SuperMedia Announces Third Quarter 2011 Results
GAAP operating revenue for the nine months ending September 30, 2011 was $1,258 million.
Taking into consideration the non-cash impairment charge, Q3 2011 EBITDA, a non-GAAP measure, was a loss of $854 million compared to income of $74 million in Q3 2010. Year-to-date 2011 EBITDA was a loss of $557 million compared to a loss of $36 million for the same period in 2010.
On an adjusted basis, Q3 2011 EBITDA was $157 million with an EBITDA margin of 39.3 percent, compared to adjusted pro forma Q3 2010 EBITDA of $172 million, with an EBITDA margin of 35.2 percent, which included an expense reduction of $24 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims.
On an adjusted basis, year-to-date 2011 EBITDA was $463 million with an EBITDA margin of 36.8 percent, compared to year-to-date adjusted pro forma 2010 EBITDA of $500 million with an EBITDA margin of 32.6 percent which included an expense reduction of $40 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims.Advertising sales in Q3 2011 declined 15.9 percent, compared to a decline of 15.4 percent reported for the same period in 2010. Year-to-date 2011 advertising sales declined 17.0 1 percent, compared to a decline of 17.5 percent for the same period in 2010. Year-to-date 2011 free cash flow, a non-GAAP measure, was $129 million, representing cash provided by operating activities of $140 million, less capital expenditures (including capitalized software) of $11 million. Year-to-date 2010 free cash flow was $373 million, representing cash provided by operating activities of $404 million, less capital expenditures (including capitalized software) of $31 million. Our 2011 results include income tax payments of $143 million while our 2010 results include a federal income tax refund of $94 million. Cash on hand as of September 30, 2011 was $267 million. SuperMedia made a debt principal payment of $60 million on October 13, 2011, in accordance with the mandatory cash sweep provisions of the Company’s credit agreement.
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