- Adjusted Directory Revenue (not including acquisitions) increased 4.2%
- Directories margin reached a new high at 60.2%
- Online Revenue now makes up 13% of Total Revenue, as it grew 48%
- Total Earnings up 5%, Total Revenue up 8%
- Adjusted EBITDA +11.7%, Adj. Revenue +7.8% (excludes acquisition impacts)
Since the first quarter of 2007 the units are actually down a whopping 25%. The units are currently yielding 10.5%, and the company is distributing only about 80% of their cash available for distributions. Yellow Pages has stated that they plan to continue distributions at the current level through the income trust tax changes that will occur in 2011. For both sides of the trade on Yellow Pages see Middle Class Millionaire and I post on both angles. The company actually bought back 2.8 Million units in April of 2008 as it deems them to be undervalued.