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TheStreet Open House

Dex One Reports Third Quarter Performance

Stocks in this article: DEXO

Dex One Corporation (NYSE: DEXO) today announced third quarter 2012 results highlighted by digital bookings growth of 26 percent. Third quarter 2012 adjusted EBITDA of $137 million was down slightly from the prior year period while adjusted free cash flow of $95 million was up relative to the previous year.

The company re-affirmed full year 2012 guidance and narrowed the range for net revenue ($1,275-$1,300 million), adjusted EBITDA ($535-$565 million) and adjusted free cash flow ($320-$350 million).

Ad sales for the quarter were minus 14 percent, in line with the previously provided guidance. Quarterly bookings and revenue declined 13 percent and 11 percent, respectively.

The company expects to post digital bookings growth for the year in excess of 30 percent.

“In the quarter, local businesses turned to Dex One to manage and expand their presence across mobile, social and local platforms,” said Alfred Mockett, Dex One CEO. “Our digital bookings growth was fueled by customers seeking to integrate their local marketing efforts and connect with consumers.”

“While merger-related activities required some of our attention, we continued to focus on efforts to grow our digital business and further reduce costs” said Dex One CFO Greg Freiberg. “We continue to maintain solid EBITDA margins despite the topline pressure, and remain on track to achieve our annual guidance.”

Dex One SuperMedia Merger Update

Following the announcement of the proposed merger between Dex One and SuperMedia, a joint steering committee of the senior secured lenders for both companies was formed to evaluate the proposed amendments to the parties’ respective credit agreements as set forth in the merger agreement. The consent of the lenders to the proposed amendments is a condition to closing the merger.

Dex One and SuperMedia continue to negotiate with the steering committee to reach agreement on amendments to the parties’ respective credit agreements. The parties are also considering alternatives to the current transaction structure to obtain the necessary lender consents.

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