The Nielsen Company Reports First Quarter 2007 Results
The Nielsen Company bv, a leading global information and media company, today announced its financial results for the first quarter 2007.
Reported revenues for the first quarter Successor period (January 1, 2007 to March 31, 2007) were $1,072 million, an increase of 5% in constant currency* over the reported revenues for first quarter Predecessor period (January 1, 2006 to March 31, 2006) of $1,003 million.
Reported operating income for the first quarter Successor period 2007 of $56 million compared to pro forma** operating income of $62 million in the first quarter 2006. The first quarter 2007 results were negatively impacted by $19 million in restructuring costs and $8 million of costs associated with recruiting and other acquisition related compensation.
Covenant earnings before interest, taxes, depreciation and amortization and other adjustments permitted under our senior credit facility (“Covenant EBITDA”) was $1,121 million for the twelve month period ended March 31, 2007. Covenant EBITDA is a non – GAAP measure. Refer to page 4 for a reconciliation of loss from continuing operations for the twelve months ended March 31, 2007, (combined operations from April 1, 2006 to May 23, 2006 for the Predecessor period and May 24, 2006 to March 31, 2007 for the Successor period) to Covenant EBITDA.
As of March 31, 2007, total debt was $7.75 billion, and cash balances were $617 million. Capital expenditures were $49 million in first quarter of 2007 compared with $33 million in first quarter of 2006.
Conference Call and Webcast
The Nielsen Company will hold an earnings conference call, hosted by The Nielsen Company’s Chairman and Chief Executive Officer David L. Calhoun and Chief Financial Officer Brian J. West at 9:00 a.m. U.S. Eastern Daylight Time (EDT) on Wednesday, May 30, 2007. The call will be audio-webcast live at www.Nielsen.com, and an archive will be available on the website after the call. In addition, the company has posted its financial report at www.Nielsen.com.
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.
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