Yellow Media Ltd., a print and online publisher that has been undergoing major financial restructuring as it adapts to changing markets, is reporting adjusted net earnings of 70 cents per share in the fourth quarter.
The $24-million adjusted profit, before impairment charges and a major gain on settlement of debt, were down from net earnings from continuing operations of $48.2-million or $1.53 in the same 2011 period.
The latest quarter's adjusted earnings included a $300-million impairment charge related to certain intangible assets on property, plant and equipment, and a gain of some $995-million on a debt settlement.
Revenue declined by more than 15 per cent to $264.5-million from $313.3-million in the same 2011 quarter.
That was mainly due to lower print revenues, the discontinuation of duplicate directories published by Canpages, the divestiture of LesPAC.com, and the sale of Deal of the Day.
On a comparable basis, fourth-quarter revenues from continuing operations decreased by 9.7 per cent versus last year's results.
"Our business continues to experience a decline in revenues, as online growth is currently unable to fully compensate for print revenue pressure," president and CEO Marc Tellier said in remarks accompanying the results.
"This trend was expected and we do not anticipate it to reverse in the near future," Tellier added.
He said the company is focused on delivering improved services to larger advertisers, as well as on the successful execution of its leads-generating solutions for small– and medium-sized businesses.