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SuperMedia's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: SPMD

So at the end of Q3, we're pleased with our progress relative to expense control. We are focused on improving the top line, and we are excited about our new approach. Now let me turn over to our CFO, Dee Jones.

Samuel D. Jones

Thank you, Peter, and good morning, everyone. To begin the call, I would like to mention that our 2011 third quarter and year-to-date reported results are provided in GAAP and non-GAAP format. Due to fresh start accounting in 2010, GAAP results for that period did not provide comparability with the 2011 GAAP results. As a result, I will be speaking primarily to non-GAAP numbers. Reconciliations of the GAAP and non-GAAP results are included in the presentation appendix.

Before we get into the results, I want to note that the third quarter GAAP presentation reflects a noncash write-down of goodwill in the amount of $1.003 billion, it was determined that impairment of goodwill was required under GAAP, due in part to the market declines and the company's equity securities and bank debt.

Now on to the quarterly results. Third quarter revenues were $399 million, a decline of 18.4% compared to 2010. EBITDA was $157 million compared to $172 million in 2010. Our third quarter 2011 EBITDA margins were 39.3% compared to 35.2% for the same period in 2010. As disclosed in the third quarter of 2010, we had a favorable noncash state operating tax impact of $24 million, which reduced our expenses contributing to the $172 million of EBITDA in that period. Year-to-date revenues were $1.258 billion, a decline of 18% compared to year-to-date 2010. EBITDA was $463 million compared to $500 million. Our EBITDA margins were 36.8% compared to 32.6%, which is an improvement of 420 basis points. Year-to-date, 2010 results were favorably impacted by $40 million of state operating tax claim resolutions.

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