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IRI 2002 Results
US agency Information Resources Inc has reported its financial results for the year ending December 31 2002 showing a net loss of $13 million and revenues decreasing for the year.
IRI's 2002 net loss includes a $7.1 million or $.24 per share charge for the cumulative effect of a change in accounting for goodwill. Excluding this charge and pre- tax special charges of $14.9 million, net income for the year was $3.5 million or $.12 per share for 2002. This compares to net income in 2001 of $5.8 million or $.20 per share excluding pre-tax charges of $15.4 million.
Revenue of $554.8 million was down slightly from prior year. Revenue from the company's U.S. business declined 2% for the year compared to 2001 while international revenue was up 6% over 2001 in U.S. dollars and 1% in local currencies.
'2002 was a difficult year for IRI because of the continued contraction of our U.S. retail tracking business and the problems in our German operation. Although masked by currency effects, we continued to reduce expenses while at the same time intensifying efforts to fix our German situation and to improve the long-term outlook for our U.S. data business. Despite these difficulties, we did a solid job of managing our balance sheet and cash flows, and this should provide a stronger platform for us to accelerate these initiatives as we look to 2003,' said Joe Durrett, Chairman and CEO.
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