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Catalina auction lacks winning bid
By MARK ALBRIGHT
Published February 16, 2007
Catalina Marketing Corp. has taken the "for sale" off its hood, convinced the private-equity market doesn't see as much future earnings power there as the insiders do. "It came down to this being a company in a transitional stage after a successful 24 years and our seeing some tangible results that have us really encouraged about the next few years," said Dick Buell, chief executive of the St. Petersburg electronic-coupon distributor. After fielding an unsolicited offer to go private, Catalina sought competing bids. The company fetched offers around $30 a share, roughly $5 a share more than Catalina's stock price at the time. Catalina shares closed Wednesday at $27.84, down 62 cents after the company declared the auction over and said there are no immediate plans to buy back more of its own shares. The company has yet to say what it paid Goldman Sachs & Co. to run the shopping expedition. Catalina also reported a 27 percent increase, to $123-million, in revenues for the quarter ended Dec. 31. Net income was flat at $13.6-million, or 29 cents a share, compared with $14.2-million in the year ago quarter. To improve coupon-redemption rates, Catalina is revving up to complete its switch to color printers at supermarket and other retail checkout counters by this summer. The company is also braced to lose two European chains this winter that account for a quarter of its overseas business. Mark Albright can be reached at albright@sptimes.com or 727 893-8252.
[Last modified February 16, 2007, 05:44:05]
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