How could you NOT have record profits when you lie and sell defective products like the scum at Equifax?
"Revenue for Personal Solutions, formerly the Consumer Direct business group, soared 69 percent to $25 million, serving over 6.5 million customers. The operating margin improved to 27 percent versus 11 percent in 2003;"
NO other industry gets rewarded for the sale of defective products with EXTRA profits.
If you don't like a certain product, you simply don't buy it. But the more Equifax ruins consumers' credit reports, the more people pay Equifax for reports and monitoring services.
Only in America .... and Canada, and Europe, and soon everywhere.
4/22/04 Equifax press release:
April 22, 2004 — ATLANTA, GA - Equifax Inc. (NYSE: EFX) today reported record revenue of $314 million in the first quarter of 2004, an increase of 4 percent over the first quarter of 2003. Net income from continuing operations was $51 million, up 13 percent. Earnings per share from continuing operations jumped 15 percent to 38 cents, exceeding analysts' average estimate. "Equifax is off to an outstanding start in 2004," said Thomas F. Chapman, Equifax chairman and CEO. "We continue to execute our growth strategy and deliver exceptional results. Personal Solutions, formerly Consumer Direct, delivered record-setting revenue and profits. Within our North American business, we are growing and increasing our share with our largest customers while recording major new wins. Small business credit information produced record revenue as well, as we further integrate analytics into our offerings. And our businesses in Europe and Latin America had one of their strongest quarters ever for growth and profitability."
Highlights for the quarter
Revenue grew 4 percent. Revenue, excluding mortgage-related and eMarketing revenue, grew 12 percent;
North America revenue was $255 million, unchanged from 2003. North America revenue, excluding mortgage-related and eMarketing revenue, grew 9 percent;
Revenue for consumer and commercial information services in North America grew 6 percent to $174 million with volume rising 21 percent;
Revenue in Canada grew 14 percent to $23 million;
SBC Communications Inc. entered into a multi-million-dollar, multi-year contract to use Interconnect, Equifax North America's new online application processing and decisioning solution;
Also in North America, Equifax generated $2 million in revenue from its small business credit information service, providing a unique data and technology platform for small business lending;
Marketing Services in North America reported revenue of $56 million, a decline of 27 percent. The operating margin improved to 24 percent from 23 percent in 2003;
Revenue for Personal Solutions, formerly the Consumer Direct business group, soared 69 percent to $25 million, serving over 6.5 million customers. The operating margin improved to 27 percent versus 11 percent in 2003;
In Europe, revenue rose 23 percent to $38 million, with the operating margin improving to 13 percent;
In Latin America, revenue jumped 33 percent to $21 million on a 17 percent operating margin, down from 18 percent in 2003.
Teleconference
Equifax's quarterly teleconference to discuss results will be held today at 9 a.m. (EDT). The live audio Webcast of the speakers' presentations will be available at www.equifax.com. Please note that Microsoft Media Player is required to access the Webcast. This can be downloaded from www.microsoft.com/windows/mediaplayer.
Equifax has presented in this press release and will discuss during the teleconference certain non-GAAP financial measures as defined by the Securities and Exchange Commission. As required by SEC rules, a reconciliation of such non-GAAP financial measures to the most comparable GAAP measures is provided in the "Common Questions and Answers (Unaudited)" portion of this press release. This information can also be found under the heading "Non-GAAP Financial Measures" in the Investor Center on the company's website at www.equifax.com.
About Equifax
Equifax Inc. is a global leader in turning information into intelligence. For businesses, Equifax provides faster and easier ways to find, approve and market to the appropriate customers. For consumers, Equifax offers easier, instantaneous ways to buy products or services and better insight into and management of their personal credit. Equifax. Information that Empowers.
Statements in this press release that relate to Equifax's future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events, risks and uncertainties, individually or in the aggregate, could cause our actual results to differ materially from those expressed or implied in these forward-looking statements. Those factors include, but are not limited to, changes in worldwide and U.S. economic conditions that materially impact consumer spending and consumer debt, changes in demand for the Company's products and services, risks associated with the integration of acquisitions and other investments, changes in laws governing our business, and certain other factors discussed under the caption "Risk Factors" in the Management's Discussion and Analysis section of the Company's annual report on Form 10-K for the year ended December 31, 2003, and in our other filings with the Securities and Exchange Commission. Equifax assumes no obligation to update any forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made.
Source: Company Press Release