Total expenses, excluding depreciation and amortization and severance costs, were $420 million, compared with $553 million in the same period last year, a reduction of $133 million or 24.1 percent.
Free cash flow for the first half of 2012, a non-GAAP measure, was $170 million, representing cash provided by operating activities of $176 million, less capital expenditures (including capitalized software) of $6 million.
The Company’s cash balance on June 30, 2012, was $77 million.
Advertising sales 2 declined 18.3 percent, compared with a decline of 16.8 percent reported for the same period last year.Earnings Call and Webcast Information Individuals within the United States can access the July 27, 2012 earnings call by dialing 888/603-6873. International participants should dial 973/582-2706. The pass code for the call is: 11277433. In order to ensure a prompt start time, please dial into the call by 9:50am (Eastern). A replay of the teleconference will be available at 800/585-8367. International callers can access the replay by calling 404/537-3406. The replay pass code is: 11277433. The replay will be available through August 10, 2012. In addition, a live Web cast will be available on SuperMedia’s Web site in the Investor Relations section at www.supermedia.com. Basis of Presentation and Non-GAAP Financial Measures For the readers' convenience, the financial information accompanying this release provides a reconciliation of GAAP to non-GAAP and adjusted non-GAAP results. SuperMedia believes that the use of non-GAAP financial measures provide useful information to investors to gain an overall understanding of its current financial performance. Specifically, SuperMedia believes the non-GAAP results provide useful information to both management and investors by excluding certain expenses, gains and losses that SuperMedia believes are not indicative of its core operating results. In addition, non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring SuperMedia's performance and SuperMedia believes that it is providing investors with financial measures that most closely align to its internal measurement processes.