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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: MARCH 3, 1998
DATE OF EARLIEST EVENT REPORTED: FEBRUARY 10, 1998
PRIMARK CORPORATION
(Exact name of registrant as specified in its charter)
1-8260
(Commission File Number)
MICHIGAN 38-2383282
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1000 WINTER STREET, SUITE 4300N, WALTHAM, MA 02154
(Address of principal executive offices) (Zip Code)
617-466-6611
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On February 10, 1998, Primark reported financial results for the year ending
December 31, 1997. Including the results of the Company's TASC, Inc. unit,
income from continuing operations for 1997 was $22.3 million or $0.80 per share,
compared to 1996 results of $25.3 million or $0.94 per share. The full year
results reflect $0.22 per share of restructuring charges recorded through June
of 1997. Income from continuing operations for the fourth quarter was $9.0
million or $0.32 per share compared to 1996 fourth quarter income from
continuing operations of $5.7 million or $0.20 per share.
Primark reported revenues of $218.3 million and $835.8 million for the three and
twelve month periods, representing a 19.7% increase over the same quarter last
year and a 26.5% increase over 1996's full year results. These high growth rates
reflect positive impacts from acquisitions within the past twelve months,
increased demand from the financial information market and strong revenues from
the Company's information technology businesses.
Primark stated that had the financial results of TASC, together with its
proportional share of interest costs, been classified as discontinued
operations, revenues for 1997 would have been reported as $397.9 million for the
year and $103.1 million for the quarter, a 43.6% and 22.4% increase over the
1996 comparable periods. Likewise, income from continuing operations for 1997
would have been $7.0 million or $0.25 per share compared to restated 1996
results of $12.5 million or $0.46 per share, with much of the decline due to
DAFSA. The fourth quarter, again excluding TASC and the proportional interest
costs, would have reflected income from continuing operations of $5.2 million or
$0.19 per share compared to restated 1996 results of $3.3 million or $0.12 per
share.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS
Financial statements are not required and therefore have not been filed with
this Form 8-K.
EXHIBITS
Exhibit
Number Description
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99.1 Primark Corporation's December 31, 1997 Unaudited Condensed
Consolidated Statements of Income and Financial Position (including
the operations of TASC) as reported in its February 10, 1998 Press
Release.
99.2 Primark Corporation's December 31, 1997 Unaudited Condensed
Consolidated Statements of Income (excluding the operations of TASC)
as reported in its February 10, 1998 Press Release.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PRIMARK CORPORATION
Date: March 3, 1998 By: /s/ STEPHEN H. CURRAN
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Stephen H. Curran
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)