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Dex One Management Discusses Q2 2012 Results - Earnings Call Transcript

We encourage you to review these materials and the company's other periodic filings with the SEC, which set forth important risks and other factors that could cause actual results to differ materially from those contained in or suggested by any forward-looking statements. Electronic versions of Dex One's SEC filings can be obtained by contacting us, visiting dexone.com or visiting the SEC's website at sec.gov. Copies of the news release and results information package can also be found under the Investor Relations tab at dexone.com.

During the call today, we will refer to certain adjusted figures that are non-GAAP financial measures, such as expenses, EBITDA, free cash flow and net debt. Some of these exclude items such as impairment charges, stock-based compensation and long-term incentive program expenses, fair value discount and gain on debt repurchases. Additional information about non-GAAP financial measures, as well as a reconciliation between these items and the comparable GAAP measures can be found in the press release and related 8-K furnished to the SEC.

One final reminder, this call is the property of Dex One Corporation and any retransmission or broadcast without the expressed consent of the company is strictly prohibited.

I would now like to turn the call over to Alfred.

Alfred T. Mockett

Thank you, Tyler, and good morning, everyone.

The transformation of Dex One is well underway and generating solid results. Despite a lingering economic malaise and challenging conditions for the print publishing industry, we continued to make progress. Most notably, we delivered a 53% increase in digital bookings compared to the second quarter last year. Bundle accounts for more than 50% of all bookings in the first half of 2012. In the quarter, they represented 58% of total bookings. EBITDA was $141 million for the quarter. For the first half of the year, we have posted EBITDA of $291 million.

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