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TheStreet Open House

SuperMedia Announces Third Quarter 2011 Results

Stock quotes in this article: SPMD

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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