Asset Sales Help BoostEquifax
ATLANTA - (07/23/04) -- Credit bureau Equifax Inc. said netincome rose 49% in its second quarter to $73.2 million, or 55 centsa share, from $41.9 million, or 31 cents a share, helped by a $23million after-tax gain from the sale of the company'sIntersections, Inc., subsidiary. The company said revenues from itscore North America information services unit, which provides creditreports for credit unions and banks, slid 3%, to $176 million,driven by a 20% decline in mortgage-related volume. But revenuesfor its personal solutions unit, which provides credit reportsdirectly to consumers, continued to climb, advancing 40% during thesecond quarter to $24 million. Total revenues for the secondquarter were almost flat at $318.9 million, compared to $317million, for the same period last year. For the first six months ofthe year, Equifax reported a 2% rise in revenues to $632.5 million,and a 45% rise in net income to $124 million, or 93 cents a share,compared to $94.4 million, or 69 cents a share, for the first halflast year.