The Nielsen Company Reports Second Quarter 2010 Results on July 30, 2010
New York, USA - The Nielsen Company B.V., a leading global information and measurement company, today announced its financial results for the quarter and six months ended June 30, 2010.
Reported revenues for the three months ended June 30, 2010 were $1,270 million, an increase of 7% over reported revenues for the three months ended June 30, 2009 of $1,182 million. Excluding the impact of currency fluctuations*, revenues for the three months also increased 7%.
Reported operating income for the three months ended June 30, 2010 was $182 million compared to operating income of $172 million for the three months ended June 30, 2009. The 2010 results included $19 million of charges relating to restructuring costs. The 2009 results included $4 million of charges relating to restructuring costs. Adjusting for these items and excluding the impact of currency fluctuations*, operating income increased 10%.
Reported revenues for the six months ended June 30, 2010 were $2,466 million, an increase of 8% over reported revenues for the six months ended June 30, 2009 of $2,284 million. Excluding the impact of currency fluctuations*, revenues for the six months increased 5%.
Reported operating income for the six months ended June 30, 2010 was $314 million compared to operating income of $284 million for the six months ended June 30, 2009. The 2010 results included $22 million of charges relating to restructuring costs. The 2009 results included $9 million of charges relating to restructuring costs. Adjusting for these items, operating income, on a constant currency basis*, increased 10%.
Covenant earnings before interest, taxes, depreciation and amortization and other adjustments permitted under our senior secured credit facilities (“Covenant EBITDA”) was $1,396 million for the twelve months ended June 30, 2010. Covenant EBITDA is a non – GAAP measure. See “Covenant EBITDA” below for a reconciliation of Loss from continuing operations of $299 million for the twelve months ended June 30, 2010 to Covenant EBITDA.
As of June 30, 2010, total debt was $8,440 million, and cash balances were $369 million. Capital expenditures were $146 million for the six months ended June 30, 2010, compared with $132 million for the six months ended June 30, 2009.
Conference Call and Webcast
The Nielsen Company will hold an earnings conference call, hosted by The Nielsen Company’s Chief Financial Officer Brian J. West, at 9:00 a.m. U.S. Eastern Time (ET) on July 30, 2010. The call will be audio-webcast live at our Investor Relations page and an archive will be available on the website after the call. In addition, a link to the company’s quarterly financial report on Form 10-Q has been posted at http://en-us.nielsen.com/main/about/investor_relations.
This news release includes information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and similar expressions. These statements are subject to risks and uncertainties, and actual results and events could differ materially from what presently is expected. Factors leading thereto may include without limitations general economic conditions, conditions in the markets Nielsen is engaged in, behavior of customers, suppliers and competitors, technological developments, as well as legal and regulatory rules affecting Nielsen’s business. This list of factors is not intended to be exhaustive. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events, or other factors.
About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and business publications. The privately held company is active in approximately 100 countries, with headquarters in New York, USA. For more information, please visit www.nielsen.com
NOTE: Additional detail regarding results (tables, etc.), can be found in the PDF download version of this release: http://en-us.nielsen.com/content/dam/nielsen/en_us/documents/pdf/Press%20Releases/2010/July/Q2%202010%20Earnings%20Press%20Release%20FINAL_073010.pdf
* We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period exchange rates and comparing these adjusted amounts to our current period reported results. This calculation may differ from similarly titled measures by others in our industry and accordingly, the constant currency presentation is not meant to be a substitution for reported amounts presented in conformity with GAAP, nor should such amounts be considered in isolation.
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