ST. PETERSBURG, Fla., Sept. 26 /PRNewswire-FirstCall/ -- Catalina
Marketing Corporation (NYSE: POS) announced today that it reached agreement
yesterday with its bank group to extend the Company's credit facility for 60
days. The credit agreement originally was signed in September 2000 and, with
the extension, will expire on November 24, 2003. As part of the agreement,
Catalina has reduced the credit facility from $150 million to $30 million.
Catalina anticipates making significant progress during the next 60 days
by hiring a new independent auditor and working toward returning to full
compliance with its financial reporting obligations.
Daniel D. Granger, chairman and chief executive officer, stated, "We are
pleased with the continued support of our banks during this time period. The
$30 million commitment by our banks is an appropriate level based on our short
and mid-term financial projections and needs. The combination of our current
cash balances, operating cash flow and our credit facility provide us with the
necessary liquidity to continue to operate our business consistent with our
operating plan."
Based in St. Petersburg, Fla., Catalina Marketing Corporation
(http://www.catalinamarketing.com) provides a wide range of behavior-based marketing
services for manufacturers and retailers. These behavior-based marketing
services are provided by interrelated operating groups that strive to
influence purchase behavior of consumers wherever and whenever they make
purchase decisions. Through these operating groups, Catalina Marketing
Corporation is able to reach consumers internationally and domestically -- in-
store, using incentives, loyalty programs and advertising messages, and at-
home, through direct mail and sampling. Personally identifiable data that may
be collected from the company's targeted marketing programs, as well as its
research programs, is never sold or given to any outside party without the
express permission of the consumer.
Certain statements in the preceding paragraphs are forward looking, and
actual results may differ materially. Statements not based on historic facts
involve risks and uncertainties, including, but not limited to, the changing
market for promotional activities, especially as it relates to policies and
programs of packaged goods and pharmaceutical manufacturers for the issuance
of certain product coupons and other promotions, the effect of economic and
competitive conditions and seasonal variations, actual promotional activities
and programs with the company's customers, the pace of installation of the
company's store network, the policies and programs of the company's retail
partners, the success of new services and businesses and the pace of their
implementation, and the company's ability to maintain favorable client
relationships.
SOURCE Catalina Marketing Corporation
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Related links:
http://www.catalinamarketing.com
CONTACT:
Christopher W. Wolf, Executive Vice President
and Chief Financial Officer, +1-727-579-5218, or Joanne
Freiberger, Vice President, Finance, +1-727-579-5116, both of
Catalina Marketing
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