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SuperMedia Announces First Quarter 2012 Results

Stocks in this article: SPMD

SuperMedia (NASDAQ:SPMD) today announced its financial results for the first quarter 2012.

During the first quarter, SuperMedia’s continued focus on operating efficiencies resulted in improved operating income and margins, despite a decline in revenue.

“As we continue to execute our transformation plan in 2012, we have maintained our focus on keeping costs down,” said president and CEO Peter McDonald. “To date, we have trained a significant portion of our media consultants in our new sales approach to provide end to end solutions for small and medium size businesses.

It is important to note that while we believe we are making strides in executing our 2012 plan, because of our sales cycle, it will take time to transform this business and for the potential impacts of these changes to affect our top line results.”

First Quarter Financial Results

Operating revenue was $363 million and represents a decline of 17.1 percent from the same quarter last year.

Operating income was $106 million and represents an increase of 2.9 percent from the same quarter last year.

Operating income margin was 29.2 percent and represents an increase of 570 basis points over the same quarter last year.

Net Income was $62 million, which included a $28 million gain on early extinguishment of debt, and represents an increase of 107 percent from the same quarter last year.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), a non-GAAP measure, which excludes the gain realized on early extinguishment of debt in the quarter, as well as severance costs, was $148 million and represents a decline of 3.9 percent from the same quarter last year.

Adjusted EBITDA margin, a non-GAAP measure, was 40.8 percent and represents an increase of 560 basis points from the same quarter last year. Total adjusted expenses, excluding depreciation and amortization, decreased by 24.3 percent compared to the same quarter last year.

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