Für mich sieht es sehr sehr gut aus:
Schaut mal auf die Zahlen:
1,25 Dollar EPS excluding items
2,50 Dollar Cash Flow pro Share
Ich finds gut mal sehen wie der Markt reagiert.
Hier die NEWS:
July 30, 2008 - 7:30 AM EDT
Print Email Article Font Down Font Up Charts
close
Email this News Article
Your Name
Your Email
Friend's Name
Friend's Email
Receive Copy: yes
RHD 1.70 -0.27
Today 5d 1m 3m 1y 5y 10y
R.H. Donnelley Reports Stable Revenue and EBITDA - Reduces Net Debt by Over $230 Million
- Completes Over $3 Billion of Debt Refinancings
- Updates 2008 Ad Sales and Cash Flow Outlook to Reflect Softer Economy and Higher Interest
CARY, N.C., July 30 /PRNewswire-FirstCall/ -- R.H. Donnelley Corporation (NYSE: RHD), one of the nation's leading Yellow Pages and online local commercial search companies, today reported second quarter 2008 net revenues of $664 million, essentially in line with the same period in the prior year. Adjusted EBITDA(1) in the quarter was $366 million, also in line with last year. Adjusted free cash flow was $159 million, based on cash flow from operations of $176 million, capital expenditures of $20 million and $3 million of other adjustments. Second quarter advertising sales were $678 million, down 8.6 percent from pro forma advertising sales for the same period in the prior year. Net loss for the quarter was $339 million, reflecting a goodwill impairment charge of $660 million. Excluding the effect of goodwill impairment in the quarter, net income would have been $89 million. As of June 30, 2008, RHD's net debt outstanding was $9,719 million, excluding the purchase accounting fair value adjustment of $95 million.
'EBITDA in the quarter was better than expected as we've been able to over achieve on our plans to capture efficiencies by standardizing products, processes and technologies across our entire business,' said David C. Swanson, chairman and CEO of R.H. Donnelley. 'These savings were partially offset by the effect of lower ad sales, higher bad debt expense and continued investment in our interactive initiatives.'
Swanson continued, 'Second quarter ad sales were weaker both sequentially and on a year over year basis due to deteriorating consumer sentiment and the impact of rising operating costs on small businesses. We are seeing the effect across all markets and products. While demand for our bundled advertising solutions through Triple Play remains strong, many advertisers currently lack the funds to invest in growing their business. We adjusted our guidance for full year 2008 ad sales to reflect this more challenging selling environment.'
Steven M. Blondy, executive vice president and CFO, added, 'In addition to delivering solid EBITDA and free cash flow in the quarter, we also successfully completed over $3 billion of debt transactions that significantly reduce near-term maturities and enhance financial flexibility. The impact of these refinancings and debt repayment lowered net debt by over $230 million, reducing leverage to 6.8 times at June 30th. We're pleased to confirm 2008 EBITDA guidance, although we've lowered our 2008 free cash flow outlook primarily to reflect higher interest rates following the refinancings. Both EBITDA and free cash flow will be further impacted by anticipated restructuring charges of approximately $40 million this year.'
The $660 million non-cash, pre-tax goodwill impairment charge reflects the further decline in the market value of the Company's equity securities during the second quarter. The charge does not impact the Company's current or future cash flow, compliance with debt covenants, tax attributes or management's outlook for the business.
Outlook
The Company is updating full year 2008 guidance, summarized below:
-- Ad sales decline of between 7% and 8%.
-- Net revenue of at least $2.6 billion.
-- Adjusted EBITDA(2) of between $1,350 million and $1,400 million;
operating loss of between $2,295 million and $2,345 million; and
adjusted operating income(2) of between $860 million and $910 million.
-- Adjusted free cash flow(3) of between $475 million and $525 million and
operating cash flow of between $495 million and $545 million.
-- Net debt at year end of approximately $9.5 billion, excluding the fair
value adjustment of $0.1 billion.
-- Weighted average diluted shares outstanding during 2008 of
approximately 70 million.
See Schedule 6 for a reconciliation of the foregoing non-GAAP measures to the most comparable GAAP measures.
Further important information regarding operating results and related reconciliations of non-GAAP financial measures to the most comparable GAAP measures can be found in the schedules and related footnotes of this press release, which should be thoroughly reviewed. Advertising sales is a statistical measure and consists of sales of advertising in print directories distributed during the period and Internet-based products and services with respect to which such advertising first appeared publicly during the period. It is important to distinguish advertising sales from net revenues, which is recognized under the deferral and amortization method.
Second Quarter Conference Call
R.H. Donnelley will host a conference call to discuss its second quarter 2008 results today at 10:00 a.m. (ET). The call can be accessed by dialing 888-387-9606 (domestic) or 517-645-6055 (international). The pass code for the call is 'RHD'. Please dial in to the call by 9:50 a.m. (ET) to ensure a prompt start time. The call will also be available through a Web cast, which can be accessed by visiting our Web site at www.rhd.com, clicking on 'Investor Relations' and following the instructions provided. Those unable to participate at the scheduled time may access a recorded replay by dialing 800-879-6405 (domestic) or 402-220-4745 (international). There is no pass code for the replay, which will be available through August 13, 2008. In addition, an archived version of the Web cast will be available on RHD's Web site for up to one year from the date of the call.
1. Before the following expenses: (a) restructuring, (b) FAS 123 R and
(c) restricted stock units related to the Business.com acquisition.
2. Before the following expenses: (a) a restructuring charge of
approximately $40 million, (b) FAS 123 R and (c) restricted stock units
related to the Business.com acquisition.
3. Before restructuring costs of approximately $40 million and restricted
stock unit costs related to the Business.com acquisition.
Helping Local Businesses Reach More Customers
R.H. Donnelley's interactive offerings are essential to its Triple Play(TM) solution suite -- an integrated set of products and services that efficiently and effectively extend the marketing reach of local businesses. Spanning multiple media platforms -- print Yellow Pages directories, DexKnows.com(TM) search site and the major search engines (e.g., Yahoo!(R) and Google(R)) via the Company's Dex Search Marketing(R) tools -- Triple Play delivers the advertisements of local businesses to a wider set of ready-to-buy consumers.
