YPG's Directory EBITDA Nears 60%
Yellow Pages Group released its third-quarter numbers this morning and will have its earnings call at 1 p.m. Eastern today. We will listen in and post a few details from the call a bit later.
One key data point: The directory business (revenues of C$331.6 million) generated C$198.4 million in EBITDA, a 59.8 percent margin. Overall, the directory unit grew 5.5 percent in the third quarter. Online revenues for the combined directory and vertical media (classified) operations were C$45.1 million. Vertical media generated Q3 C$86 million in revenues, with a 34 percent EBITDA margin.
Overall adjusted revenues totaled C$1.22 billion year to date, up about 20 percent from C$1.01 billion through nine months of 2006. This reflects organic and acquisition growth.
We’ll have more later, plus a detailed Client Inquiry Brief later in the week.
Update: Here are a few highlights from this afternoon’s earnings call.
- YPG was happy with the results from the dedicated new account teams it has been rolling out throughout Canada, and the company plans to invest further in that model next year.
- YPG rolled out a companion directory in Calgary this year and plans to add companion titles in Edmonton, Quebec City and perhaps other markets.
- Organic print directory growth was 2 percent in the third quarter and 2.5 percent year to date.
- The company plans to transition from the income trust model to a C corporation by the end of 2010. This is a result of the Canadian government’s change in how it taxes income trust distributions.
- The company reports that 49 percent of its directory advertisers have both print and online advertising, and that the share of directory revenue from online is close to 10 percent.