SuperMedia Announces Second Quarter 2011 Results
SuperMedia (NASDAQ:SPMD) today announced its financial results for second quarter 2011.
- Second quarter 2011 advertising sales declined 16.7 percent 1, compared to a second quarter 2010 decline of 16.4 percent;
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $152 million for second quarter 2011, a 7.9 percent decline compared to second quarter 2010 adjusted pro forma EBITDA of $165 million which included an expense reduction of $16 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims; and
- Continued cost management and expense reductions partially mitigated revenue declines, resulting in an improved adjusted EBITDA margin of 36.1 percent compared to an adjusted pro forma EBITDA margin of 32.2 percent in the second quarter of 2010.
“During the second quarter we continued addressing costs, efficiencies and processes with a rigorous eye, which is reflected in our ability to maintain the margin improvement we saw in the first quarter,” said SuperMedia CEO Peter McDonald.
“We believe we are headed in the right direction relative to our cost structure. We are also focused on improving ad sales which remain disappointing, reflecting, in part, the current challenges facing local businesses.”Financial Summary SuperMedia reports financial results in accordance with United States generally accepted accounting principles (“GAAP”) and on a non-GAAP basis, referred to as “adjusted and adjusted pro forma”. The non-GAAP basis measures are described and reconciled to the corresponding GAAP measures in the accompanying financial schedules. These results were adjusted for the impact of fresh start accounting and certain unique costs including reorganization items, severance costs, restructuring costs and certain other non-recurring costs. Reported GAAP operating revenue for Q2 2011 was $421 million versus $247 million in Q2 2010. When comparing Q2 2011 operating revenue to adjusted pro forma operating revenue of $512 million for Q2 2010, revenue declined 17.8 percent.
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