Yellow Pages Q3 profit slips to $3.8M, print revenues down, digital up

MONTREAL – Yellow Pages Ltd. (TSX:Y) earned $3.8 million in its latest quarter, down from $13.2 million in the same quarter last year.

The company said the profit amounted to 14 cents per share for the quarter ended Sept. 30 compared with a profit of 49 cents per share a year ago.

Revenue for what was the company’s third quarter totalled $201.1 million, down from $210.6 million, due to a 24.4 per cent drop in print revenue.

Yellow Pages said acquisitions helped digital revenue grow to $138.6 million for the quarter, representing 68.9 per cent of total revenue. That compared with $127.8 million or 60.7 per cent of total revenue, during the same period last year.

However, on a pro forma basis, digital revenue for the quarter grew three per cent year-over-year, prompting Yellow Pages to cut its 2016 revenue guidance.

Yellow Pages said Thursday it now expects year-over-year pro forma digital revenue growth for the year between five and eight per cent compared with earlier guidance for between nine and 11 per cent.

The company also announced several key executive changes.

Both chief financial officer Ginette Maille and chief operating officer Doug Clarke will retire on March 1, 2017.

The company said it has started a search for a new chief financial officer, while Dominique Vallee, who has been vice-president, sales, will succeed Clarke, and take on the newly titled role of senior vice-president, sales and customer care.