Acxiom Corp. says it will restate financial statements for 2007, 2006, and prior years to correct its accounting related to accrued service revenue.
The restatement will reduce net income by $2.4 million in 2006 and $2.9 million in 2007, says the provider of customer and information management solutions. Acxiom also says accrued revenue, which is reflected in accounts receivable, will be reduced by $52.2 million.
The company notes that its management and audit committee have consulted with KPMG about the matter.
Acxiom lost $58.3 million in the March 31 quarter compared with a profit of $5.7 million in the comparable quarter a year ago due to $107.2 million in costs, mostly because of a restructuring.
The company has been a target of activist hedge fund ValueAct Capital, which owns more than 13 percent of its shares.