D&B Announces First Quarter 2012 Results; Revises Revenue And Free Cash Flow Full Year Outlook

D&B (NYSE: DNB), the world's leading source of commercial information and insight on businesses, today reported results for the first quarter ended March 31, 2012.

“Our first quarter results were below expectations, due to unexpected weakness in North America partially offset by strong performance in International. Weakness in North America Risk Management Solutions coupled with the situation in China has necessitated a reduction to our full year revenue and free cash flow guidance. Despite the disappointing top line, we are leveraging our flexible business model to ensure we deliver our prior operating income and EPS commitments. Of note, our technology transformation remains on track and once completed, it will become the foundation to drive sustainable top line growth,” stated Sara Mathew, D&B’s Chairman and Chief Executive Officer.

First Quarter 2012 Results

Diluted earnings per share before non-core gains and charges for the quarter ended March 31, 2012 were $1.35, up 5% from $1.29 in the prior year similar period.

On a GAAP basis, diluted earnings per share for the quarter ended March 31, 2012 were $1.32, up 32% from $1.00 in the prior year similar period.

See attached Schedule 3 for a reconciliation of diluted earnings per share before non-core gains and charges to earnings per share on a GAAP basis, as well as the definitions of the non-GAAP financial measures that the Company uses to evaluate the business.

Core revenue for the first quarter of 2012 was $390.1 million, up 1% from the prior year similar period both before and after the effect of foreign exchange. Deferred revenue was $631.0 million, down 2% from the prior year similar period.

Core revenue results for the first quarter of 2012 reflect the following by solution set:

• Risk Management Solutions revenue of $253.0 million, down 2% both before and after the effect of foreign exchange, as compared to the prior year similar period;
• Sales & Marketing Solutions revenue of $107.0 million, up 8% both before and after the effect of foreign exchange, as compared to the prior year similar period; and
• Internet Solutions revenue of $30.1 million, up 5% both before and after the effect of foreign exchange, as compared to the prior year similar period.

See attached Schedules 4, 5 and 6 for additional detail.

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