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Equifax Reports Strong Fourth Quarter and Full Year 2010 Results

ATLANTA Feb. 9, 2011

  • $482 million
  • $0.50
  • $0.62
  • $1.86 billion
  • $1.86 $2.31

http://photos.prnewswire.com/prnh/20060224/CLF037LOGO

December 31, 2010 $482 million $62.2 million $0.62

$1.86 billion $235.2 million $217.8 million $1.86 $1.70 $2.31

Richard F. Smith 4 cents 16 cents

Fourth Quarter 2010 Report  

  • In addition to the financial highlights noted above, operating margin from continuing operations was 22.8 percent for the fourth quarter of 2010.  On a non-GAAP basis, excluding the impact of a 2009 restructuring charge, operating margin in 2009 was also 22.8 percent.  
  • October 1, 2010 $64 million
  • $0.16 $0.04
  • $51 million December 31, 2010 $104.5 million

U.S. Consumer Information Solutions (USCIS)

$191.2 million $170.1 million

  • $116.8 million
  • $29.3 million
  • $45.1 million

Operating margin for USCIS was 36.3 percent in the fourth quarter of 2010 compared to 33.8 percent in the fourth quarter of 2009.

International

$125.9 million

  • Latin America $60.4 million
  • Europe $36.2 million
  • $29.3 million

Operating margin for International was 23.6 percent in the fourth quarter of 2010 compared to 27.5 percent in the fourth quarter of 2009.

TALX

$102.2 million

  • $54.2 million
  • $48 million

Operating margin for TALX was 24.4 percent in the fourth quarter of 2010 compared to 21.1 percent in the fourth quarter of 2009.  

North America Personal Solutions

$37.8 million

North America Commercial Solutions

$24.9 million

Full Year 2010 Report

  • $1.86 billion $1.72 billion
    • $743.0 million
    • $482.8 million
    • $395.6 million
    • $157.6 million
    • $80.5 million

  • $72 million $117 million

  • Operating margin from continuing operations was 23.1 percent for the full year 2010.  On a non-GAAP basis, excluding the impact of a 2009 restructuring charge, operating margin in 2009 was 23.7 percent.

  • $1.0 billion December 31, 2010 $174.5 million December 31, 2009

First Quarter 2011 Outlook

$0.56 and $0.59

About Equifax ( www.equifax.com )

Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.

With a strong heritage of innovation and leadership, Equifax continuously delivers innovative solutions with the highest integrity and reliability.  Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more.  We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.

Atlanta, Georgia

Earnings Conference Call and Audio Webcast

February 10, 2010 8:30 a.m. (EST) www.equifax.com

Non-GAAP Financial Measures

This earnings release presents operating income and margin excluding restructuring charges and diluted EPS from continuing operations attributable to Equifax which excludes acquisition-related amortization expense, restructuring charges in the prior year, all net of tax, and an income tax benefit in the prior year.  These are important financial measures for Equifax but are not financial measures as defined by GAAP.

These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of operating income, operating margin or EPS as determined in accordance with GAAP.  

www.equifax.com

Forward-Looking Statements

Management believes certain statements in this earnings release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made.  Management does not undertake any obligation to update any forward-looking statements.

December 31, 2009

EQUIFAX

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

December 31,

2010

2009

(In millions, except per share amounts)

(Unaudited)

Operating revenue

$  482.0

$ 435.4

Operating expenses:

  Cost of services (exclusive of depreciation and amortization below)

193.3

183.8

  Selling, general and administrative expenses

137.0

130.2

  Depreciation and amortization

42.0

38.5

         Total operating expenses

372.3

352.5

Operating income

109.7

82.9

  Interest expense

(13.8)

(14.1)

  Other income, net

0.3

0.4

Consolidated income from continuing operations before income taxes

96.2

69.2

  Provision for income taxes

(32.2)

(12.6)

Consolidated income from continuing operations

64.0

56.6

  Discontinued operations, net of tax

5.3

Consolidated net income

64.0

61.9

  Less:  Net income attributable to noncontrolling interests

(1.8)

(1.7)

Net income attributable to Equifax

$    62.2

$   60.2

Amounts attributable to Equifax:

  Income from continuing operations attributable to Equifax

$    62.2

$   54.9

  Discontinued operations, net of tax

5.3

  Net income

$    62.2

$   60.2

Basic earnings per common share:

  Income from continuing operations attributable to Equifax

$    0.51

$   0.44

  Discontinued operations attributable to Equifax

0.04

  Net income attributable to Equifax

$    0.51

$   0.48

Weighted-average shares used in computing basic earnings per share

123.1

126.4

Diluted earnings per common share:

  Income from continuing operations attributable to Equifax

$    0.50

$   0.43

  Discontinued operations attributable to Equifax

0.04

  Net income attributable to Equifax

$    0.50

$   0.47

Weighted-average shares used in computing diluted earnings per share

124.9

127.5

Dividends per common share

$    0.16

$   0.04

EQUIFAX

CONSOLIDATED STATEMENTS OF INCOME

Twelve Months Ended

December 31,

2010

2009

(In millions, except per share amounts)

(Unaudited)

Operating revenue

$  1,859.5

$ 1,716.0

Operating expenses:

  Cost of services (exclusive of depreciation and amortization below)

759.9

718.8

  Selling, general and administrative expenses

507.4

470.2

  Depreciation and amortization

162.2

145.2

         Total operating expenses

1,429.5

1,334.2

Operating income

430.0

381.8

  Interest expense

(56.1)

(57.0)

  Other income, net

1.3

6.2

Consolidated income from continuing operations before income taxes

375.2

331.0

  Provision for income taxes

(131.9)

(106.6)

Consolidated income from continuing operations

243.3

224.4

  Discontinued operations, net of tax

31.5

16.1

Consolidated net income

274.8

240.5

  Less:  Net income attributable to noncontrolling interests

(8.1)

(6.6)

Net income attributable to Equifax

$     266.7

$    233.9

Amounts attributable to Equifax:

  Income from continuing operations attributable to Equifax

$     235.2

$    217.8

  Discontinued operations, net of tax

31.5

16.1

  Net income

$     266.7

$    233.9

Basic earnings per common share:

  Income from continuing operations attributable to Equifax

$       1.89

$      1.72

  Discontinued operations attributable to Equifax

0.25

0.13

  Net income attributable to Equifax

$       2.14

$      1.85

Weighted-average shares used in computing basic earnings per share

124.8

126.3

Diluted earnings per common share:

  Income from continuing operations attributable to Equifax

$       1.86

$      1.70

  Discontinued operations attributable to Equifax

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