UPDATE 1-Weak print sales dent Yellow Media profit yet again

Tue Feb 5, 2013 8:43am EST
 
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* Fourth-qtr adj EPS C$0.70 vs C$1.53 year ago

* Total revenue falls 16 pct

* Online revenue rises 11 pct

Feb 5 (Reuters) - Canadian telephone directory publisher Yellow Media Ltd's fourth-quarter adjusted profit halved as the company failed to replace fast-dwindling print revenue with online sales.

Debt-laden Yellow Media has been looking to transform itself into a digital company from a print-oriented business as it struggles to sell advertising space in its traditional Yellow Pages and directories.

Online revenue, which accounted for about 38 percent of the total revenue in the fourth quarter, rose 11 percent. But that was not enough to offset declines in print revenue.

Total revenue fell 16 percent to C$264.4 million ($264.7 million).

"This trend was expected, and we do not anticipate it to reverse in the near future," Chief Executive Marc Tellier said in a statement.

Directory publishers such as Yellow Media and the UK-based Hibu Plc, formerly Yell Group, are turning digital as more users switch to online search engines like Google Inc to find local listings.   Continued...