Monday, 7 May 2012

Yellow Media hit with $2.9-billion impairment charge

Yellow Media hit with $2.9-billion impairment charge
Reuters  May 7, 2012 – 6:57 PM ET | Last Updated: May 7, 2012 7:13 PM ET
Telephone directory publisher Yellow Media Inc posted a $2.9-billion net loss in the first quarter on an impairment charge and the debt-ridden company began a scramble to refinance debt set to mature from this year.

January-March net loss was $5.61 per basic share, hit by a $2.9-billion goodwill impairment charge. Adjusted earnings from continuing operations halved to 13 Canadian cents per share from the year-earlier quarter.
 Revenue fell 17.3% to $289.1-million, primarily hit by lower print revenue.
The company, which had about $1.5-billion in net debt at the end of March, said its board has assembled a committee to complete any refinancing deal this fiscal year.
Yellow Media also said it has adjourned its annual meeting, which was to be held on Wednesday, for want of quorum.
© Thomson Reuters 2012


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