R.H. Donnelley Reduces Net Debt by Over $230 Million

Posted on July 30, 2008
Filed Under General Business, General News |

Cary-based R.H. Donnelley Corporation (NYSE: RHD), one of the nation’s leading Yellow Pages and online local commercial search companies, today reported second quarter 2008 net revenues of $664 million, essentially in line with the same period in the prior year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the quarter was $366 million, also in line with last year. The company said it had lowered its debt in the quarter by over $230 million, leaving it with $9.8 billion in debt, and reported weaker second-quarter sales based on, “deteriorating consumer sentiment and the impact of rising operating costs on small businesses.” It also updated its 2008 outlook that includes a decline in ad sales of between 7% and 8%. The company employs over 4,400 employees spread over 28 states, including North Carolina. In June, Peter McDonald, president and chief operating officer, announced he is retiring in September. George Bednarz, a Donnelley’s executive in its Cary headquarters, will take over as executive vice president of enterprise sales and operations. Bednarz earned his MBA at Duke University in Durham.