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SuperMedia Announces Third Quarter 2011 Results

BY Business Wire | 11/02/11 - 08:00 AM EDT

Stock quotes in this article: SPMD

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About SuperMedia

SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include: the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.

SPMD-G

¹ Advertising sales for the nine months ended September 30, 2011 include negative adjustments of $11 million or 0.8 percent related to the financial distress and operational wind down of a single certified marketing representative in our third-party national sales channel. Excluding this impact, advertising sales for the nine months ended September 30, 2011 would have reflected a decline of 16.2 percent. As of June 2011, these accounts have been transitioned to other certified marketing representative firms.







SuperMedia Inc.
Consolidated Statements of Operations

Reported (GAAP)
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010 ⁽²⁾
(dollars in millions, except per share amounts)


	9 Mos. Ended			9 Mos. Ended
Unaudited	9/30/11			9/30/2010			% Change

Operating Revenue	$	1,258		$	750		67.7

Operating Expense
Selling		334			344		(2.9	)
Cost of sales (exclusive of depreciation and amortization)		312			300		4.0
General and administrative		166			142		16.9
Depreciation and amortization		131			140		(6.4	)
Impairment charge		1,003			-		NM
Total Operating Expense		1,946			926		110.2

Operating (Loss)		(688	)		(176	)	NM
Interest expense, net		172			212		(18.9	)
(Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes		(860	)		(388	)	121.6

Reorganization items		1			5		(80.0	)

(Loss) Before Provision (Benefit) for Income Taxes		(861	)		(393	)	119.1
Provision (benefit) for income taxes		48			(141	)	NM
Net (Loss)	$	(909	)	$	(252	)	NM

Basic and Diluted (Loss) per Common Share ⁽¹⁾	$	(60.15	)	$	(16.83	)	NM
Basic and diluted weighted-average common shares outstanding		15.1			15.0

These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q. Our 2010 financial results were impacted by our adoption of fresh start accounting in December 2009. As a result, our 2011 financial results are not comparable to our 2010 financial results.

Notes:

⁽¹⁾ Equity based awards granted had no impact on the calculation of diluted earnings per common share.

⁽²⁾ Results for the nine months ended September 30, 2010 include a $40 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.








SuperMedia Inc.
Consolidated Statements of Operations

Reported (GAAP)
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010 ⁽²⁾
(dollars in millions, except per share amounts)

	3 Mos. Ended			3 Mos. Ended
Unaudited	9/30/11			9/30/10			% Change

Operating Revenue	$	399		$	349		14.3

Operating Expense
Selling		106			122		(13.1	)
Cost of sales (exclusive of depreciation and amortization)		96			108		(11.1	)
General and administrative		48			45		6.7
Depreciation and amortization		43			45		(4.4	)
Impairment charge		1,003			-		NM
Total Operating Expense		1,296			320		NM

Operating Income (Loss)		(897	)		29		NM
Interest expense, net		58			69		(15.9	)
(Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes		(955	)		(40	)	NM

Reorganization items		-			2		(100.0	)

(Loss) Before Provision (Benefit) for Income Taxes		(955	)		(42	)	NM
Provision (benefit) for income taxes		13			(16	)	NM
Net (Loss)	$	(968	)	$	(26	)	NM

Basic and Diluted (Loss) per Common Share ⁽¹⁾	$	(63.97	)	$	(1.73	)	NM
Basic and diluted weighted-average common shares outstanding		15.1			15.0

Notes:

⁽¹⁾ Equity based awards granted had no impact on the calculation of diluted earnings per common share.

⁽²⁾ Results for the three months ended September 30, 2010 include a $24 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.








SuperMedia Inc.
Consolidated Statements of Operations

Adjusted and Adjusted Pro Forma (Non-GAAP) ⁽¹⁾
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010 ⁽²⁾
(dollars in millions, except per share amounts)

	9 Mos. Ended		9 Mos. Ended
Unaudited	9/30/11		9/30/10		% Change

Operating Revenue	$	1,258	$	1,534	(18.0	)

Operating Expense
Selling		334		442	(24.4	)
Cost of sales (exclusive of depreciation and amortization)		312		400	(22.0	)
General and administrative		149		192	(22.4	)
Depreciation and amortization		131		140	(6.4	)
Impairment charge		-		-	NM
Total Operating Expense		926		1,174	(21.1	)

Operating Income		332		360	(7.8	)
Interest expense, net		172		212	(18.9	)
Income Before Reorganization Items and Provision for Income Taxes		160		148	8.1

Reorganization items		-		-	NM

Income Before Provision for Income Taxes		160		148	8.1
Provision for income taxes		60		54	11.1
Net Income	$	100	$	94	6.4



Notes:

⁽¹⁾ These consolidated statements of operations provide a comparison of the nine months ended September 30, 2011 adjusted results to the nine months ended September 30, 2010 adjusted pro forma results. The following schedules provide reconciliations from our reported GAAP results to adjusted and adjusted pro forma non-GAAP results for the periods shown above.

⁽²⁾ Results for the nine months ended September 30, 2010 include a $40 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.








SuperMedia Inc.
Consolidated Statements of Operations

Adjusted and Adjusted Pro Forma (Non-GAAP) ⁽¹⁾
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010 ⁽²⁾
(dollars in millions, except per share amounts)

	3 Mos. Ended		3 Mos. Ended
Unaudited	9/30/11		9/30/10		% Change

Operating Revenue	$	399	$	489	(18.4	)

Operating Expense
Selling		106		144	(26.4	)
Cost of sales (exclusive of depreciation and amortization)		96		126	(23.8	)
General and administrative		40		47	(14.9	)
Depreciation and amortization		43		45	(4.4	)
Impairment charge		-		-	NM
Total Operating Expense		285		362	(21.3	)

Operating Income		114		127	(10.2	)
Interest expense, net		58		69	(15.9	)
Income Before Reorganization Items and Provision for Income Taxes		56		58	(3.4	)

Reorganization items		-		-	NM

Income Before Provision for Income Taxes		56		58	(3.4	)
Provision for income taxes		21		22	(4.5	)
Net Income	$	35	$	36	(2.8	)



Notes:

⁽¹⁾ These consolidated statements of operations provide a comparison of the three months ended September 30, 2011 adjusted results to the three months ended September 30, 2010 adjusted pro forma results. The following schedules provide reconciliations from our reported GAAP results to adjusted and adjusted pro forma non-GAAP results for the periods shown above.

⁽²⁾ Results for the three months ended September 30, 2010 include a $24 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.








SuperMedia Inc.
Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted (Non-GAAP)
Nine Months Ended September, 2011
(dollars in millions, except per share amounts)

				Adjustments
	9 Mos. Ended 9/30/11			Severance, Reorganization						9 Mos. Ended 9/30/11
Unaudited	Reported (GAAP)			and Other Items ⁽³⁾			Impairment Charge ⁽⁴⁾			Adjusted (Non-GAAP)

Operating Revenue	$	1,258		$	-		$	-		$	1,258

Operating Expense
Selling		334			-			-			334
Cost of sales (exclusive of depreciation and amortization)		312			-			-			312
General and administrative		166			(17	)		-			149
Depreciation and amortization		131			-			-			131
Impairment charge		1,003			-			(1,003	)		-
Total Operating Expense		1,946			(17	)		(1,003	)		926

Operating Income (Loss)		(688	)		17			1,003			332
Interest expense, net		172			-			-			172
Income (Loss) Before Reorganization Items and Provision for Income Taxes		(860	)		17			1,003			160

Reorganization items		1			(1	)		-			-

Income (Loss) Before Provision for Income Taxes		(861	)		18			1,003			160
Provision for income taxes		48			6			6			60
Net Income (Loss)	$	(909	)	$	12		$	997		$	100


Basic and Diluted (Loss) per Common Share	$	(60.15	)


Operating Income (Loss)	$	(688	)	$	17		$	1,003		$	332
Depreciation and Amortization		131			-			-			131
EBITDA (non-GAAP) ⁽¹⁾	$	(557	)	$	17		$	1,003		$	463


Operating income (loss) margin ⁽²⁾		-54.7	%								26.4	%
Impact of depreciation and amortization		10.4	%								10.4	%
EBITDA margin (non-GAAP) ⁽¹⁾		-44.3	%								36.8	%

Notes:

⁽¹⁾EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.

⁽²⁾ Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.

⁽³⁾ Severance costs of $12 million are associated with headcount reductions. Other items includes a charge associated with a non-recurring vendor settlement. Reorganization items of $1 million represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.

⁽⁴⁾ Includes a non-cash impairment charge associated with the write down of goodwill.








SuperMedia Inc.
Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted (Non-GAAP)
Three Months Ended September 30, 2011
(dollars in millions, except per share amounts)

				Adjustments
	3 Mos. Ended 9/30/11									3 Mos. Ended 9/30/11
Unaudited	Reported (GAAP)			Severance Costs & Other Items ⁽³⁾			Impairment Charge ⁽⁴⁾			Adjusted (Non-GAAP)

Operating Revenue	$	399		$	-		$	-		$	399

Operating Expense
Selling		106			-			-			106
Cost of sales (exclusive of depreciation and amortization)		96			-			-			96
General and administrative		48			(8	)		-			40
Depreciation and amortization		43			-			-			43
Impairment charge		1,003			-			(1,003	)		-
Total Operating Expense		1,296			(8	)		(1,003	)		285

Operating Income (Loss)		(897	)		8			1,003			114
Interest expense, net		58			-			-			58
Income (Loss) Before Reorganization Items and Provision for Income Taxes		(955	)		8			1,003			56

Reorganization items		-			-			-			-

Income (Loss) Before Provision for Income Taxes		(955	)		8			1,003			56
Provision for income taxes		13			2			6			21
Net Income (Loss)	$	(968	)	$	6		$	997		$	35


Basic and Diluted (Loss) per Common Share	$	(63.97	)


Operating Income (Loss)	$	(897	)	$	8		$	1,003		$	114
Depreciation and Amortization		43			-			-			43
EBITDA (non-GAAP) ⁽¹⁾	$	(854	)	$	8		$	1,003		$	157


Operating Income (loss) margin ⁽²⁾		-224.8	%								28.5	%
Impact of depreciation and amortization		10.8	%								10.8	%
EBITDA margin (non-GAAP) ⁽¹⁾		-214.0	%								39.3	%

Notes:

⁽¹⁾ EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.

⁽²⁾ Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.

⁽³⁾ Severance costs of $3 million are associated with headcount reductions. Other items includes a charge associated with a non-recurring vendor settlement.

⁽⁴⁾ Includes a non-cash impairment charge associated with the write down of goodwill.








SuperMedia Inc.
Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) ⁽⁷⁾
Nine Months Ended September 30, 2010
(dollars in millions, except per share amounts)

				Adjustments												Pro Forma Items
	9 Mos. Ended 9/30/10												9 Mos. Ended 9/30/10					9 Mos. Ended 9/30/10
Unaudited	Reported (GAAP)			Restructuring and Other Severance Costs ⁽³⁾			Reorganization Items ⁽⁴⁾			Health Care Reform Act ⁽⁵⁾			Adjusted (Non-GAAP)			Fresh Start Accounting Items ⁽⁶⁾		Adjusted Pro Forma (Non-GAAP)

Operating Revenue	$	750		$	-		$	-		$	-		$	750		$	784	$	1,534

Operating Expense
Selling		344			-			-			-			344			98		442
Cost of sales (exclusive of depreciation and amortization)		300			-			-			-			300			100		400
General and administrative		142			(9	)		-			-			133			59		192
Depreciation and amortization		140			-			-			-			140			-		140
Total Operating Expense		926			(9	)		-			-			917			257		1,174

Operating Income (Loss)		(176	)		9			-			-			(167	)		527		360
Interest expense, net		212			-			-			-			212			-		212
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes		(388	)		9			-			-			(379	)		527		148

Reorganization items		5			-			(5	)		-			-			-		-

Income (Loss) Before Provision (Benefit) for Income Taxes		(393	)		9			5			-			(379	)		527		148
Provision (benefit) for income taxes		(141	)		4			2			(7	)		(142	)		196		54
Net Income (Loss)	$	(252	)	$	5		$	3		$	7		$	(237	)	$	331	$	94


Basic and Diluted (Loss) per Common Share	$	(16.83	)


Operating Income (Loss)	$	(176	)	$	9		$	-		$	-		$	(167	)	$	527	$	360
Depreciation and Amortization		140			-			-			-			140			-		140
EBITDA (non-GAAP) ⁽¹⁾	$	(36	)	$	9		$	-		$	-		$	(27	)	$	527	$	500


Operating income (loss) margin ⁽²⁾		-23.5	%											-22.3	%				23.5	%
Impact of depreciation and amortization		18.7	%											18.7	%				9.1	%
EBITDA margin (non-GAAP) ⁽¹⁾		-4.8	%											-3.6	%				32.6	%

Notes:

⁽¹⁾ EBITDA is a non-GAAP measure that represents earnings before interest, taxes, reorganization items, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.

⁽²⁾ Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.

⁽³⁾ Restructuring and other severance costs include costs associated with strategic organizational cost savings initiatives of $5 million and costs related to the termination of our former chief executive officer's employment of $4 million.

⁽⁴⁾ Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.

⁽⁵⁾ As a result of the passage of the Health Care Reform Act in March of 2010, the future benefit of certain deferred tax assets was eliminated, resulting in a charge in the nine months ended September 30, 2010.

⁽⁶⁾ Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company's statement of operations but were written off at December 31, 2009 as prescribed by United States Generally Accepted Accounting Principles.

⁽⁷⁾ Results include a $40 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.








SuperMedia Inc.
Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) ⁽⁶⁾
Three Months Ended September 30, 2010
(dollars in millions, except per share amounts)

				Adjustments									Pro Forma Items
	3 Mos. Ended 9/30/10									3 Mos. Ended 9/30/10					3 Mos. Ended 9/30/10
Unaudited	Reported (GAAP)			Restructuring and Other Severance Costs ⁽³⁾			Reorganization Items ⁽⁴⁾			Adjusted (Non-GAAP)			Fresh Start Accounting Items ⁽⁵⁾		Adjusted Pro Forma (Non-GAAP)

Operating Revenue	$	349		$	-		$	-		$	349		$	140	$	489

Operating Expense
Selling		122			-			-			122			22		144
Cost of sales (exclusive of depreciation and amortization)		108			-			-			108			18		126
General and administrative		45			(5	)		-			40			7		47
Depreciation and amortization		45			-			-			45			-		45
Total Operating Expense		320			(5	)		-			315			47		362

Operating Income		29			5			-			34			93		127
Interest expense, net		69			-			-			69			-		69
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes		(40	)		5			-			(35	)		93		58

Reorganization items		2			-			(2	)		-			-		-

Income (Loss) Before Provision (Benefit) for Income Taxes		(42	)		5			2			(35	)		93		58
Provision (benefit) for income taxes		(16	)		3			1			(12	)		34		22
Net Income (Loss)	$	(26	)	$	2		$	1		$	(23	)	$	59	$	36


Basic and Diluted (Loss) per Common Share	$	(1.73	)


Operating Income	$	29		$	5		$	-		$	34		$	93	$	127
Depreciation and Amortization		45			-			-			45			-		45
EBITDA (non-GAAP) ⁽¹⁾	$	74		$	5		$	-		$	79		$	93	$	172


Operating income margin ⁽²⁾		8.3	%								9.7	%				26.0	%
Impact of depreciation and amortization		12.9	%								12.9	%				9.2	%
EBITDA margin (non-GAAP) ⁽¹⁾		21.2	%								22.6	%				35.2	%

Notes:

⁽¹⁾EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation, and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.

⁽²⁾ Operating income margin is calculated by dividing operating income by operating revenue.

⁽³⁾ Restructuring and other severance costs include costs associated with strategic organizational cost savings initiatives of $1 million and costs related to the termination of our former chief executive officer's employment of $4 million.

⁽⁴⁾ Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.

⁽⁵⁾ Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company's statement of operations but were written off at December 31, 2009 according to the rules of fresh start accounting.

⁽⁶⁾ Results include a $24 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.








SuperMedia Inc.
Consolidated Balance Sheets

Reported (GAAP)
As of September 30, 2011 and December 31, 2010
(dollars in millions)


Unaudited		9/30/2011			12/31/2010		$ Change

Assets
Current assets:
Cash and cash equivalents	$	267		$	174		$	93
Accounts receivable, net of allowances of $70 and $89		157			210			(53	)
Deferred directory costs		163			199			(36	)
Prepaid expenses and other		15			13			2
Total current assets		602			596			6
Property, plant and equipment		124			122			2
Less: accumulated depreciation		47			28			19
		77			94			(17	)
Goodwill		704			1,707			(1,003	)
Intangible assets, net		376			481			(105	)
Pension assets		64			42			22
Non-current deferred tax assets		6			-			6
Other non-current assets		5			6			(1	)
Total Assets	$	1,834		$	2,926		$	(1,092	)

Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Current maturities of long-term debt	$	60		$	-		$	60
Accounts payable and accrued liabilities		124			236			(112	)
Deferred revenue		85			114			(29	)
Deferred tax liabilities		6			2			4
Other		17			17			-
Total current liabilities		292			369			(77	)
Long-term debt		2,075			2,171			(96	)
Employee benefit obligations		350			355			(5	)
Non-current deferred tax liabilities		-			22			(22	)
Unrecognized tax benefits		41			37			4
Other liabilities		-			2			(2	)

Stockholders' equity (deficit):
Common stock ($.01 par value; 60 million shares authorized, 15,490,932 and 15,489,936 shares issued and outstanding in 2011 and 2010, respectively)		-			-			-
Additional paid-in capital		209			206			3
Retained earnings (deficit)		(1,105	)		(196	)		(909	)
Accumulated other comprehensive (loss)		(28	)		(40	)		12
Total stockholders' equity (deficit)		(924	)		(30	)		(894	)
Total Liabilities and Stockholders' Equity (Deficit)	$	1,834		$	2,926		$	(1,092	)








SuperMedia Inc.
Consolidated Statements of Cash Flows

Reported (GAAP) and Non-GAAP Financial Reconciliation - Free Cash Flow
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(dollars in millions)

Unaudited	9 Mos. Ended 9/30/11			9 Mos. Ended 9/30/10			$Change

Cash Flows from Operating Activities
Net (Loss)	$	(909	)	$	(252	)	$	(657	)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Depreciation and amortization expense		131			140			(9	)
Employee retirement benefits		12			8			4
Deferred income taxes		(32	)		(211	)		179
Provision for uncollectible accounts		50			50			-
Stock-based compensation expense		3			4			(1	)
Impairment charge		1,003			-			1,003
Changes in current assets and liabilities
Accounts receivable and unbilled accounts receivable		3			687			(684	)
Deferred directory costs		36			(170	)		206
Other current assets		(1	)		1			(2	)
Accounts payable and accrued liabilities		(139	)		151			(290	)
Other, net		(17	)		(4	)		(13	)
Net cash provided by operating activities		140			404			(264	)

Cash Flows from Investing Activities
Capital expenditures (including capitalized software)		(11	)		(31	)		20
Net cash used in investing activities		(11	)		(31	)		20

Cash Flows from Financing Activities
Repayment of long-term debt		(36	)		(254	)		218
Net cash used in financing activities		(36	)		(254	)		218
Increase in cash and cash equivalents		93			119			(26	)
Cash and cash equivalents, beginning of year		174			212			(38	)
Cash and cash equivalents, end of period	$	267		$	331		$	(64	)



Non-GAAP Financial Reconciliation - Free Cash Flow	9 Mos. Ended 9/30/11			9 Mos. Ended 9/30/10			$Change
Unaudited

Net cash provided by operating activities	$	140		$	404		$	(264	)
Less: Capital expenditures (including capitalized software)		(11	)		(31	)		20
Free Cash Flow	$	129		$	373		$	(244	)








SuperMedia Inc.
Advertising Sales
(dollars in millions)

	3 Mos. Ended			3 Mos. Ended			3 Mos. Ended		9 Mos. Ended			9 Mos. Ended			9 Mos. Ended
Unaudited		9/30/11			9/30/10			9/30/09		9/30/11			9/30/10			9/30/09

Net Advertising Sales ⁽¹⁾⁽²⁾	$	328		$	390		$	461	$	1,125		$	1,356		$	1,644
% Change year-over-year		(15.9	%)		(15.4	%)				(17.0	%)		(17.5	%)


Notes:

⁽¹⁾ Net advertising sales is an operating measure used by the Company to compare advertising sales for current advertising periods to corresponding sales for previous periods. It is important to distinguish net advertising sales from operating revenue, which on our financial statements is recognized under the deferral and amortization method.
⁽²⁾ Advertising sales for the nine months ended September 30, 2011 include negative adjustments of $11 million or 0.8 percent related to the financial distress and operational wind down of a single certified marketing representative in our third-party national sales channel. Excluding this impact, advertising sales for the nine months ended September 30, 2011 would have reflected a decline of 16.2 percent. As of June 2011, these accounts have been transitioned to other certified marketing representative firms.

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