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TheStreet Open House

Dex One Reports Fourth Quarter And Full Year 2012 Performance

Stocks in this article: DEXO

Dex One Corporation (NYSE: DEXO) today announced fourth quarter and full year 2012 results in line with previously provided guidance.

The quarter and year were highlighted by digital bookings growth of 29 percent and 34 percent, respectively.

Ad sales for the quarter and year declined 14 percent, in line with guidance. Quarterly bookings and revenue declined 13 percent and 14 percent, while annual bookings and revenue declined 13 percent and 12 percent.

“Dex One continued to deliver in 2012, as we met all stated guidance objectives,” said Dex One CEO Alfred Mockett. “Our team found a way to achieve our business goals despite the continuing pressure on our print business. We have stemmed the rate of ad sales decline, thanks in large part to our bundled sales strategy, and are aggressively selling bundles across our business.”

“Since early 2010, Dex One has retired $1.9 billion in debt and we have consistently met our financial obligations,” said Dex One CFO Greg Freiberg. “Concurrently, we have built a digital business with growth exceeding industry averages.”

2012 PERFORMANCE

(dollars in millions)

Metric

   

4Q 2012

   

FY 2012

     

Results

Year over year change in bookings            

Total

    (13%)     (13%)
Digital     29%     34%
Print     (23%)     (23%)
             
Year over year change in advertising sales     (14%)     (14%)
             
Net revenue     $301     $1,300
Adjusted EBITDA (1)     $133     $561
Adjusted EBITDA margin (1)     44%     43%
Adjusted free cash flow (1)     $88     $335
Adjusted net debt (1)     $1,874     $1,874
       

2012 GUIDANCE

(dollars in millions)

2012 Metric

   

Guidance (2)

 

FY 2012 Results

Fourth quarter year over year change in net advertising sales     (13%) to (14%)   (14%)
           
Full year net revenue     $1,275 - $1,300   $1,300
Full year adjusted EBITDA (1,2)     $535 - $565   $561
Full year adjusted free cash flow (1,2)     $320 - $350   $335
     




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