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SuperMedia Announces Third Quarter 2011 Results

Stocks in this article: SPMD

SuperMedia (NASDAQ:SPMD) today announced its financial results for third quarter 2011.

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.” Our 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 in 2010 and certain unique costs including an impairment charge, reorganization items, severance costs, restructuring costs and certain other non-recurring costs.

In the third quarter, SuperMedia recorded a non-cash impairment charge of $1,003 million associated with the write down of goodwill. This charge had no impact on the company’s results of operations, cash flow or compliance with debt covenants.

“During the third quarter we maintained the operating margin improvements we saw in the first half of the year,” said SuperMedia CEO Peter McDonald. “While I’m disappointed in the top line results, I am pleased with our continuing efforts in attacking the cost structure and I’m encouraged by the early progress we are seeing from our sales and marketing initiatives as we approach 2012.

Our results include:

  • Third quarter 2011 advertising sales, an operating measure, declined 15.9 percent, compared to a third quarter 2010 decline of 15.4 percent;
  • Adjusted earnings before interest, taxes, depreciation and amortization or EBITDA was $157 million for third quarter 2011, an 8.7 percent decline compared to third quarter 2010 adjusted pro forma EBITDA of $172 million. Third quarter 2010 results included an expense reduction of $24 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 39.3 percent compared to an adjusted pro forma EBITDA margin of 35.2 percent in the third quarter of 2010.”

Financial Summary

GAAP operating revenue for Q3 2011 was $399 million versus $349 million in Q3 2010. When comparing the GAAP Q3 2011 operating revenue of $399 million to the non-GAAP adjusted pro forma operating revenue of $489 million for Q3 2010, revenue declined 18.4 percent.

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