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Dex One Delivers Solid First Quarter Financial Results

Dex One Corporation (NYSE: DEXO) today announced first quarter 2012 results, reflecting rapid digital bookings growth and a stronger balance sheet. The company achieved its first quarter ad sales guidance and affirmed its full year 2012 guidance.

Dex One CEO Alfred Mockett said, “First quarter ad sales were consistent with guidance and reflect continued weakness with our print offering, particularly in large markets. We expect sales trends to improve in the subsequent quarters of 2012 as reflected by our second quarter ad sales guidance. Looking ahead, our mobile and online marketing solutions should continue to post solid gains, generating digital bookings growth in excess of 30 percent.

“During the first quarter we made progress on each of our 2012 priorities. Digital bookings growth in the first quarter was 32%, while our bundles provided customers with an easy way to purchase a powerful combination of local marketing services. Bundles remain on track to account for half of bookings by year-end.”

Greg Freiberg, Dex One CFO, added, “In the first four months of 2012, we expect to retire $425 million of debt. While we continue to reduce expenses, we will look for additional opportunities to strengthen the balance sheet.”

(dollars in millions)    
Metric   1Q 2012
Year over year change in bookings    

    (13 %)
Digital     32 %
Print     (21 %)
Year over year change in advertising sales     (16 %)
Net revenue   $ 344  
Adjusted EBITDA (1)   $ 150  
Adjusted EBITDA margin (1)     44 %
Free cash flow (1)   $ 73  
Adjusted net debt (1)   $ 2,182  

Net income, cash flow from operations and total debt (including fair value discount) in the first quarter were $58 million, $78 million and $2,244 million, respectively.

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