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Dex One Achieves Fourth Quarter And Full Year 2011 Guidance

Net income and cash flow from operations in the fourth quarter were $6 million and $118 million, respectively. Net loss, cash flow from operations and total debt (including fair value discount) for 2011 were $519 million, $413 million and $2,510 million, respectively.


The company also announced first quarter ad sales and full year financial guidance.
(dollars in millions)  



First Quarter
Year over year change in net ad sales (16%) – (17%)

Full Year
Net revenue $1,225 to $1,300
Adjusted EBITDA (1,2) $500 to $575
Free cash flow (1,2) $300 to $375

The outlook for 2012 operating income (midpoint) and cash flow from operations (midpoint) are $280 million and $360 million, respectively.

Commenting on the outlook, Mockett said, “Due to the larger concentration of major metro markets in the period and softer than expected selling conditions in the Western U.S., first quarter sales performance will be slightly weaker compared to the fourth quarter of 2011. We expect performance to improve as we continue to grow digital and bundle sales throughout 2012.”

Freiberg concluded, “2012 EBITDA and free cash flow are expected to benefit from $120 million of additional expense reductions. We will continue to reduce debt by utilizing our significant current liquidity, continued strong cash flow and the anticipated ability to make below par debt repurchases.”

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