February 13, 2008 / 3:24 PM / 10 years ago

Yellow Pages profit jumps

OTTAWA (Reuters) - Yellow Pages Income Fund YLO_u.TO, Canada’s largest publisher of phone directories, said on Wednesday its fourth-quarter profit rose 39 percent, aided in part by recent acquisitions.

Net profit rose to $157 million, or 29 cents a unit, from $113 million, or 21 cents a unit, in the same period a year earlier.

Revenue for the quarter ended December 31 rose to $412.5 million from $378.9 million.

Adjusted earnings before interest, tax, depreciation and amortization increased to $221 million with a margin of 53.5 percent, from $197 million and a margin of 51.9 percent.

Analysts, on average, had expected a profit of 30 cents a share before exceptions, according to Reuters Estimates.

Distributable cash increased by 11.6 percent in the quarter to $176.3 million, and 10 percent on a per unit basis to 33 Canadian cents.

Full-year earnings rose 22 percent to $527.7 million from $431.9 million in 2006, while revenue increased 17 percent to $1.6 billion.

Annual cash distributions were increased by 3.7 percent to $1.13 from $1.09 effective December 17 and distributable cash improved by 15 percent over 2006 to $700.5 million, and nearly 12 percent on a per unit basis to $1.32 a unit.

The company said it “maintains a positive outlook for 2008” given its strong 2007 results.

“Our success is predicated on our ability to generate organic revenue growth from our directories business while at the same time enhancing the financial and operating performance of our recent acquisitions in both the directories and vertical media segments,” Chief Executive Marc Tellier said in a statement.

Reporting by Susan Taylor; Editing by Peter Galloway

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