SuperMedia's CEO Discusses Q1 2011 Results - Earnings Call Transcript
First, a quick summary of our results. First quarter of 2011 advertising sales declined 17.8%, compared to the first quarter of 2010, the decline of 20.4%. Adjusted earnings before interest, taxes, depreciation and amortization were $154 million for the first quarter of 2011, a 5.5% decline compared to the first quarter of 2010 adjusted pro forma EBITDA of $163 million. And continued cost management and expense reductions partially mitigated revenue declines, resulting in an improved adjusted EBITDA margin of 35.2%, compared to an adjusted pro forma EBITDA margin of 30.6% in the first quarter of 2010. Looking at the big picture, we are disappointed with these top line results.
This was a productive quarter. First, as I just mentioned, we continue to see improvements in our adjusted EBITDA margins because of our rigorous eye towards expense reduction. Second, we solidified our sales and marketing team with the addition of a new chief marketing officer, Matt Stover. And lastly, we began implementing the disciplined processes and practices I outlined on our last call.
To help execute our plans and to better complement our new sales leadership of Del Humenik and Steve Nord, brought in during the fourth quarter of 2010, Matt Stover was appointed Executive Vice President, Chief Marketing Officer in February. The team of Del, Steve and Matt had a proven track record in local media, and some of the best experience in selling and marketing to small businesses across the United States.
Before joining SuperMedia, Del led a team of approximately 2,000 in the sales, marketing and business development organizations at Paychex. Prior to that, Del was a Senior Vice President and General Manager for R.H. Donnelly. He also worked for SuperMedia's predecessor's companies for nearly 20 years.Steve has over 30 years of experience, including senior leadership roles at Dex Media, SBC Directory and Ameritech Publishing.
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