R.H. Donnelley reports Q2 2008 results

Jul 31, 2008 (M2 EQUITYBITES via COMTEX) -- RHD | Quote | Chart | News | PowerRating -- R.H. Donnelley Corporation (NYSE: RHD), a Yellow Pages and online local commercial search company, on Wednesday (30 July) reported results for the second quarter of 2008.

Net revenues for the quarter totalled USD664m, almost flat as compared with USD667m in the corresponding quarter of the prior year. For the first six months of 2008 net revenues were USD1,338m, as compared with USD1,328m in the corresponding six months of the prior year.

Advertising sales for the quarter were USD678m, down by 8.6% as compared with sales in the second quarter of the prior year.

The company reported a net loss of USD339m or USD4.93 per diluted share for the quarter. This was in comparison with a net income of USD24.9m or USD0.34 per diluted share in the second quarter of the prior year.

For the first half of 2008 net loss reported was USD1,962m or USD28.51 per diluted share, as compared with a net income of USD40.9m or USD0.57 per diluted share in the first half of the prior year.

At the end of the quarter the company had net debt outstanding of USD9,719m.

The company also provided an update on its full year 2008 guidance for a decline in advertising sales of between 7% and 8%. Net revenue is expected to be at least USD2.6bn and net debt at year end is expected to be approximately USD9.5bn.

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