive Officer. “Even more encouraging, as the economy stabilized and our clients focused more on new opportunities, our revenue trends generally strengthened as the quarter progressed.”
US Consumer Information Solutions is still down 6% (42% of total revenue). Strong growth in International, TALX and North American Commercial Solutions
Second Quarter 2010 Outlook: Based on the current level of domestic and international business activity and current foreign exchange rates, consolidated revenue for the second quarter of 2010 is expected to be up in the low to mid single-digits from the year-ago quarter. Second quarter 2010 adjusted EPS, which excludes the impact of acquisition-related amortization expense and the gain that will be recognized from the APPRO sale, is expected to be between $0.55 and $0.59. Source: Equifax Earnings Release
