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Yellow Pages sees Q3 loss and looks to local search market for more growth

From Luann Lasalle, The Canadian Press, November 4, 2009 - 5:52 p.m.

Yellow Pages sees Q3 loss and looks to local search market for more growth

By Luann Lasalle, The Canadian Press

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MONTREAL - With the growing use of iPhones, BlackBerrys and other mobile devices to find businesses and services, Yellow Pages Income Fund (TSX:YPG.UN) is looking for more growth in the local search market.

CEO Marc Tellier said Internet-based advertising is going to become less nationally focused and that's where Yellow Pages wants to have a jump on its biggest partner and competitor, search engine giant Google.

"I think we're going to see a trend in the Internet, broadly speaking, or digital media, to go more local," Tellier said in an interview after a conference call to discuss third-quarter results that were hit by a big writedown.

Tellier argued that Google "doesn't have feet on the street" to ask customers if they want video advertising, what kind of services they need or what key words they'd like to find their business online.

"If you're looking for a dive shop in Sudbury, Ont., Google is not going to know about it."

Yellow Pages, Canada's largest directories business, has had an agreement with Google to resell Google Adwords ads since 2007.

Tellier said Yellow Pages is well on track to have 20 per cent of its revenues in 2010 come from digital applications. But he said he hasn't yet seen a "turning point" when digital and print revenues will be equal.

Yellow Page's loss for the three months ended Sept. 30 was $168.8 million, or 33 cents per unit, compared with a profit of $146.1 million or 28 cents per unit in the third quarter of 2008.

The Montreal-based fund also had a $315-million charge related to the writedown of its Trader classified-ad publications business, which the fund bought in 2006 for $760 million.

Yellow Pages assured investors Wednesday that it will maintain cash distributions at the current rate until it converts into a corporation, despite challenging economic times and a loss in the third quarter.

Chief financial officer Christian Paupe blamed the loss on an accounting adjustment and said it had no effect on liquidity.

"Given the accounting loss, we felt it was appropriate to affirm our cash distributions leading to conversion," Paupe told a conference call with analysts to discuss the financial results.