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SuperMedia Announces Second Quarter 2012 Results

Stocks in this article: SPMD

SuperMedia (NASDAQ:SPMD) today announced its financial results for the second quarter and year to date 2012.

“During the second quarter, we continued our disciplined approach to transforming and operating our business,” said president and CEO Peter McDonald. “Operating improvements and efficiencies enabled us to reduce costs, while we completed the training of our premise marketing consultants to be trusted local advisers to small and medium-sized businesses by providing comprehensive solutions across digital and print media.

“We also made further reductions in our debt obligations, and reduced certain post-employment benefit obligations.”

McDonald continued, “We are making progress in executing our initiatives across the board. Our cost reduction efforts are being reflected in our financial results. Changes in our approach to customers in creating stronger relationships take longer to appear in top line results due to our customer contact and revenue recognition cycles.”

Second Quarter Financial Results

Operating revenue was $349 million, a decline of $72 million or 17.1 percent compared with the same quarter last year.

Operating income was $104 million, a decline of $2 million or 1.9 percent compared with the same quarter last year.

Operating income margin was 29.8 percent, compared with 25.2 percent for Q2 2011, a 460 basis point improvement.

Net Income was $64 million, which included a $23 million non-taxable gain on early extinguishment of debt, an increase of 120.7 percent compared with Q2 2011.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), a non-GAAP measure, which excludes the gains realized on early extinguishment of debt in the quarter as well as severance costs, was $144 million, a decline of 5.3 percent compared with Q2 2011 adjusted EBITDA of $152 million.

Adjusted EBITDA margin, a non-GAAP measure, was 41.3 percent, a 520 basis point improvement from 36.1 percent in the same quarter last year.

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