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Appropriate honest answer. Much appreciated.
hard to say for sure.
Got my YP book dropped off at my doorstep. Came with a 2013 calendar magnet, really cool. Volume picking up. Gap filled. Up from here???
Hope your analysis is correct. Close enuff for a gap fill to start accumulating some shares. Glad it's a cheapie, the market has me worried. I'll eventually get my fill.
So where's support? 50 dma? 200 dma? Does it fill the gap?
lol getting ROCKED ... is there something i'm missing here?
the cheapest stock in the world gets no message board love.
SuperMedia’s CIO, Michael Dunn, Recognized as a “2012 Top 10 Breakaway Leader”
Print
Alert
Supermedia Inc. (MM) (NASDAQ:SPMD)
Intraday Stock Chart
Today : Monday 17 September 2012
CIO Leadership Network presented their Top 10 Breakaway Leaders, including Michael Dunn, Chief Information Officer at SuperMedia. This year's awards focused on the theme of Business Acceleration and Leadership in the Evolving Global Economy – Predict. Transform. Deliver.
“Michael’s vision, leadership and overall business acumen led the transformation of our architecture from a print centric company to a digital-focused one. His passion has earned the respect of his colleagues, peers and staff,” said Frank Gatto, EVP Operations at SuperMedia. “Michael and his team are always delivering excellence and exceeding expectations in a fast-paced, results-driven environment.”
Each year, a panel of elite CIOs chooses a list of 10 Breakaway Leaders who exemplify leadership, dedication and influence as a CIO. This is the only CIO awards program where winners are determined by the CIO peer community alongside an elite judging panel. Dunn was selected to join elite CIOs from companies such as Alcoa, Lockheed Martin, PepsiCo, and Sysco Corporation.
The fifth annual Top 10 Breakaway Leaders Award Gala took place September 10, 2012 at The St. Regis Aspen Resort.
About SuperMedia
SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.
SPMD-G
Hi, long term DEXO investor here.
Nice little pop, but I think the more substantial gains are to come in 4Q when the deal is signed.
Down 4% is a wonderful consolidation and is a sign there is more room to grow IMO
I have been sitting in this sucker forever waiting for it to pop back up. How high will it go on the merger news....$6? $7? It is very thin on the offer right now at $4.
SuperMedia Reinvents the Wheel with New Ad Campaign
Date : 07/20/2012 @ 8:00AM
Source : Business Wire
Stock : Supermedia Inc. (MM) (SPMD)
Quote : 2.23 -0.17 (-7.08%) @ 4:06PM
SuperMedia Reinvents the Wheel with New Ad Campaign
Print
Alert
Supermedia Inc. (MM) (NASDAQ:SPMD)
Intraday Stock Chart
Today : Friday 20 July 2012
SuperMedia is thrilled to announce the debut of its new advertising campaign dubbed “The Wheel,” which highlights the award-winning Superpages Mobile App. The multichannel campaign was created in conjuncture with SuperMedia’s Dallas-based advertising agency, TM Advertising.
The app, which won an Appy Award for the Best Marketing and Advertising App in 2012, has a unique animated wheel feature, which allows users to find constantly updated local information for restaurants, retailers and services, as well as a number of other subcategories simply and incredibly quickly by spinning the wheel. Other innovations for the free app include voice-activated search, intelligent auto-fill and a 3-D augmented reality viewer.
With the goal of becoming the preferred mobile local search tool, the campaign is focused on driving downloads and increasing awareness and usage of the Superpages app.
While the campaign contains many spokes, the TV creative focuses on the evolution of the wheel through history, all to put a spotlight on how the Superpages mobile app has evolved local search so users can find local businesses easier and much quicker. Not only can the wheel take you places, but now, it can find them for you, too. The closest pizza joint. A tire shop within five miles with the best reviews. The lowest gas prices in your neighborhood. The wheel can take you there.
“We kept coming back to this unique ‘wheel’ device the app has that is, frankly, addictive… and perfect as an advertising mnemonic,” explained Bill Oakley, Chief Creative Officer at TM.
The creative formats include a 30-second video for television, Web and mobile media, 30- and 60-second radio spots, print ads, stadium signage and digital promotions.
About SuperMedia
SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.
About TM Advertising
TM Advertising, headquartered in Dallas, Texas, is an independently managed full-service agency within the McCann Worldgroup, one of the world’s largest marketing communications companies. Agency clients include the brands of American Airlines, Bausch + Lomb, Discover Network, Superpages.com, Texas Tourism, AAdvantage Citi Card, Statoil, Daikin and Downtown Dallas. For more information, please see www.tm.com.
Photos/Multimedia Gallery Available:
i also sent buffett my license plate today with this article:
http://seekingalpha.com/article/683381-b...
here was my license plate that i sent him:
http://www.glenbradford.com/files/Stocks/photo.jpg
fire.
with your powers combined, i am captain planet!
This message board death indicates a rolling bottom in SPMD.
Cheers to higher prices going forward.
~ Monday! $SPMD ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $SPMD ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=SPMD&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=SPMD&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=SPMD
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=SPMD#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=SPMD+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=SPMD
Finviz: http://finviz.com/quote.ashx?t=SPMD
~ BusyStock: http://busystock.com/i.php?s=SPMD&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=SPMD >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
SPMD PR 11.02.11
SuperMedia (NASDAQ:SPMD) today announced its financial results for third quarter 2011.
SuperMedia reports financial results in accordance with United States generally accepted accounting principles (“GAAP”) and on a non-GAAP basis, referred to as “adjusted and adjusted pro forma.” Our non-GAAP basis measures are described and reconciled to the corresponding GAAP measures in the accompanying financial schedules. These results were adjusted for the impact of fresh start accounting in 2010 and certain unique costs including an impairment charge, reorganization items, severance costs, restructuring costs and certain other non-recurring costs.
In the third quarter, SuperMedia recorded a non-cash impairment charge of $1,003 million associated with the write down of goodwill. This charge had no impact on the company’s results of operations, cash flow or compliance with debt covenants.
“During the third quarter we maintained the operating margin improvements we saw in the first half of the year,” said SuperMedia CEO Peter McDonald. “While I’m disappointed in the top line results, I am pleased with our continuing efforts in attacking the cost structure and I’m encouraged by the early progress we are seeing from our sales and marketing initiatives as we approach 2012.
Our results include:
Third quarter 2011 advertising sales, an operating measure, declined 15.9 percent, compared to a third quarter 2010 decline of 15.4 percent;
Adjusted earnings before interest, taxes, depreciation and amortization or EBITDA was $157 million for third quarter 2011, an 8.7 percent decline compared to third quarter 2010 adjusted pro forma EBITDA of $172 million. Third quarter 2010 results included an expense reduction of $24 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims; and
Continued cost management and expense reductions partially mitigated revenue declines, resulting in an improved adjusted EBITDA margin of 39.3 percent compared to an adjusted pro forma EBITDA margin of 35.2 percent in the third quarter of 2010.”
Financial Summary
GAAP operating revenue for Q3 2011 was $399 million versus $349 million in Q3 2010. When comparing the GAAP Q3 2011 operating revenue of $399 million to the non-GAAP adjusted pro forma operating revenue of $489 million for Q3 2010, revenue declined 18.4 percent.
GAAP operating revenue for the nine months ending September 30, 2011 was $1,258 million.
Taking into consideration the non-cash impairment charge, Q3 2011 EBITDA, a non-GAAP measure, was a loss of $854 million compared to income of $74 million in Q3 2010. Year-to-date 2011 EBITDA was a loss of $557 million compared to a loss of $36 million for the same period in 2010.
On an adjusted basis, Q3 2011 EBITDA was $157 million with an EBITDA margin of 39.3 percent, compared to adjusted pro forma Q3 2010 EBITDA of $172 million, with an EBITDA margin of 35.2 percent, which included an expense reduction of $24 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims.
On an adjusted basis, year-to-date 2011 EBITDA was $463 million with an EBITDA margin of 36.8 percent, compared to year-to-date adjusted pro forma 2010 EBITDA of $500 million with an EBITDA margin of 32.6 percent which included an expense reduction of $40 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims.
Advertising sales in Q3 2011 declined 15.9 percent, compared to a decline of 15.4 percent reported for the same period in 2010. Year-to-date 2011 advertising sales declined 17.01 percent, compared to a decline of 17.5 percent for the same period in 2010.
Year-to-date 2011 free cash flow, a non-GAAP measure, was $129 million, representing cash provided by operating activities of $140 million, less capital expenditures (including capitalized software) of $11 million. Year-to-date 2010 free cash flow was $373 million, representing cash provided by operating activities of $404 million, less capital expenditures (including capitalized software) of $31 million. Our 2011 results include income tax payments of $143 million while our 2010 results include a federal income tax refund of $94 million.
Cash on hand as of September 30, 2011 was $267 million. SuperMedia made a debt principal payment of $60 million on October 13, 2011, in accordance with the mandatory cash sweep provisions of the Company’s credit agreement.
Earnings Call and Webcast Information
Individuals within the United States can access the earnings call by dialing 888/603-6873. International participants should dial 973/582-2706. The pass code for the call is: 19969176. In order to ensure a prompt start time, please dial into the call by 9:50am (Eastern) this morning. 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: 19969176. The replay will be available through November 18, 2011. 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 Measures
Upon emergence from bankruptcy on December 31, 2009, SuperMedia adopted fresh start accounting in accordance with U.S. GAAP. Accordingly, SuperMedia’s 2010 financial results were significantly affected. On December 31, 2009, the balances in deferred revenue and deferred directory costs were adjusted to their fair value of zero, which had a significant non-cash impact on 2010 consolidated statement of operations. For the readers' convenience, the financial information accompanying this release provides a reconciliation of GAAP to non-GAAP results.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and industry in general. Statements that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “forecast,” “estimate,” “expect,” “preliminary,” “intend,” “plan,” “project,” “outlook” and similar statements of a future or forward-looking nature identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these financial statements. We believe that these factors include, but are not limited to, the following:
our inability to provide assurance for the long-term continued viability of our business;
reduced advertising spending and contract cancellations by our clients, which causes reduced revenue;
declining use of print yellow pages directories by consumers;
competition from other yellow pages directory publishers and other traditional and new media;
our ability to anticipate or respond to changes in technology and user preferences;
changes in our operating performance;
our post-restructuring financial condition, financing requirements and cash flow;
limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our credit agreement;
failure to comply with the financial covenants and other restrictive covenants in our credit agreement;
limited access to capital markets and increased borrowing costs resulting from our leveraged capital structure and debt ratings;
our ability to resolve any remaining bankruptcy claims;
changes in the availability and cost of paper and other raw materials used to print our directories;
our reliance on third-party providers for printing, publishing and distribution services;
credit risk associated with our reliance on small- and medium-sized businesses as clients;
our ability to attract and retain qualified key personnel;
our ability to maintain good relations with our unionized employees;
changes in labor, business, political and economic conditions;
changes in governmental regulations and policies and actions of federal, state and local municipalities; and
the outcome of pending or future litigation and other claims.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this and other reports we file with the Securities and Exchange Commission (“SEC”), including the information in “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2010 and in all subsequent filings with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. All forward-looking statements included in this report are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About SuperMedia
SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include: the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.
SPMD-G
1 Advertising sales for the nine months ended September 30, 2011 include negative adjustments of $11 million or 0.8 percent related to the financial distress and operational wind down of a single certified marketing representative in our third-party national sales channel. Excluding this impact, advertising sales for the nine months ended September 30, 2011 would have reflected a decline of 16.2 percent. As of June 2011, these accounts have been transitioned to other certified marketing representative firms.
SuperMedia Inc.
Consolidated Statements of Operations
Reported (GAAP)
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010 (2)
(dollars in millions, except per share amounts)
9 Mos. Ended
9 Mos. Ended
Unaudited 9/30/11 9/30/2010 % Change
Operating Revenue $ 1,258 $ 750 67.7
Operating Expense
Selling 334 344 (2.9 )
Cost of sales (exclusive of depreciation and amortization) 312 300 4.0
General and administrative 166 142 16.9
Depreciation and amortization 131 140 (6.4 )
Impairment charge 1,003 - NM
Total Operating Expense 1,946 926 110.2
Operating (Loss) (688 ) (176 ) NM
Interest expense, net 172 212 (18.9 )
(Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes
(860 ) (388 ) 121.6
Reorganization items 1 5 (80.0 )
(Loss) Before Provision (Benefit) for Income Taxes
(861 ) (393 ) 119.1
Provision (benefit) for income taxes 48 (141 ) NM
Net (Loss) $ (909 ) $ (252 ) NM
Basic and Diluted (Loss) per Common Share (1) $ (60.15 ) $ (16.83 ) NM
Basic and diluted weighted-average common shares outstanding
15.1 15.0
These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q. Our 2010 financial results were impacted by our adoption of fresh start accounting in December 2009. As a result, our 2011 financial results are not comparable to our 2010 financial results.
Notes:
(1) Equity based awards granted had no impact on the calculation of diluted earnings per common share.
(2) Results for the nine months ended September 30, 2010 include a $40 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Reported (GAAP)
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010 (2)
(dollars in millions, except per share amounts)
3 Mos. Ended
3 Mos. Ended
Unaudited 9/30/11 9/30/10 % Change
Operating Revenue $ 399 $ 349 14.3
Operating Expense
Selling 106 122 (13.1 )
Cost of sales (exclusive of depreciation and amortization) 96 108 (11.1 )
General and administrative 48 45 6.7
Depreciation and amortization 43 45 (4.4 )
Impairment charge 1,003 - NM
Total Operating Expense 1,296 320 NM
Operating Income (Loss) (897 ) 29 NM
Interest expense, net 58 69 (15.9 )
(Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes
(955 ) (40 ) NM
Reorganization items - 2 (100.0 )
(Loss) Before Provision (Benefit) for Income Taxes
(955 ) (42 ) NM
Provision (benefit) for income taxes 13 (16 ) NM
Net (Loss) $ (968 ) $ (26 ) NM
Basic and Diluted (Loss) per Common Share (1) $ (63.97 ) $ (1.73 ) NM
Basic and diluted weighted-average common shares outstanding
15.1 15.0
Notes:
(1) Equity based awards granted had no impact on the calculation of diluted earnings per common share.
(2) Results for the three months ended September 30, 2010 include a $24 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Adjusted and Adjusted Pro Forma (Non-GAAP) (1)
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010 (2)
(dollars in millions, except per share amounts)
9 Mos. Ended 9 Mos. Ended
Unaudited 9/30/11 9/30/10 % Change
Operating Revenue $ 1,258 $ 1,534 (18.0 )
Operating Expense
Selling 334 442 (24.4 )
Cost of sales (exclusive of depreciation and amortization) 312 400 (22.0 )
General and administrative 149 192 (22.4 )
Depreciation and amortization 131 140 (6.4 )
Impairment charge - - NM
Total Operating Expense 926 1,174 (21.1 )
Operating Income 332 360 (7.8 )
Interest expense, net 172 212 (18.9 )
Income Before Reorganization Items and Provision for Income Taxes
160 148 8.1
Reorganization items - - NM
Income Before Provision for Income Taxes
160 148 8.1
Provision for income taxes 60 54 11.1
Net Income $ 100 $ 94 6.4
Notes:
(1) These consolidated statements of operations provide a comparison of the nine months ended September 30, 2011 adjusted results to the nine months ended September 30, 2010 adjusted pro forma results. The following schedules provide reconciliations from our reported GAAP results to adjusted and adjusted pro forma non-GAAP results for the periods shown above.
(2) Results for the nine months ended September 30, 2010 include a $40 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Adjusted and Adjusted Pro Forma (Non-GAAP) (1)
Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010 (2)
(dollars in millions, except per share amounts)
3 Mos. Ended 3 Mos. Ended
Unaudited 9/30/11 9/30/10 % Change
Operating Revenue $ 399 $ 489 (18.4 )
Operating Expense
Selling 106 144 (26.4 )
Cost of sales (exclusive of depreciation and amortization) 96 126 (23.8 )
General and administrative 40 47 (14.9 )
Depreciation and amortization 43 45 (4.4 )
Impairment charge - - NM
Total Operating Expense 285 362 (21.3 )
Operating Income 114 127 (10.2 )
Interest expense, net 58 69 (15.9 )
Income Before Reorganization Items and Provision for Income Taxes
56 58 (3.4 )
Reorganization items - - NM
Income Before Provision for Income Taxes
56 58 (3.4 )
Provision for income taxes 21 22 (4.5 )
Net Income $ 35 $ 36 (2.8 )
Notes:
(1) These consolidated statements of operations provide a comparison of the three months ended September 30, 2011 adjusted results to the three months ended September 30, 2010 adjusted pro forma results. The following schedules provide reconciliations from our reported GAAP results to adjusted and adjusted pro forma non-GAAP results for the periods shown above.
(2) Results for the three months ended September 30, 2010 include a $24 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Reconciliation from Reported (GAAP) to Adjusted (Non-GAAP)
Nine Months Ended September, 2011
(dollars in millions, except per share amounts)
Adjustments
9 Mos. Ended
9/30/11
Severance,
Reorganization
9 Mos. Ended
9/30/11
Unaudited
Reported
(GAAP)
and Other
Items(3)
Impairment
Charge (4)
Adjusted
(Non-GAAP)
Operating Revenue $ 1,258 $ - $ - $ 1,258
Operating Expense
Selling 334 - - 334
Cost of sales (exclusive of depreciation and amortization) 312 - - 312
General and administrative 166 (17 ) - 149
Depreciation and amortization 131 - - 131
Impairment charge 1,003 - (1,003 ) -
Total Operating Expense 1,946 (17 ) (1,003 ) 926
Operating Income (Loss) (688 ) 17 1,003 332
Interest expense, net 172 - - 172
Income (Loss) Before Reorganization Items and Provision for Income Taxes
(860 ) 17 1,003 160
Reorganization items 1 (1 ) - -
Income (Loss) Before Provision for Income Taxes
(861 ) 18 1,003 160
Provision for income taxes 48 6 6 60
Net Income (Loss) $ (909 ) $ 12 $ 997 $ 100
Basic and Diluted (Loss) per Common Share $ (60.15 )
Operating Income (Loss) $ (688 ) $ 17 $ 1,003 $ 332
Depreciation and Amortization 131 - - 131
EBITDA (non-GAAP) (1) $ (557 ) $ 17 $ 1,003 $ 463
Operating income (loss) margin (2) -54.7 % 26.4 %
Impact of depreciation and amortization 10.4 % 10.4 %
EBITDA margin (non-GAAP) (1) -44.3 % 36.8 %
Notes:
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2) Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.
(3) Severance costs of $12 million are associated with headcount reductions. Other items includes a charge associated with a non-recurring vendor settlement. Reorganization items of $1 million represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.
(4) Includes a non-cash impairment charge associated with the write down of goodwill.
SuperMedia Inc.
Consolidated Statements of Operations
Reconciliation from Reported (GAAP) to Adjusted (Non-GAAP)
Three Months Ended September 30, 2011
(dollars in millions, except per share amounts)
Adjustments
3 Mos. Ended
9/30/11
3 Mos. Ended
9/30/11
Unaudited
Reported
(GAAP)
Severance Costs
& Other Items(3)
Impairment
Charge (4)
Adjusted
(Non-GAAP)
Operating Revenue $ 399 $ - $ - $ 399
Operating Expense
Selling 106 - - 106
Cost of sales (exclusive of depreciation and amortization) 96 - - 96
General and administrative 48 (8 ) - 40
Depreciation and amortization 43 - - 43
Impairment charge 1,003 - (1,003 ) -
Total Operating Expense 1,296 (8 ) (1,003 ) 285
Operating Income (Loss) (897 ) 8 1,003 114
Interest expense, net 58 - - 58
Income (Loss) Before Reorganization Items and Provision for Income Taxes
(955 ) 8 1,003 56
Reorganization items - - - -
Income (Loss) Before Provision for Income Taxes
(955 ) 8 1,003 56
Provision for income taxes 13 2 6 21
Net Income (Loss) $ (968 ) $ 6 $ 997 $ 35
Basic and Diluted (Loss) per Common Share $ (63.97 )
Operating Income (Loss) $ (897 ) $ 8 $ 1,003 $ 114
Depreciation and Amortization 43 - - 43
EBITDA (non-GAAP) (1) $ (854 ) $ 8 $ 1,003 $ 157
Operating Income (loss) margin (2) -224.8 % 28.5 %
Impact of depreciation and amortization 10.8 % 10.8 %
EBITDA margin (non-GAAP) (1) -214.0 % 39.3 %
Notes:
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2) Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.
(3) Severance costs of $3 million are associated with headcount reductions. Other items includes a charge associated with a non-recurring vendor settlement.
(4) Includes a non-cash impairment charge associated with the write down of goodwill.
SuperMedia Inc.
Consolidated Statements of Operations
Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) (7)
Nine Months Ended September 30, 2010
(dollars in millions, except per share amounts)
Adjustments
Pro Forma
Items
9 Mos. Ended
9/30/10
9 Mos. Ended
9/30/10
9 Mos. Ended
9/30/10
Unaudited Reported
(GAAP)
Restructuring
and Other
Severance
Costs (3)
Reorganization
Items (4)
Health Care
Reform Act (5)
Adjusted
(Non-GAAP)
Fresh Start
Accounting
Items (6)
Adjusted
Pro Forma
(Non-GAAP)
Operating Revenue $ 750 $ - $ - $ - $ 750 $ 784 $ 1,534
Operating Expense
Selling 344 - - - 344 98 442
Cost of sales (exclusive of depreciation and amortization) 300 - - - 300 100 400
General and administrative 142 (9 ) - - 133 59 192
Depreciation and amortization 140 - - - 140 - 140
Total Operating Expense 926 (9 ) - - 917 257 1,174
Operating Income (Loss) (176 ) 9 - - (167 ) 527 360
Interest expense, net 212 - - - 212 - 212
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes
(388 ) 9 - - (379 ) 527 148
Reorganization items 5 - (5 ) - - - -
Income (Loss) Before Provision (Benefit) for Income Taxes
(393 ) 9 5 - (379 ) 527 148
Provision (benefit) for income taxes (141 ) 4 2 (7 ) (142 ) 196 54
Net Income (Loss) $ (252 ) $ 5 $ 3 $ 7 $ (237 ) $ 331 $ 94
Basic and Diluted (Loss) per Common Share $ (16.83 )
Operating Income (Loss) $ (176 ) $ 9 $ - $ - $ (167 ) $ 527 $ 360
Depreciation and Amortization 140 - - - 140 - 140
EBITDA (non-GAAP) (1) $ (36 ) $ 9 $ - $ - $ (27 ) $ 527 $ 500
Operating income (loss) margin (2) -23.5 % -22.3 % 23.5 %
Impact of depreciation and amortization 18.7 % 18.7 % 9.1 %
EBITDA margin (non-GAAP) (1) -4.8 % -3.6 % 32.6 %
Notes:
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, reorganization items, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2) Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.
(3) Restructuring and other severance costs include costs associated with strategic organizational cost savings initiatives of $5 million and costs related to the termination of our former chief executive officer's employment of $4 million.
(4) Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.
(5) As a result of the passage of the Health Care Reform Act in March of 2010, the future benefit of certain deferred tax assets was eliminated, resulting in a charge in the nine months ended September 30, 2010.
(6) Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company's statement of operations but were written off at December 31, 2009 as prescribed by United States Generally Accepted Accounting Principles.
(7) Results include a $40 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) (6)
Three Months Ended September 30, 2010
(dollars in millions, except per share amounts)
Adjustments
Pro Forma
Items
3 Mos. Ended
9/30/10
3 Mos. Ended
9/30/10
3 Mos. Ended
9/30/10
Unaudited Reported
(GAAP)
Restructuring
and Other
Severance
Costs (3)
Reorganization
Items (4)
Adjusted
(Non-GAAP)
Fresh Start
Accounting
Items (5)
Adjusted
Pro Forma
(Non-GAAP)
Operating Revenue $ 349 $ - $ - $ 349 $ 140 $ 489
Operating Expense
Selling 122 - - 122 22 144
Cost of sales (exclusive of depreciation and amortization) 108 - - 108 18 126
General and administrative 45 (5 ) - 40 7 47
Depreciation and amortization 45 - - 45 - 45
Total Operating Expense 320 (5 ) - 315 47 362
Operating Income 29 5 - 34 93 127
Interest expense, net 69 - - 69 - 69
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes
(40 ) 5 - (35 ) 93 58
Reorganization items 2 - (2 ) - - -
Income (Loss) Before Provision (Benefit) for Income Taxes
(42 ) 5 2 (35 ) 93 58
Provision (benefit) for income taxes (16 ) 3 1 (12 ) 34 22
Net Income (Loss) $ (26 ) $ 2 $ 1 $ (23 ) $ 59 $ 36
Basic and Diluted (Loss) per Common Share $ (1.73 )
Operating Income $ 29 $ 5 $ - $ 34 $ 93 $ 127
Depreciation and Amortization 45 - - 45 - 45
EBITDA (non-GAAP) (1) $ 74 $ 5 $ - $ 79 $ 93 $ 172
Operating income margin (2) 8.3 % 9.7 % 26.0 %
Impact of depreciation and amortization 12.9 % 12.9 % 9.2 %
EBITDA margin (non-GAAP) (1) 21.2 % 22.6 % 35.2 %
Notes:
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation, and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2) Operating income margin is calculated by dividing operating income by operating revenue.
(3) Restructuring and other severance costs include costs associated with strategic organizational cost savings initiatives of $1 million and costs related to the termination of our former chief executive officer's employment of $4 million.
(4) Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.
(5) Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company's statement of operations but were written off at December 31, 2009 according to the rules of fresh start accounting.
(6) Results include a $24 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Balance Sheets
Reported (GAAP)
As of September 30, 2011 and December 31, 2010
(dollars in millions)
Unaudited 9/30/2011 12/31/2010
$ Change
Assets
Current assets:
Cash and cash equivalents $ 267 $ 174 $ 93
Accounts receivable, net of allowances of $70 and $89 157 210 (53 )
Deferred directory costs 163 199 (36 )
Prepaid expenses and other 15 13 2
Total current assets 602 596 6
Property, plant and equipment 124 122 2
Less: accumulated depreciation 47 28 19
77 94 (17 )
Goodwill 704 1,707 (1,003 )
Intangible assets, net 376 481 (105 )
Pension assets 64 42 22
Non-current deferred tax assets 6 - 6
Other non-current assets 5 6 (1 )
Total Assets $ 1,834 $ 2,926 $ (1,092 )
Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Current maturities of long-term debt $ 60 $ - $ 60
Accounts payable and accrued liabilities 124 236 (112 )
Deferred revenue 85 114 (29 )
Deferred tax liabilities 6 2 4
Other 17 17 -
Total current liabilities 292 369 (77 )
Long-term debt 2,075 2,171 (96 )
Employee benefit obligations 350 355 (5 )
Non-current deferred tax liabilities - 22 (22 )
Unrecognized tax benefits 41 37 4
Other liabilities - 2 (2 )
Stockholders' equity (deficit):
Common stock ($.01 par value; 60 million shares authorized, 15,490,932 and 15,489,936 shares issued and outstanding in 2011 and 2010, respectively)
- - -
Additional paid-in capital 209 206 3
Retained earnings (deficit) (1,105 ) (196 ) (909 )
Accumulated other comprehensive (loss) (28 ) (40 ) 12
Total stockholders' equity (deficit) (924 ) (30 ) (894 )
Total Liabilities and Stockholders' Equity (Deficit) $ 1,834 $ 2,926 $ (1,092 )
SuperMedia Inc.
Consolidated Statements of Cash Flows
Reported (GAAP) and Non-GAAP Financial Reconciliation - Free Cash Flow
Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010
(dollars in millions)
Unaudited
9 Mos. Ended
9/30/11
9 Mos. Ended
9/30/10
$Change
Cash Flows from Operating Activities
Net (Loss) $ (909 ) $ (252 ) $ (657 )
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Depreciation and amortization expense 131 140 (9 )
Employee retirement benefits 12 8 4
Deferred income taxes (32 ) (211 ) 179
Provision for uncollectible accounts 50 50 -
Stock-based compensation expense 3 4 (1 )
Impairment charge 1,003 - 1,003
Changes in current assets and liabilities
Accounts receivable and unbilled accounts receivable 3 687 (684 )
Deferred directory costs 36 (170 ) 206
Other current assets (1 ) 1 (2 )
Accounts payable and accrued liabilities (139 ) 151 (290 )
Other, net (17 ) (4 ) (13 )
Net cash provided by operating activities 140 404 (264 )
Cash Flows from Investing Activities
Capital expenditures (including capitalized software) (11 ) (31 ) 20
Net cash used in investing activities (11 ) (31 ) 20
Cash Flows from Financing Activities
Repayment of long-term debt (36 ) (254 ) 218
Net cash used in financing activities (36 ) (254 ) 218
Increase in cash and cash equivalents 93 119 (26 )
Cash and cash equivalents, beginning of year 174 212 (38 )
Cash and cash equivalents, end of period $ 267 $ 331 $ (64 )
Non-GAAP Financial Reconciliation - Free Cash Flow
9 Mos. Ended
9/30/11
9 Mos. Ended
9/30/10
$Change
Unaudited
Net cash provided by operating activities $ 140 $ 404 $ (264 )
Less: Capital expenditures (including capitalized software) (11 ) (31 ) 20
Free Cash Flow $ 129 $ 373 $ (244 )
SuperMedia Inc.
Advertising Sales
(dollars in millions)
3 Mos. Ended
3 Mos. Ended
3 Mos. Ended
9 Mos. Ended
9 Mos. Ended
9 Mos. Ended
Unaudited 9/30/11 9/30/10 9/30/09 9/30/11 9/30/10 9/30/09
Net Advertising Sales(1)(2)
$ 328 $ 390 $ 461 $ 1,125 $ 1,356 $ 1,644
% Change year-over-year (15.9 %) (15.4 %) (17.0 %) (17.5 %)
Notes:
(1) Net advertising sales is an operating measure used by the Company to compare advertising sales for current advertising periods to corresponding sales for previous periods. It is important to distinguish net advertising sales from operating revenue, which on our financial statements is recognized under the deferral and amortization method.
(2) Advertising sales for the nine months ended September 30, 2011 include negative adjustments of $11 million or 0.8 percent related to the financial distress and operational wind down of a single certified marketing representative in our third-party national sales channel. Excluding this impact, advertising sales for the nine months ended September 30, 2011 would have reflected a decline of 16.2 percent. As of June 2011, these accounts have been transitioned to other certified marketing representative firms.
SPMD PR 10.18.11
SuperMedia to Announce Third Quarter 2011 Earnings on November 2
SuperMedia (NASDAQ:SPMD) will report third quarter 2011 earnings on Wednesday, November 2, 2011.
SuperMedia welcomes investors, media and other interested parties to join Peter McDonald, chief executive officer of SuperMedia, and Samuel D. Jones, executive vice president, chief financial officer and treasurer, in a discussion via a Web cast and teleconference beginning at 10:00am (Eastern).
Individuals within the United States can access the earnings call by dialing 888/603-6873. International participants should dial 973/582-2706. The pass code for the call is: 19969176. 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: 19969176. The replay will be available through November 18, 2011. In addition, a live Web cast will be available on SuperMedia’s Web site in the Investor Relations section at www.supermedia.com.
About SuperMedia
SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include: the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.
(SPMD-G)
PR 10.4.2011
Superpages.com Mobile App Redesign Brings Easier Navigation and Voice Search
Superpages.com®, the local search expert, has released a complete redesign of its Superpages mobile application user-interface and search engine technology. The Yellow Pages by Superpages® app is easier to use than ever before with new single field auto-complete search, voice search and a category spinner. Consumers can search the Yellow or White Pages, find business information, maps, driving directions, consumer reviews, movie listings, and more.
“Spin it, Say it, Search it,” said Chris Folmar, director of mobile products at SuperMedia. “With the new features we’ve added, consumers can easily search and find information and insights on local businesses and retailers.”
With a flick of your finger, the new Superpages spinner will make quick work of browsing popular categories. The spinner is on the home page of the app and lets consumers spin to more than 75 popular Yellow Pages categories.
“The new Superpages app is a significant improvement over earlier versions,” said Greg Sterling, senior analyst Opus Research. “It’s smarter, easier to use and the scroll wheel is kind of addictive.”
In addition to the spinner, consumers can also search by voice. No more typing when on the go, consumers can now say what they’re looking for and search results appear, ordered by distance to the current location. When typing is needed, the single field search with auto-complete will guess what consumers are looking for and help complete the entry faster.
The android version of the app launched in July and users are saying: “much easier to use” – “voice search is a nice addition” – “easy navigation” – “seems to add more relevancy to the searches” – “I like the spinning wheel.” To read more great reviews visit your app store.
The Yellow Pages by Superpages applications are available on the iPhone® or iPod® Touch, and Google Android platforms, and the Superpages Mobile Web site at m.superpages.com, is available to use on nearly all mobile phones. The app will also be available for iPad® in the coming months.
Other super features:
Search money-saving deals from local restaurants, auto repair shops, health and beauty services, home improvement contractors, hotels, and more.
Business Detail pages now have swipe-bar actions. Easily click-to-call, read or write reviews, save or email business info, view Web site, get maps and directions, or share on Facebook.
Get Directions and find your way: Get step-by-step interactive driving directions with an option to have multiple stops on the way to your destination.
GPS Assist Auto-location with Manual Override.
See your local five-day forecast with current conditions and access your My Superpages account to easily see your previous searches.
Find Movies Fast: Search by movie or theater and see show times, read reviews, or watch trailers.
Follow Superpages.com on Twitter (@Superpages) and become a fan on Facebook.
About SuperMedia
SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include: the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.
SPMD-G
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50016552&lang=en
A new low for SPMD.
1.15 now thats a free fall
SPMD PR Aug 24, 2011
EveryCarListed.com’s Dealer Chat - Powered by Contact At Once! - Brings More Leads to Dealers via Instant Customer Contact
EveryCarListed.com®, the automobile dealer’s source for quality leads, today introduced a chat tool as a value-added service for dealers.
Powered by Contact At Once!, the leading provider of software that moves online shoppers into live conversations with car dealerships, dealer chat allows consumers to easily connect with an available dealership representative, ask questions and receive instant answers.
During a recently conducted pilot test with 50 dealerships across the U.S., EveryCarListed.com found dealers offering the live chat function received an average of 40 percent more consumer inquiries per month.
“EveryCarListed.com is making live chat available to bring dealers even more quality leads,” said Dale Boone, President of EveryCarListed.com. “Technology continues to advance and many consumers opt to use live chat functions on Web sites because of its ease of use. EveryCarListed.com wants to ensure that dealers are easily accessible to consumers.”
EveryCarListed.com advertisers have the choice of adding the tool to their vehicle listings. Once added, a presence-aware chat icon will display whenever a dealership representative is online and available.
Dealers can easily answer chat requests anytime, from their smartphones and mobile devices using a free mobile chat app provided by Contact At Once!
“Today online consumers demand immediate answers and instant access to the dealership,” said Skip Dowd, Vice President of Business Development at Contact At Once! “We are excited to welcome EveryCarListed.com into the network of automotive Web sites utilizing our product to drive more online consumers into the dealership. We are also proud of - although not surprised by - the significant lead lift experienced by EveryCarListed.com dealerships during the pilot.”
Dealers wishing to add live chat to their vehicle listings should call their EveryCarListed.com sales representative at 1-877-593-5404.
About SuperMedia
SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include: the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.
About Contact At Once!
Contact At Once! is the leading automotive chat software provider and operator of the industry’s only dealer chat network connecting more than 9,000 auto dealers with the websites car shoppers visit most often. Adding Contact At Once! dealer chat software to a website typically increases a dealership’s sales conversations by at least 25%. Contact At Once! is headquartered in Atlanta, Georgia. For more information about the company’s auto dealer chat product, please visit: www.autodealerchat.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6838799&lang=en
Supermedia Inc. (SPMD)
$1.89 $-0.16 -7.80%
Volume: 1,600 @ 10:05:30 AM ET
Bid Ask Day's Range
1.89 1.94 1.89 - 2.05
It's just way cheaper to pay someone to build a nice website and jump on the search engines. SuperPages has been the internet's best salesman for years.
The company is it's own worst enemy... Gouging over the years has caused customers to flee from the printed phone book.
Seriously, they sell phone books and it's 2011.
2.07 -0.12 (-5.53%)
Real-time: 11:32AM EDT
SPMD core business still falling apart.
DALLAS – SuperMedia (NASDAQ:SPMD) today announced its financial results for second quarter 2011.
Results include:
Second quarter 2011 advertising sales declined 16.7 percent (1) , compared to a second quarter 2010 decline of 16.4 percent;
SPMD PR Out August 2, 2011
SuperMedia Announces Second Quarter 2011 Results
SuperMedia (NASDAQ:SPMD) today announced its financial results for second quarter 2011.
Results include:
Second quarter 2011 advertising sales declined 16.7 percent1, compared to a second quarter 2010 decline of 16.4 percent;
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $152 million for second quarter 2011, a 7.9 percent decline compared to second quarter 2010 adjusted pro forma EBITDA of $165 million which included an expense reduction of $16 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims; and
Continued cost management and expense reductions partially mitigated revenue declines, resulting in an improved adjusted EBITDA margin of 36.1 percent compared to an adjusted pro forma EBITDA margin of 32.2 percent in the second quarter of 2010.
“During the second quarter we continued addressing costs, efficiencies and processes with a rigorous eye, which is reflected in our ability to maintain the margin improvement we saw in the first quarter,” said SuperMedia CEO Peter McDonald.
“We believe we are headed in the right direction relative to our cost structure. We are also focused on improving ad sales which remain disappointing, reflecting, in part, the current challenges facing local businesses.”
Financial Summary
SuperMedia reports financial results in accordance with United States generally accepted accounting principles (“GAAP”) and on a non-GAAP basis, referred to as “adjusted and adjusted pro forma”. The non-GAAP basis measures are described and reconciled to the corresponding GAAP measures in the accompanying financial schedules. These results were adjusted for the impact of fresh start accounting and certain unique costs including reorganization items, severance costs, restructuring costs and certain other non-recurring costs.
Reported GAAP operating revenue for Q2 2011 was $421 million versus $247 million in Q2 2010. When comparing Q2 2011 operating revenue to adjusted pro forma operating revenue of $512 million for Q2 2010, revenue declined 17.8 percent.
Reported GAAP year-to-date operating revenue for 2011 was $859 million.
Reported Q2 2011 EBITDA, a non-GAAP measure, was $150 million compared to a loss of $14 million reported in Q2 2010. On an adjusted basis, Q2 2011 EBITDA was $152 million with an EBITDA margin of 36.1 percent, compared to adjusted pro forma Q2 2010 EBITDA of $165 million, with an EBITDA margin of 32.2 percent, which included an expense reduction of $16 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims.
Reported year-to-date 2011 EBITDA, a non-GAAP measure, was $297 million compared to a loss of $110 million for the same period in 2010. On an adjusted basis, year-to-date 2011 EBITDA was $306 million with an EBITDA margin of 35.6 percent, compared to year-to-date adjusted pro forma 2010 EBITDA of $328 million with an EBITDA margin of 31.4 percent which included an expense reduction of $16 million related to the favorable, non-recurring, non-cash resolution of state operating tax claims.
Advertising sales in Q2 2011 declined 16.7 percent2, compared to a decline of 16.4 percent reported for the same period in 2010. Reported year-to-date 2011 advertising sales declined 17.5 percent, compared to a decline of 18.3 percent reported for the same period in 2010.
Year-to-date free cash flow, a non-GAAP measure, was $42 million for Q2 2011, representing cash provided by operating activities of $49 million, less capital expenditures (including capitalized software) of $7 million.
SuperMedia made debt principal payments of $36 million in the second quarter of 2011, in accordance with the mandatory cash sweep provisions of the Company’s loan agreement. Cash on hand as of June 30, 2011 was $180 million.
Webcast Information
Individuals within the United States can access the earnings call by dialing 888/603-6873. International participants should dial 973/582-2706. The pass code for the call is: 81655459. 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 800/642-1687. International callers can access the replay by calling 706/645-9291. The replay pass code is: 81655459. The replay will be available through August 16, 2011. 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 Measures
Upon emergence from bankruptcy on December 31, 2009, SuperMedia adopted fresh start accounting in accordance with U.S. GAAP. Accordingly, SuperMedia’s 2010 financial results were significantly affected. At December 31, 2009, the balances in deferred revenue and deferred directory costs were adjusted to their fair value of zero, which had a significant non-cash impact on our 2010 consolidated statement of operations. For the readers' convenience, the financial information accompanying this release provides a reconciliation of GAAP to non-GAAP results.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and industry in general. Statements that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “forecast,” “estimate,” “expect,” “preliminary,” “intend,” “plan,” “project,” “outlook” and similar statements of a future or forward-looking nature identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following:
our inability to provide assurance for the long-term continued viability of our business;
reduced advertising spending and contract cancellations by our clients, which causes reduced revenue;
declining use of print yellow pages directories by consumers;
competition from other yellow pages directory publishers and other traditional and new media, and our ability to anticipate or respond to changes in technology and user preferences;
changes in our operating performance;
our post-restructuring financial condition, financing requirements and cash flow;
limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our debt agreements;
failure to comply with the financial covenants and other restrictive covenants in our debt agreements;
limited access to capital markets and increased borrowing costs resulting from our leveraged capital structure and debt ratings;
our ability to resolve any remaining bankruptcy claims;
changes in the availability and cost of paper and other raw materials used to print our directories and our reliance on third-party providers for printing, publishing and distribution services;
credit risk associated with our reliance on small- and medium-sized businesses as clients;
our ability to attract and retain qualified key personnel;
our ability to maintain good relations with our unionized employees;
changes in labor, business, political and economic conditions;
changes in governmental regulations and policies and actions of federal, state and local municipalities; and
the outcome of pending or future litigation and other claims.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this and other reports we file with the Securities and Exchange Commission (“SEC”), including the information in “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2010 and in all subsequent filings with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. All forward-looking statements included in this report are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About SuperMedia
SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include: the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.
SPMD-G
1 Advertising sales for the three and six months ended June 30, 2011 include negative adjustments of $2 million, or 0.4 percent, and $11 million, or 1.1 percent, respectively, related to the financial distress and operational wind down of a single certified marketing representative firm in our third-party national sales channel. Excluding this impact, advertising sales for the three and six months ended June 30, 2011 would have reflected a decline of 16.3 percent and 16.4 percent, respectively. As of June 2011, responsibility for these accounts has been transitioned to other certified marketing representative firms.
2 Advertising sales for the three and six months ended June 30, 2011 include negative adjustments of $2 million, or 0.4 percent, and $11 million, or 1.1 percent, respectively, related to the financial distress and operational wind down of a single certified marketing representative firm in our third-party national sales channel. Excluding this impact, advertising sales for the three and six months ended June 30, 2011 would have reflected a decline of 16.3 percent and 16.4 percent, respectively. As of June 2011, responsibility for these accounts has been transitioned to other certified marketing representative firms.
SuperMedia Inc.
Consolidated Statements of Operations
Reported (GAAP)
Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010 (3)
(dollars in millions, except per share amounts)
6 Mos. Ended 6 Mos. Ended
Unaudited 6/30/11 6/30/10 % Change
Operating Revenue $ 859 $ 401 114.2
Operating Expense
Selling 228 222 2.7
Cost of sales (exclusive of depreciation and amortization) 216 192 12.5
General and administrative 118 97 21.6
Depreciation and amortization 88 95 (7.4 )
Total Operating Expense 650 606 7.3
Operating Income (Loss) 209 (205 ) NM
Interest expense, net 114 143 (20.3 )
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes
95 (348 ) NM
Reorganization items 1 3 (66.7 )
Income (Loss) Before Provision (Benefit) for Income Taxes
94 (351 ) NM
Provision (benefit) for income taxes 35 (125 ) NM
Net Income (Loss) $ 59 $ (226 ) NM
Basic and Diluted Earnings (Loss) per Common Share (1) (2) $ 3.79 $ (15.10 ) NM
Basic and diluted weighted-average common
shares outstanding
15.1 15.0
These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.
Our 2010 financial results were impacted by our adoption of fresh start accounting in December 2009.
As a result, our 2011 financial results are not comparable to our 2010 financial results.
Notes:
(1) Equity based awards granted had no impact on the calculation of diluted earnings per common share.
(2) Net income allocated to participating securities (unvested restricted stock awards) which are eligible to receive dividend equivalents is excluded from the calculation of EPS. The amount excluded from earnings per common share was $2 million for the six months ended June 30, 2011.
(3) Results for the six months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Reported (GAAP)
Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010 (3)
(dollars in millions, except per share amounts)
3 Mos. Ended 3 Mos. Ended
Unaudited 6/30/11 6/30/10 % Change
Operating Revenue $ 421 $ 247 70.4
Operating Expense
Selling 112 113 (0.9 )
Cost of sales (exclusive of depreciation and amortization) 106 103 2.9
General and administrative 53 45 17.8
Depreciation and amortization 44 47 (6.4 )
Total Operating Expense 315 308 2.3
Operating Income (Loss) 106 (61 ) NM
Interest expense, net 57 71 (19.7 )
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes
49 (132 ) NM
Reorganization items 1 1 -
Income (Loss) Before Provision (Benefit) for Income Taxes
48 (133 ) NM
Provision (benefit) for income taxes 19 (50 ) NM
Net Income (Loss) $ 29 $ (83 ) NM
Basic and Diluted Earnings (Loss) per Common Share (1) (2) $ 1.89 $ (5.55 ) NM
Basic and diluted weighted-average common
shares outstanding
15.1 15.0
Notes:
(1) Equity based awards granted had no impact on the calculation of diluted earnings per common share.
(2) Net income allocated to participating securities (unvested restricted stock awards) which are eligible to receive dividend equivalents is excluded from the calculation of EPS. The amount excluded from earnings per common share was $1 million for the three months ended June 30, 2011.
(3) Results for the three months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Adjusted and Adjusted Pro Forma (Non-GAAP) (1)
Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010 (4)
(dollars in millions, except per share amounts)
6 Mos. Ended 6 Mos. Ended
Unaudited 6/30/11 6/30/10 % Change
Operating Revenue $ 859 $ 1,045 (17.8 )
Operating Expense
Selling 228 298 (23.5 )
Cost of sales (exclusive of depreciation and amortization) 216 274 (21.2 )
General and administrative 109 145 (24.8 )
Depreciation and amortization 88 95 (7.4 )
Total Operating Expense 641 812 (21.1 )
Operating Income 218 233 (6.4 )
Interest expense, net 114 143 (20.3 )
Income Before Reorganization Items and Provision for Income Taxes
104 90 15.6
Reorganization items - - NM
Income Before Provision for Income Taxes
104 90 15.6
Provision for income taxes 39 32 21.9
Net Income $ 65 $ 58 12.1
Basic and Diluted Earnings per Common Share (2) (3) $ 4.21 $ 3.84 9.4
Basic and diluted weighted-average common
shares outstanding
15.1 15.0
Notes:
(1) These consolidated statements of operations provide a comparison of the six months ended June 30, 2011 adjusted results to the six months ended June 30, 2010 adjusted pro forma results. The following schedules provide reconciliations from our reported GAAP results to adjusted and adjusted pro forma non-GAAP results for the periods shown above.
(2) Equity based awards granted had no impact on the calculation of diluted earnings per common share.
(3) Net income allocated to participating securities (unvested restricted stock awards) which are eligible to receive dividend equivalents is excluded from the calculation of EPS. The amount excluded from earnings per common share was $2 million for the six months ended June 30, 2011.
(4) Results for the six months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Adjusted and Adjusted Pro Forma (Non-GAAP) (1)
Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010 (4)
(dollars in millions, except per share amounts)
3 Mos. Ended 3 Mos. Ended
Unaudited 6/30/11 6/30/10 % Change
Operating Revenue $ 421 $ 512 (17.8 )
Operating Expense
Selling 112 146 (23.3 )
Cost of sales (exclusive of depreciation and amortization) 106 136 (22.1 )
General and administrative 51 65 (21.5 )
Depreciation and amortization 44 47 (6.4 )
Total Operating Expense 313 394 (20.6 )
Operating Income 108 118 (8.5 )
Interest expense, net 57 71 (19.7 )
Income Before Reorganization Items and Provision for Income Taxes
51 47 8.5
Reorganization items - - NM
Income Before Provision for Income Taxes
51 47 8.5
Provision for income taxes 20 14 42.9
Net Income $ 31 $ 33 (6.1 )
Basic and Diluted Earnings per Common Share (2) (3) $ 2.02 $ 2.15 (6.0 )
Basic and diluted weighted-average common
shares outstanding
15.1 15.0
Notes:
(1) These consolidated statements of operations provide a comparison of the three months ended June 30, 2011 adjusted results to the three months ended June 30, 2010 adjusted pro forma results. The following schedules provide reconciliations from our reported GAAP results to adjusted and adjusted pro forma non-GAAP results for the periods shown above.
(2) Equity based awards granted had no impact on the calculation of diluted earnings per common share.
(3) Net income allocated to participating securities (unvested restricted stock awards) which are eligible to receive dividend equivalents is excluded from the calculation of EPS. The amount excluded from earnings per common share was $1 million for the three months ended June 30, 2011.
(4) Results for the three months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Reconciliation from Reported (GAAP) to Adjusted (Non-GAAP)
Six Months Ended June 30, 2011
(dollars in millions, except per share amounts)
Adjustments
Unaudited
6 Mos. Ended
6/30/11
Reported
(GAAP)
Severance
Costs &
Reorganization
Items(3)
6 Mos. Ended
6/30/11
Adjusted
(Non-GAAP)
Operating Revenue $ 859 $ - $ 859
Operating Expense
Selling 228 - 228
Cost of sales (exclusive of depreciation and amortization) 216 - 216
General and administrative 118 (9 ) 109
Depreciation and amortization 88 - 88
Total Operating Expense 650 (9 ) 641
Operating Income 209 9 218
Interest expense, net 114 - 114
Income Before Reorganization Items and Provision for Income Taxes
95 9 104
Reorganization items 1 (1 ) -
Income Before Provision for Income Taxes
94 10 104
Provision for income taxes 35 4 39
Net Income $ 59 $ 6 $ 65
Basic and Diluted Earnings per Common Share $ 3.79 $ 0.42 $ 4.21
Operating Income $ 209 $ 9 $ 218
Depreciation and Amortization 88 - 88
EBITDA (non-GAAP) (1) $ 297 $ 9 $ 306
Operating income margin (2) 24.4 % 25.4 %
Impact of depreciation and amortization 10.2 % 10.2 %
EBITDA margin (non-GAAP) (1) 34.6 % 35.6 %
Notes:
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2) Operating income margin is calculated by dividing operating income by operating revenue.
(3) Severance costs of $9 million are associated with headcount reductions. Reorganization items of $1 million represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.
SuperMedia Inc
Consolidated Statements of Operations
Reconciliation from Reported (GAAP) to Adjusted (Non-GAAP)
Three Months Ended June 30, 2011
(dollars in millions, except per share amounts)
Adjustments
Unaudited
3 Mos. Ended
6/30/11
Reported
(GAAP)
Severance
Costs &
Reorganization
Items(3)
3 Mos. Ended
6/30/11
Adjusted
(Non-GAAP)
Operating Revenue $ 421 $ - $ 421
Operating Expense
Selling 112 - 112
Cost of sales (exclusive of depreciation and amortization) 106 - 106
General and administrative 53 (2 ) 51
Depreciation and amortization 44 - 44
Total Operating Expense 315 (2 ) 313
Operating Income 106 2 108
Interest expense, net 57 - 57
Income Before Reorganization Items and Provision for Income Taxes
49 2 51
Reorganization items 1 (1 ) -
Income Before Provision for Income Taxes
48 3 51
Provision for income taxes 19 1 20
Net Income $ 29 $ 2 $ 31
Basic and Diluted Earnings per Common Share $ 1.89 $ 0.13 $ 2.02
Operating Income $ 106 $ 2 $ 108
Depreciation and Amortization 44 - 44
EBITDA (non-GAAP) (1) $ 150 $ 2 $ 152
Operating income margin (2) 25.2 % 25.7 %
Impact of depreciation and amortization 10.4 % 10.4 %
EBITDA margin (non-GAAP) (1) 35.6 % 36.1 %
Notes:
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2) Operating income margin is calculated by dividing operating income by operating revenue.
(3) Severance costs of $2 million are associated with headcount reductions. Reorganization items of $1 million represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.
SuperMedia Inc.
Consolidated Statements of Operations
Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) (7)
Six Months Ended June 30, 2010
(dollars in millions, except per share amounts)
Adjustments
Pro Forma
Items
Unaudited
6 Mos. Ended
6/30/10
Reported
(GAAP)
Restructuring
Costs (3)
Reorganization
Items (4)
Health Care
Reform Act (5)
6 Mos. Ended
6/30/10
Adjusted
(Non-GAAP)
Fresh Start
Accounting Items
(6)
6 Mos. Ended
6/30/10
Adjusted
Pro Forma
(Non-GAAP)
Operating Revenue $ 401 $ - $ - $ - $ 401 $ 644 $ 1,045
Operating Expense
Selling 222 - - - 222 76 298
Cost of sales (exclusive of depreciation and amortization) 192 - - - 192 82 274
General and administrative 97 (4 ) - - 93 52 145
Depreciation and amortization 95 - - - 95 - 95
Total Operating Expense 606 (4 ) - - 602 210 812
Operating Income (Loss) (205 ) 4 - - (201 ) 434 233
Interest expense, net 143 - - - 143 - 143
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes
(348 ) 4 - - (344 ) 434 90
Reorganization items 3 - (3 ) - - - -
Income (Loss) Before Provision (Benefit) for Income Taxes (351 ) 4 3 - (344 ) 434 90
Provision (benefit) for income taxes (125 ) 1 1 (7 ) (130 ) 162 32
Net Income (Loss) $ (226 ) $ 3 $ 2 $ 7 $ (214 ) $ 272 $ 58
Basic and Diluted Earnings (Loss) per Common Share $ (15.10 ) $ 0.18 $ 0.12 $ 0.48 $ (14.32 ) $ 18.16 $ 3.84
Operating Income (Loss) $ (205 ) $ 4 $ - $ - $ (201 ) $ 434 $ 233
Depreciation and Amortization 95 - - - 95 - 95
EBITDA (non-GAAP) (1) $ (110 ) $ 4 $ - $ - $ (106 ) $ 434 $ 328
Operating income (loss) margin (2) -51.1 % -50.1 % 22.3 %
Impact of depreciation and amortization 23.7 % 23.7 % 9.1 %
EBITDA margin (non-GAAP) (1) -27.4 % -26.4 % 31.4 %
Notes:
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, reorganization items, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2) Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.
(3) Restructuring costs are associated with strategic organizational cost savings initiatives.
(4) Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.
(5) As a result of the passage of the Health Care Reform Act in March of 2010, the future benefit of certain deferred tax assets was eliminated, resulting in a charge in the six months ended June 30, 2010.
(6) Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company's statement of operations but were written off at December 31, 2009 as prescribed by United States Generally Accepted Accounting Principles.
(7) Results include a $16 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Statements of Operations
Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) (6)
Three Months Ended June 30, 2010
(dollars in millions, except per share amounts)
Adjustments
Pro Forma
Items
Unaudited
3 Mos. Ended
6/30/10
Reported
(GAAP)
Restructuring
Costs (3)
Reorganization
Items (4)
3 Mos. Ended
6/30/10
Adjusted
(Non-GAAP)
Fresh Start
Accounting
Items (5)
3 Mos. Ended
6/30/10
Adjusted
Pro Forma
(Non-GAAP)
Operating Revenue $ 247 $ - $ - $ 247 $ 265 $ 512
Operating Expense
Selling 113 - - 113 33 146
Cost of sales (exclusive of depreciation and amortization) 103 - - 103 33 136
General and administrative 45 (2 ) - 43 22 65
Depreciation and amortization 47 - - 47 - 47
Total Operating Expense 308 (2 ) - 306 88 394
Operating Income (Loss) (61 ) 2 - (59 ) 177 118
Interest expense, net 71 - - 71 - 71
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes
(132 ) 2 - (130 ) 177 47
Reorganization items 1 - (1 ) - - -
Income (Loss) Before Provision (Benefit) for Income Taxes
(133 ) 2 1 (130 ) 177 47
Provision (benefit) for income taxes (50 ) - - (50 ) 64 14
Net Income (Loss) $ (83 ) $ 2 $ 1 $ (80 ) $ 113 $ 33
Basic and Diluted Earnings (Loss) per Common Share $ (5.55 ) $ 0.09 $ 0.04 $ (5.42 ) $ 7.57 $ 2.15
Operating Income (Loss) $ (61 ) $ 2 $ - $ (59 ) $ 177 $ 118
Depreciation and Amortization 47 - - 47 - 47
EBITDA (non-GAAP) (1) $ (14 ) $ 2 $ - $ (12 ) $ 177 $ 165
Operating income (loss) margin (2) -24.7 % -23.9 % 23.0 %
Impact of depreciation and amortization 19.0 % 19.0 % 9.2 %
EBITDA margin (non-GAAP) (1) -5.7 % -4.9 % 32.2 %
Notes:
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, reorganization items, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2) Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.
(3) Restructuring costs are associated with strategic organizational realignment and market exit initiatives.
(4) Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.
(5) Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company's statement of operations but were written off at December 31, 2009 according to the rules of fresh start accounting.
(6) Results include a $16 million general and administrative expense reduction related to the favorable non-recurring, non-cash resolution of state operating tax claims.
SuperMedia Inc.
Consolidated Balance Sheets
Reported (GAAP)
As of June 30, 2011 and December 31, 2010
(dollars in millions)
Unaudited 6/30/2011 12/31/2010
$ Change
Assets
Current assets:
Cash and cash equivalents $ 180 $ 174 $ 6
Accounts receivable, net of allowances of $81 and $89 175 210 (35 )
Accrued taxes receivable 3 - 3
Deferred directory costs 183 199 (16 )
Prepaid expenses and other 18 13 5
Total current assets 559 596 (37 )
Property, plant and equipment 121 122 (1 )
Less: accumulated depreciation 40 28 12
81 94 (13 )
Goodwill 1,707 1,707 -
Intangible assets, net 411 481 (70 )
Pension assets 47 42 5
Other non-current assets 4 6 (2 )
Total Assets $ 2,809 $ 2,926 $ (117 )
Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Accounts payable and accrued liabilities $ 123 $ 236 $ (113 )
Deferred revenue 96 114 (18 )
Deferred tax liabilities 10 2 8
Other 17 17 -
Total current liabilities 246 369 (123 )
Long-term debt 2,135 2,171 (36 )
Employee benefit obligations 351 355 (4 )
Non-current deferred tax liabilities 4 22 (18 )
Unrecognized tax benefits 39 37 2
Other liabilities - 2 (2 )
Stockholders' equity (deficit):
Common stock ($.01 par value; 60 million shares authorized, 15,507,322 and 15,489,936 shares issued and outstanding in 2011 and 2010, respectively)
- - -
Additional paid-in capital 208 206 2
Retained earnings (deficit) (137 ) (196 ) 59
Accumulated other comprehensive (loss) (37 ) (40 ) 3
Total stockholders' equity (deficit) 34 (30 ) 64
Total Liabilities and Stockholders' Equity (Deficit) $ 2,809 $ 2,926 $ (117 )
SuperMedia Inc.
Consolidated Statements of Cash Flows
Reported (GAAP) and Non-GAAP Financial Reconciliation - Free Cash Flow
Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010
(dollars in millions)
Unaudited
6 Mos. Ended
6/30/11
6 Mos. Ended
6/30/10
$ Change
Cash Flows from Operating Activities
Net Income (Loss) $ 59 $ (226 ) $ 285
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense 88 95 (7 )
Employee retirement benefits 9 6 3
Deferred income taxes (12 ) (171 ) 159
Provision for uncollectible accounts 35 30 5
Stock-based compensation expense 2 2 -
Changes in current assets and liabilities
Accounts receivable and unbilled accounts receivable - 558 (558 )
Deferred directory costs 16 (144 ) 160
Other current assets (5 ) - (5 )
Accounts payable and accrued liabilities (132 ) 143 (275 )
Other, net (11 ) (7 ) (4 )
Net cash provided by operating activities 49 286 (237 )
Cash Flows from Investing Activities
Capital expenditures (including capitalized software) (7 ) (21 ) 14
Net cash used in investing activities (7 ) (21 ) 14
Cash Flows from Financing Activities
Repayment of long-term debt (36 ) (177 ) 141
Net cash used in financing activities (36 ) (177 ) 141
Increase in cash and cash equivalents 6 88 (82 )
Cash and cash equivalents, beginning of year 174 212 (38 )
Cash and cash equivalents, end of period $ 180 $ 300 $ (120 )
Non-GAAP Financial Reconciliation - Free Cash Flow
6 Mos. Ended
6/30/11
6 Mos. Ended
6/30/10
$ Change
Unaudited
Net cash provided by operating activities $ 49 $ 286 $ (237 )
Less: Capital expenditures (including capitalized software) (7 ) (21 ) 14
Free Cash Flow $ 42 $ 265 $ (223 )
SuperMedia Inc.
Advertising Sales
(dollars in millions)
3 Mos. Ended 3 Mos. Ended 3 Mos. Ended 6 Mos. Ended 6 Mos. Ended 6 Mos. Ended
Unaudited 6/30/11 6/30/10 6/30/09 6/30/11 6/30/10 6/30/09
Net Advertising Sales(1) (2) $ 399 $ 479 $ 573 $ 797 $ 966 $ 1,183
% Change year-over-year (16.7 %) (16.4 %) (17.5 %) (18.3 %)
Notes:
(1) Net advertising sales is an operating measure used by the Company to compare advertising sales for current advertising periods to corresponding sales for previous periods. It is important to distinguish net advertising sales from operating revenue, which on our financial statements is recognized under the deferral and amortization method.
(2) Advertising sales for the three and six months ended June 30, 2011 include negative adjustments of $2 million, or 0.4 percent, and $11 million, or 1.1 percent, respectively, related to the financial distress and operational wind down of a single certified marketing representative firm in our third-party national sales channel. Excluding this impact, advertising sales for the three and six months ended June 30, 2011 would have reflected a decline of 16.3 percent and 16.4 percent, respectively. As of June 2011, responsibility for these accounts has been transitioned to other certified marketing representative firms.
Class Action lawsuit against SuperMedia
[urlhttp://www.lawyersandsettlements.com/case/supermedia-employment-class-action-lawsuit.html][/url][tag]insert-text-here[/tag]
PR July 12th
SuperMedia (NASDAQ:SPMD) will report second quarter 2011 earnings on Tuesday, August 2, 2011.
SuperMedia welcomes investors, media and other interested parties to join Peter McDonald, chief executive officer of SuperMedia, and Samuel D. Jones, executive vice president, chief financial officer and treasurer, in a discussion via a Web cast and teleconference beginning at 10:00am (Eastern).
Individuals within the United States can access the earnings call by dialing 888/603-6873. International participants should dial 973/582-2706. The pass code for the call is: 81655459. 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 800/642-1687. International callers can access the replay by calling 706/645-9291. The replay pass code is: 81655459. The replay will be available through August 16, 2011. In addition, a live Web cast will be available on SuperMedia’s Web site in the Investor Relations section at www.supermedia.com.
About SuperMedia
SuperMedia Inc. (NASDAQ: SPMD) helps small- and medium-sized businesses grow through effective local marketing solutions across print, online, mobile and social media. SuperMedia solutions include: the award-winning SuperGuarantee® program, Superpages® directories, published for Verizon®, FairPoint® and Frontier®, Superpages.com®, EveryCarListed.com®, Superpages for your mobile and Superpages direct mail products. For more information, visit www.supermedia.com.
(SPMD-G)
I got my new Verizon phonebook in, it's now pocketsize.
The Phone Book at one time was the company Anchor, now it's become the Ball and Chain. It will eventually become the death of this company.
Supermedia Inc. (SPMD)
$3.81 $-0.10 (-2.56%)
Volume: 45,953 @ 10:59:14 AM ET
3.39 -0.60? (-15.04%?) May 12 4:00pm ET
Epic failure!!!
3.58 -0.41? (-10.28%?) May 12 1:16pm ET
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Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares. This happens in bankruptcy cases because secured and unsecured creditors are paid from the company's assets before common stockholders. And in situations where shareholders do participate in the plan, their shares are usually subject to substantial dilution.
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