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Dex One Achieves Quarterly Ad Sales Guidance And Reports Third Quarter Results

Stocks in this article: DEXO

Net income, cash flow from operations and total debt (including fair value discount) in the third quarter were $22 million, $82 million and $2,552 million, respectively.

Mockett continued, “We marginally exceeded third quarter ad sales guidance despite both the secular pressure on our print products and difficult local business conditions. We are making steady progress towards our goal of returning to growth, albeit more slowly than we originally expected.”

Newly appointed CFO Gregory W. Freiberg added, “Third quarter financial performance was in line with expectations, which gives us confidence to affirm our full year guidance. We remain on track to achieve our 2011 cost reduction target. We also continue to reduce net debt and look for other ways to increase balance sheet flexibility, including obtaining credit agreement amendments to allow us to repurchase debt below par.”

2011 OUTLOOK

The company announced fourth quarter ad sales guidance and affirmed its previously issued full year guidance.

       

Metric (dollars in millions)

   

Guidance

Fourth Quarter

Year over year change in advertising sales     (12.5%) to (13.5%)
       

Full Year

Net revenue     $1,475 to $1,500
Adjusted EBITDA (1)     $625 to $650
Free cash flow (1)     $375 to $400
Net debt - eliminating fair value discount (1)     $2,350




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