yellow pages limited
yellow pages will begin piloting mytime solutions in q3 2017. yellow pages entered into a
and yellow pages™ print directories. in addition, yellow pages is a leader in national digital advertising through
may 11, 2018 yellow pages limited reports significantly improved first quarter 2018 financial results and announces $ 30 million senior se ...
yellow pages limited (tsx: y) is a canadian digital media and marketing company that creates opportunities for buyers and sellers to discover, find, interact and transact in the local economy. yellow pages holds some of
yellow pages limited (tsx: y) is a canadian digital media and marketing solutions company that supports local economies by helping businesses reach new customers and foster stronger relationships with existing clients through its various media and products. yellow pages holds some of
yellow pages limited (tsx: y) is a canadian digital media and marketing solutions company that supports local economies by helping neighbourhood businesses reach new customers and foster stronger relationships with existing clients through its various media and products. yellow pages holds some of
management' s discussion and analysis. yellow pages will provide quarterly results on a segmented basis going forward .
marc tellier, chief executive of yellow media inc. , formerly yellow pages, shows the company' s new logo at their head office monday, march 22, 2010 in montreal .
, a division of yellow pages devoted to digital marketing and performance media services for national - scale agencies and customers. more at
if you are a yellow pages customer looking for assistance, you can reach our customer service team at 1 877 909 - 9356 .
, yellow pages is a leader in national advertising through its various channels and services devoted to north american businesses. the company also owns
/ cnw telbec / - yellow pages limited (tsx: y) (
yellow pages
or the
company
) announced today that it will acquire juice mobile (
juice
), a premium advertising technology company whose proprietary programmatic platforms facilitate the automatic buying and selling of mobile advertising between brands and publishers. the acquisition will close and take effect on
total digit visits (
tdv
) to the yellow pages network of properties grew over 50% year - over - year to 162 million. this increase is a result of yellow pages syndicating listings and content across its owned and operated media properties and strong partnership network .
yellow pages continued progress in operationalizing its new customer offerings and go - to - market strategy. yellow pages expects to begin piloting elements of these initiatives, including evergreen contracts, in the second half of 2017. the company remains on track to complete implementation of these initiatives in 2018 .
how i save those valuable ppt pages plz send us link respected sir. .
, president and chief executive officer of yellow pages limited .
new forms of mobile advertising need to also be readily available to small and medium - sized businesses at the local level. by leveraging juice mobile' s technologies, platforms and audiences, yellow pages will equip canadian smes with mobile programmatic solutions that are designed with their specific needs in mind and help them compete in the evolving digital marketplace .
standard & poor’s downgraded the montreal - based company, which includes the yellow pages group, to bb + from bbb -. the downgrade now means yellow media’s debt is considered “non - investment” grade, or high yield .
will have to: . act as the first point of contact within yellow pages customer service / call centre, with a focus on ...
dna capital acted as exclusive financial advisors to the company on the acquisition of juice mobile. telos advisors acted as exclusive financial advisors to juice mobile on its sale to yellow pages .
yellow media also said it will move from a monthly dividend payment to a quarterly format .
the real estate, employment and urltoken businesses will continue to be owned and managed by yellow media .
“in order to improve the financial risk profile and capital position of the company, the board of yellow media inc. has decided to reduce cash dividends to common shareholders, ” yellow media said in a release .
- of the 10 modifications judge harold h. greene mandated in the agreement between at & t and the department of justice, one that has called for a great deal of corporate adjustment is the provision setting forth conditions under which printed yellow pages, white pages directories, and electronic information services may be provided. to read the entire article, click here .
customer count decreased 3% year - over - year. yellow pages will place increased emphasis on growing the customer base through the acquisition of high potential customers and the retention of existing customers to stabilize and grow the company' s revenues .
global yellow pages limited (gyp) is a multi - platform solutions company focusing on up - to - date search, sme enablement and database marketing. it is also the largest publisher of directories and provider of classified directory advertising and associated products and services in singapore. listed on sgx - st, the group continues to develop and expand its suite of products and services to ensure usability and accessibility in a changing market .
in conjunction with yellow pages' updated corporate strategy announced in q1 2017, the company has made changes to how it manages, allocates capital and assesses performance of the business. the company' s operations have been divided into the following four segments :
yellow media expects to close the sale in june 2011, which is as usual subject to regulatory approvals and other customary conditions. proceeds from the divestiture will be used by yellow media in part to reduce indebtedness and for ‘general corporate purposes’ .
tdv for 2016 was stable year - over - year with a 26% increase in traffic in the fourth quarter of 2016 compared to the same period the year prior. this increase is attributable to the company' s strong partnership network, syndicating yellow pages listings and content .
leading local online properties including yp. ca™, redflagdeals. com™, canada411. ca, 411. ca, bookenda. com, dine. to, duproprio. com, urltoken and yp nexthome. the company also holds the yp, yp shopwise, yp dine, redflagdeals, canada411, 411, bookenda, duproprio, comfree and yp nexthome mobile applications and yellow pages™ print directories. in addition, yellow pages is a leader in national advertising through its divisions devoted to servicing the marketing needs of large north american brands, including mediative and juice. for more information visit
“this divestiture is attractive for our shareholders and will allow us to deploy capital in our core business, helping accelerate our digital transformation while further strengthening our capital structure. as canada’s number one internet company, we want to focus our efforts on the acceleration of our digital transformation via our yellow pages 360 solution. ”
32. what helps you to prosper? tata yellow pages. what / who increases your valuable treasure? tata mcgraw - hill publishers. the producer of miss world & miss universe from india tata lakme. what beeps next to your heart? tata cellular. what makes the world within your reach? tata tele .
, president and chief executive officer at yellow pages .
however, at this stage in our plan, we are now seeing that changes in our product mix will be putting additional pressures on our bottom line in the future. resolving this will be our core area of focus as we continue to evolve the business .
yellow pages acquired 41, 100 new customers in 2016, exceeding the 2016 target of 38, 000. this compares to 30, 800 new customers acquired in 2015. at year - end, the company' s total customer count was over 241, 500, compared to 245, 000 customers at year - end 2015 .
yellow media also reported that revenues decreased 4. 8% during the second quarter, from $ 360. 1 - million to $ 342. 7 - million .
after months of reviewing the 4, 000 pages of public comments, briefs, and the responses of the parties in the case, judge greene on august 11 issues a 178 - page opinion on the modification of final judgment. he characterizes it as
plainly in the public interest
but wants 10 changes. he wants, among other things, to allow the operating companies to provide new customer premises equipment and printed yellow pages and to prohibit the remaining at & t from offering electronic publishing services over its own transmission facilities for at least seven years .
the
hold
camp includes td securities analyst scott cuthbertson, who published a note this week examining whether yellow media' s 65 - cent annualized dividend is sustainable .
allen, in an interview with the associated press, listed the challenges: the largest city anywhere close to the drilling, barrow, has extremely limited motel space; there is no hangar for aircraft, a must in stormy and variable weather, and the shallow water means no port .
yellow media inc. has made plenty of investors blue, with successive dividend cuts and a stock that' s landed with a thud louder than one of its telephone books .
maintaining yellow media' s investment - grade debt rating is critical to sustaining the dividend at current levels, he said. losing the rating would trigger more restrictive covenants in yellow media' s loan agreements, which would put the dividend in jeopardy because the company would be permitted to pay out a maximum of 50 per cent of distributable cash as dividends .
on a pro forma basis, digital revenues in 2016 increased approximately 5% year - over - year. yellow pages' local operations contributed favourably to pro forma digital revenue growth, a result of accelerated customer acquisition and an increase in digital spending among the company' s renewing customer base. pro forma digital revenue growth was also favourably impacted by cfdp' s growing network of home sellers and buyers in
reached 28. 8% , as compared to 31. 4% in 2015. the decrease in adjusted ebitda and adjusted ebitda margin was due to lower print revenues and a change in product mix, partly offset by cost saving initiatives. the decline in the adjusted ebitda margin was also impacted by the acquisitions of cfdp and juice, which operate at a lower adjusted ebitda margin relative to yellow pages prior to the acquisitions .
canadian internet conglomerate yellow media is selling its vertical media publishing business trader corporation to funds advised by apax partners for a total purchase price consideration of $ 745 million, payable in cash at closing .
, as compared to a renewal rate of 85% during the same period last year. while this continues to represent strong customer loyalty for the industry, the customer renewal rate remains under pressure due to accelerated levels of customer acquisition as new customer cohorts churn at higher rates than older customer cohorts. in an effort to protect customer renewal rates, yellow pages continues to grow specialized onboarding teams and increase retention efforts across sales and customer care channels .
shares in yellow media inc. plummeted 32% thursday following a downgrade of the company’s debt to junk status, even after the company announced it was sharply cutting its dividend to address its massive debt burden .
shares in yellow media inc. plummeted 32% thursday following a downgrade of the company' s debt to junk status, even after the company announced it was sharply cutting its dividend to address its massive debt burden
the acquisition of juice mobile is highly complementary to our business ,
continued mr. billot .
this transaction will allow mediative and juice mobile to access rich technologies and a growing and unduplicated network of agencies, brands and audiences to buy and sell mobile advertising at scale. the transaction will also accelerate yellow pages' monetization of local mobile audiences, leveraging juice mobile' s publishers and advertising platforms to deliver more targeted hyperlocal mobile advertising campaigns to smes nationwide .
such a high yield
tells you the market doesn' t believe [ the dividend ] is sustainable ,
said norman levine, managing director of portfolio management corp. in toronto, who doesn' t own yellow media shares .
the move to slash the dividend follows an earlier warning from s & p this year which originally raised the spectre of a debt downgrade. s & p’s warning put yellow media’s dividend in the spotlight, which annually pays $ 350 - million to shareholders .
43. the review that i began last october was not limited to the linked exchange rate mechanism. i sought views on the whole range of issues affecting our securities and futures markets. while i am generally satisfied that the regulatory framework that we have built up since 1987 provides us with a reliable and efficient trading and settlement system, even at times of extreme volatility, there are certainly areas where we can make further improvements .
129. i would now like to deal with the question of rates. to alleviate the burden of rates arising from the last general revaluation which came into effect in april 1997, in the last budget i reduced the overall rates percentage charge from 5. 5 per cent to 5 per cent. this is an historic low. i also introduced a rates relief scheme which limited increases in rates payments to no more than 20 per cent in 1997 - 98 and in 1998 - 99 .
unlike the gulf, where tens of thousands of oil wells and runoff have tainted the waters for decades — and where rigs once again are probing the depths for oil — a spill in the arctic risks tainting a pristine and sensitive landscape, one that has not been as well studied and where drilling in federal waters is limited. that makes it harder to determine what toll a spill would have on the endangered polar bears and migratory whales that make use of the oil - rich seas .
the company doesn' t have a lot wiggle room with its credit ratings. standard & poor' s rates yellow media' s senior unsecured debt at triple - b - minus, which is one notch above speculative status. dbrs rates it triple - b (high), which is three notches above speculative .
mr. cuthbertson believes yellow media can meet s & p' s debt - reduction targets, helped in part by the company' s dividend reinvestment plan, which allows it to conserve cash by paying dividends with more shares. however, others are skeptical that the company can meet the debt targets without selling assets .
trader, formed in june 2006 with the integration of classified media holdings and trader media and acquired by yellow media shortly thereafter, publishes approximately 160 publications and 22 websites covering four product verticals: automotive, real estate, general merchandise and employment. its online properties attract close to 3. 5 million unique visitors per month .
underlining the dangers, s & p has said it would like to see yellow media reduce its net debt by $ 450 - million this year and that
downward pressure on the ratings would likely come from a failure to reduce debt levels as noted … as well as a failure to improve adjusted debt leverage as targeted .
yellow media’s loss widened when looking at profit from continuing operations, which is a clearer picture of the core business. the company posted a loss of $ 20. 7 - million, or 5¢ a share, compared with a profit of $ 53 - million, or 9¢ a share, during the same period in 2010 .
, as compared to 30, 800 new customers acquired during the same period last year, representing a 33 percent increase year - over - year. in 2016, the company focused on promoting lead generation and optimizing conversion rates within the company' s sales force to grow customer acquisition and stabilize the customer count. in conjunction, various initiatives and tools were implemented throughout the year, including the introduction of a dialer across yellow pages' call centers to automate the qualification and assignment of incoming customer leads. the dialer, which also acts as a leads management system, enabled the sales force to target leads by segment, launch meaningful campaigns at the optimal times of the year, and ultimately contributed to overall improvements in the conversion rate .
ice, which can be an obstacle to clean up, can also act as a natural barrier to a spill. and the frigid water means the oil would be slower to degrade, buying more time to apply dispersants, burn off oil and use other clean - up techniques — though potentially exposing wildlife to more toxins. exploratory drilling, as shell points out, would be limited to the open water season from july - october, making the timing of a spill important. if one were to happen toward the end of the season, ice would be coming in, complicating cleanup efforts .
the company is currently burdened with $ 2. 4 - billion in debt. prior to thursday’s scale back of the dividend, yellow media’s dividend yield was more than 30% . that inflated number was the result of a plummet in share price, which has gone from a 52 - week high of $ 6. 46 to a wednesday close of $ 1. 94 .
1 non - ifrs measures in order to provide a better understanding of the results, the company uses the term adjusted ebitda, defined as income from operations before depreciation and amortization, impairment of intangible assets and restructuring and other charges. adjusted ebitda is not a performance measure defined under ifrs and is not considered an alternative to income from operations or net earnings in the context of measuring yellow pages' performance. adjusted ebitda does not have a standardized meaning and is therefore not likely to be comparable to similar measures used by other publicly traded companies. management uses adjusted ebitda to evaluate the performance of its business as it reflects its ongoing profitability. management believes that certain investors and analysts use adjusted ebitda to measure a company' s ability to service debt and to meet other payment obligations or to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business .
non - ifrs measures 1 in order to provide a better understanding of the results, the company uses the term adjusted ebitda, defined as income from operations before depreciation and amortization, impairment of intangible assets and restructuring and special charges. adjusted ebitda is not a performance measure defined under ifrs and is not considered an alternative to (loss) income from operations or net (loss) earnings in the context of measuring yellow pages' performance. adjusted ebitda does not have a standardized meaning and is therefore not likely to be comparable to similar measures used by other publicly traded companies. management uses adjusted ebitda to evaluate the performance of its business as it reflects its ongoing profitability. management believes that certain investors and analysts use adjusted ebitda to measure a company' s ability to service debt and to meet other payment obligations or to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. as well, free cash flow is a non - ifrs measure generally used as an indicator of financial performance. it should not be seen as a substitute for cash flow from operating activities. free cash flow is defined as cash flow from operating activities, as reported in accordance with ifrs, less an adjustment for capital expenditures. free cash flow is not a standardized measure and is not comparable with that of other public companies. management considers free cash flow to be an important indicator of the performance of its business as it shows how much cash is available to repay debt and to make sound investment decisions. management believes that certain investors and analysts use free cash flow to value a business and its underlying assets as well as to evaluate a company' s performance. net debt is a non - ifrs measure and does not have any standardized meaning under ifrs. therefore, it is unlikely to comparable to similar measures presented by other publicly traded companies. net debt is defined as current portion of long - term debt plus long - term debt and exchangeable debentures, less cash. management considers net debt to be an important indicator of its financial leverage as it represents the amount of debt that is not covered by available cash. management believes that certain investors and analysts use net debt to determine a company' s financial leverage .
after the transaction is completed, trader will continue to own and operate canadian automotive and other online properties, including urltoken, urltoken, urltoken, and urltoken, as well as 74 related publications .
trader will also retain its interest of approximately 30% in urltoken, the us digital solutions provider to the automotive dealer segment .
the subject who is truly loyal to the chief magistrate will neither advise nor submit to arbitrary measures .
since peaking at more than $ 17 in 2006, the shares have plunged nearly 70 per cent, closing thursday at $ 5. 29. adding to the pain, the directories publisher has chopped its dividend twice as it grappled with the financial crisis, its transition from print to digital media and a recent conversion from an income trust to a corporation .
now some investors are asking: is another dividend cut in the cards? the sky - high yield of 12. 2 per cent isn' t a comforting sign .
to me, it' s a dying business. they' re trying to transition to the internet, but once you go [ online ] there are all kinds of other options
for searching .
analysts aren' t sold on the company' s prospects, either. according to bloomberg, just one analyst rates the stock a
buy ,
nine have it as a
hold
and one calls it a
sell .
his conclusion after poring over the financials: probably, but it' s not a slam dunk .
based on our estimates for 2011 and 2012 (which are in line with consensus), ylo should be able to continue to pay its $ 0. 65 dividend from free cash flow in both years ,
he wrote .
with that said, non - operational items such as acquisitions, divestitures, one - time cash charges etc. , could potentially put pressure on both the company' s ability to completely fund its dividends through free cash flow and the achievement of recently articulated debt - reduction goals .
maher yaghi of desjardins securities inc. - the sole analyst with a
buy
on the stock - is more optimistic .
our analysis indicates that the annual dividend of $ 0. 65 / share is manageable and should be funded by free cash flow ,
he said in a february note .
we view this dividend payout rate to be sustainable so long as the company' s financial performance does not deteriorate substantially from current trends .
after the drubbing investors have already suffered, they' d better cross their fingers .
welcome to the globe and mail’s comment community. this is a space where subscribers can engage with each other and globe staff. non - subscribers can read and sort comments but will not be able to engage with them in any way. click here to subscribe .
if you would like to write a letter to the editor, please forward it to letters @ urltoken. readers can also interact with the globe on facebook and twitter .
welcome to the globe and mail’s comment community. this is a space where subscribers can engage with each other and globe staff .
we aim to create a safe and valuable space for discussion and debate. that means :
due to technical reasons, we have temporarily removed commenting from our articles. we hope to have this fixed soon. thank you for your patience. if you are looking to give feedback on our new site, please send it along to feedback @ urltoken. if you want to write a letter to the editor, please forward to letters @ urltoken .
html public
- / / w3c / / dtd html 4. 01 transitional / / en
urltoken
analyst will be responsible for the production of different reports and analysis for the accounts receivable department. reporting to the director and ...
to manage, organize and plan the daily activities of the teams to ensure efficient operations and quality deliverables. main responsibilities: leadership  ...
helps businesses cut through the digital clutter so they can better perform in an otherwise complex digital landscape, and ultimately reach, engage ...
to manage, organize and plan the daily activities of the teams to ensure efficient operations and quality deliverables. main responsibilities:  manage ...
you love sales? have the hunger and drive to be on top successfully? carry a passion for digital marketing advertising? a curiosity ...
a specialist, provide and ensure technical support to internal / external sales tools' users based on their calls and via salesforce case management to ...
specialist will verify, analyze and process requests for billing adjustments, corrections or investigations based on yp rules. he will also answer / contact customers ...
product launch parties that are epic! ? birthday off with pay. ? no evenings or weekends. ? employee assistance program ...
you' ll love. a dynamic and collaborative workplace where you can contribute to our story. an access to over 6, 000 free courses for ...
find the latest high - quality jobs, direct from employer websites. handmade in canada .
eluta' s star ratings reflect our confidence in recommending an employer. ratings are based on criteria our editors use for the canada' s top 100 employers
project, plus 20 regional and special - interest competitions we manage. we also consider programs for entry - level employees from the career directory
project, plus recent recruitment activity. ratings assigned by algorithm, without human intervention .
thursday’s cut by s & p occurred despite a sharp trim to the company’s annual dividend, which was lowered to 15¢ from 65¢. it also followed the announcement of a second - quarter loss of $ 14. 3 - million .
shares in the company dropped 32% and were trading at $ 1. 32 on thursday morning .
“given our focus on transitioning our business online, a reduction in cash dividends to shareholders is the right decision and in the best interest of the company, ” ceo marc tellier said in a release .
enbridge sells assets worth $ 4. 3 billion to brookfield consortium in bid to reduce $ 61 - billion debt pile
greyhound canada to end service in prairies, b. c. , eliminating 415 jobs — and leaving small towns in the lurch
american steaks, german cars emerge as early victims in u. s. - china trade war
all rights reserved. unauthorized distribution, transmission or republication strictly prohibited. powered by
we connect people and businesses in neighbourhoods across canada through our digital properties and services .
whether through the latest and greatest mobile app or trusted print media, we provide many gateways to helping you discover all that canada’s neighbourhoods have to offer .
get noticed, get found. as a business, are you taking advantage of consumer traffic both online and offline? we offer a variety of products and services in digital and traditional media to help even the smallest of businesses leave behind a big footprint to reach prospective clients .
shop the neighbourhood is a free national campaign highlighting and encouraging local shopping in support of small businesses .
we foster business relationships between canadian businesses and their prospective clients. we do this by providing tailored, locally - relevant digital media and marketing solutions designed with both these audiences in mind .
use of this site is subject to, and your continued use constitutes your express agreement to be bound by, the terms of use and privacy statement. any unauthorized use of this site is strictly prohibited .
xbrl voluntary filing program visit the csas xbrl website for information about xbrl and the voluntary program. click here for information about xbrl software and viewing xbrl financial statements .
for inquiries related to this message please contact support. for sales inquiries, please visit urltoken
if you believe this to be in error, please confirm below that you are not a robot by clicking
i' m not a robot
below .
please make sure your browser supports javascript and cookies and that you are not blocking them from loading. for more information you can review the terms of service and cookie policy .
company reviews published on our site are the views and opinions of their authors and do not represent the views and opinions of urltoken or its personnel. urltoken does not verify the truth or accuracy of any reviews and does not adopt or endorse any of the comments posted. urltoken posts reviews for what they are worth and for information purposes only to assist candidates to find employment .
1) we offer attractive salary that commensurate with work experience. 2) we provide opportunities for career advancement within the company. 3) we advocate a safe working environment for all our employees .
brands are rapidly adopting programmatic technologies in the deployment of mobile advertising campaigns. as the mobile advertising industry experiences rapid growth, projections indicate that programmatic is set to overtake non - programmatic forms of mobile advertising in
juice' s programmatic direct and real - time bidding platforms enable advertisers and publishers to buy and sell mobile advertising more efficiently. its programmatic direct platform, nectar®, is
largest mobile futures marketplace, helping advertisers purchase brand - safe and guaranteed impressions from a wide network of premium mobile publishers. via its real - time bidding platform, swarm®, juice facilitates the purchase of mobile advertising in a real - time environment .
since its inception in 2010, juice has successfully leveraged its mobile advertising platforms to build valuable relationships with an extensive network of brands and publishers. juice currently services over 300 fortune 500 customers across
, while operating a mobile media publisher network garnering 11 billion impressions annually. revenues at juice exceeded
in 2015, having grown organically at a cagr of 110% over the past three years. in conjunction to growing its already notable market presence in
, juice is actively developing the us market, which currently represents approximately 15% of its consolidated revenues. as further evidence of its innovative and agile organization, juice was named
of its secured notes in 2016. the company continues to anticipate returning to consolidated revenue and adjusted ebitda growth, as well as achieve a debt - free capital structure, by 2018 .
for further information: investor relations: amanda di gironimo, director, corporate planning and investor relations, tel. : (514) 934 - 2680, amanda. digironimo @ urltoken; media: fiona story, director, public relations and corporate communications, tel. : (514) 934 - 2672, fiona. story @ urltoken
browse our custom packages or build your own to meet your unique communications needs .
copyright © 2018 cnw group ltd. all rights reserved. a cision company .
- wide exclusive licensing agreement with mytime, a cloud - based all - in - one commerce platform for smes, to provide online booking, messaging and payment capability to its customers .
as interim president and ceo and commenced a process of identifying a permanent successor .
for total revenue, adjusted ebitda and free cash flow. the company has lowered its 2017 expectations for customer count and digital revenue growth. as we disclosed on
, the company continues to believe that digital revenue will increase this year but we no longer expect to reach our previously stated target of approximately 4% growth .
down 2. 9% from the same period last year due to declines in the agency and yp segments. print revenues decreased 22. 2% year - over - year to
, mainly due to a decline in the number of print customers as marketing spending shifts from print to digital .
during the same period last year. adjusted ebitda margin was 23. 2% compared to 28% in the prior year. the decrease in adjusted ebitda and adjusted ebitda margin was mainly impacted by lower overall revenues and changes in product mix, partially offset by cost saving initiatives .
per diluted share, for the same period last year. the decline in net earnings was primarily due to lower adjusted ebitda offset partially by a decline in financing costs .
the company cautions that the assumptions used to prepare the guidance provided above, although currently reasonable, may prove to be incorrect or inaccurate. accordingly, actual results may differ materially from expectations as set forth above. the guidance provided above should be read in conjunction with, and is qualified by, the section forward - looking information beginning on page 1 of the
to discuss second quarter 2017 results. the call may be accessed by dialing 416 - 340 - 2219 within the
this press release contains forward - looking statements about the objectives, strategies, financial conditions, results of operations and businesses of the company. these statements are forward - looking as they are based on our current expectations, as at
, about our business and the markets we operate in, and on various estimates and assumptions. our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. as a result, there is no assurance that any forward - looking statements will materialize. risks that could cause our results to differ materially from our current expectations are discussed in section 6 of our
management' s discussion and analysis. we disclaim any intention or obligation to update any forward - looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason .
as well, free cash flow is a non - ifrs measure generally used as an indicator of financial performance. it should not be seen as a substitute for cash flow from operating activities. free cash flow is defined as cash flow from operating activities, as reported in accordance with ifrs, less an adjustment for capital expenditures and change in operating assets and liabilities. free cash flow is not a standardized measure and is not comparable with that of other public companies. management considers free cash flow to be an important indicator of the performance of its business as it shows how much cash is available to repay debt and to make sound investment decisions. management believes that certain investors and analysts use free cash flow to value a business and its underlying assets as well as to evaluate a company' s performance. free cash flow for comparative periods presented has been restated to conform to this year' s presentation, which includes an adjustment for change in operating assets and liabilities. the change to this measure has been made to remove the movements in working capital items to better reflect the underlying performance of the business .
net debt is a non - ifrs measure and does not have any standardized meaning under ifrs. therefore, it is unlikely to comparable to similar measures presented by other publicly traded companies. net debt is defined as current portion of long - term debt plus long - term debt and exchangeable debentures, less cash. management considers net debt to be an important indicator of its financial leverage as it represents the amount of debt that is not covered by available cash. management believes that certain investors and analysts use net debt to determine a company' s financial leverage .
for further information: media: joëlle langevin, senior manager, communications, tel. : (514) 934 - 6979, joelle. langevin @ urltoken; investors: kevin chan, senior manager, corporate planning & investor relations, tel. : (514) 938 - 6727, kevin. chan @ urltoken
, representing 68% of total revenues. in the fourth quarter, digital revenues grew 11% over the fourth quarter 2015 to
, representing 71% of total revenues. on a pro forma basis, digital revenues in 2016 increased 5% .
in 2015. adjusted ebitda margin reached 29% in 2016. adjusted ebitda for the fourth quarter 2016 was
on certain of its intangible assets, namely, its trademarks and non - competition agreements. this impairment charge is a non - cash item .
as previously communicated, the company has initiated a review of the business strategy and its management outlook with the purpose of supporting the continued long - term success of a digital - first business. the areas of focus include marketing offers, customer journey, sales structure, operational platforms, and subsequent effects on long - term revenue, adjusted ebitda growth and capital allocation policy. the company anticipates communicating the outcome of this exercise and the accompanying strategy in
revenues in 2016 declined 1. 4% year - over - year to total
due to lower print revenues. included in 2016 revenues were revenues generated by comfree / duproprio (
cfdp
) and juice, acquired on
, respectively. on a pro forma basis, adjusting revenues for the inclusion of both cfdp and juice for the full years 2015 and 2016, revenues decreased 6. 2% year - over - year in 2016 .
in 2016, representing 67. 9% of total revenues, up from 58. 6% in 2015 .
, as well as by revenue growth in our national advertising operations (juice and mediative), despite a softer than anticipated performance. for the year ended
, 47% of renewing customers increased their annual spend, as compared to 44% of customers in 2015 .
in 2016, digital - only customers grew to 76, 800 or 32% of the company' s customer base. this compares to 54, 500 digital - only customers, or 22% of the customer base in 2015 .
due to a decline in the number of print customers and a migration of print marketing spending to digital .
in the context of its annual impairment testing, and as a result of a marked acceleration in an unfavourable change in the product mix during the fourth quarter of 2016, the company determined that the recoverability of certain of its assets had to be reviewed for impairment purposes. consequently, the company recorded an impairment loss of
during the fourth quarter related to certain of its intangible assets, namely its trademarks and non - competition agreements. in addition, the company recorded a recovery of income taxes of
associated with the impairment charge. the impairment charge and recovery of income taxes are non - cash items and do not affect the company' s debt covenants. in this context, the company anticipates additional pressure on adjusted ebitda in 2017, and as it works to address the mix issue, the company expects stabilization in adjusted ebitda in the short to mid - term, post - 2017. however, not at the levels previously anticipated .
for 2015. the decrease is principally due to lower adjusted ebitda and higher depreciation and amortization, mainly resulting from a higher level of capital expenditures in the context of the company' s digital evolution and amortization of intangible assets related to the acquisition of juice. for the year ended
the year prior due to lower cash flows from operating activities resulting principally from income taxes received in 2015 associated with a tax settlement covering prior years, partially offset by lower capital expenditures in 2016 .
for the same period last year, due to lower print revenues. included in revenues for the quarter were revenues generated from juice. on a pro forma basis, adjusting for the full inclusion of juice during the fourth quarter of 2015, revenues decreased 7. 1% year - over - year for the three - month period ended
, or 62% of revenues, during the same period last year. on a pro forma basis, digital revenues for the three - month period ended
increased approximately 3% year - over - year. pro forma digital revenue growth was favourably impacted by cfdp' s growing network of home sellers and buyers in
, as well as by revenue growth in our national advertising operations (juice and mediative), despite a softer performance than anticipated .
print revenues decreased 24. 8% year - over - year and amounted to
. print revenues were adversely impacted by a decline in print customer numbers and a migration of print marketing spends to digital .
for the same period in 2015. the adjusted ebitda margin for the fourth quarter of 2016 was 28. 3% as compared to 30. 9% for the same period last year. the decrease in adjusted ebitda and adjusted ebitda margin for the three - month period ended
was mostly impacted by lower print revenues and a change in product mix, partly offset by cost savings initiatives. the decline in adjusted ebitda margin was also impacted by the acquisition of juice which operates at a lower margin .
related to certain of its intangible assets, namely its trademarks and non - competition agreements. in addition, the company recorded a recovery of income taxes of
for the same period in 2015. the increase is principally due to lower restructuring and special charges and financial charges, offset by lower adjusted ebitda and higher depreciation and amortization, mainly resulting from a higher level of capital expenditures in the context of the company' s digital evolution and amortization of intangible assets related to the acquisition of juice. for the fourth quarter ended
in the same period last year. the decrease is primarily due to a tax settlement covering prior periods received during the fourth quarter of 2015 as well as lower cash adjusted ebitda, partially offset by lower pension funding .
over the first half of our return to growth plan, we have successfully built and developed our ability to acquire new digital customers, expanded our digital product offering and media properties as well as paid down debt. these accomplishments have been possible through a diversification of our business that has allowed us to continue to generate cash and deliver strong top line revenues ,
said
total digital visits (tdv) totalled 464. 7 million for the year ended
, as compared to 464 million visits in 2015. tdv measures the number of visits made across the yp, yp shopwise, yp dine, redflagdeals, canada411, bookenda, dine. to online and mobile properties as well as the visits derived from the company' s application syndication partners .
in this campaign to positive results, demonstrating an interest in yp dine products and services across demographics .
to discuss full year and fourth quarter 2016 results. the call may be accessed by dialing (416) 340 - 2218 within the
, a mobile advertising technology company whose proprietary programmatic platforms facilitate the automatic buying and selling of mobile advertising between brands and publishers. for more information visit
for further information: media, fiona story, director, public relations & corporate communications, tel. : (514) 934 - 2672, fiona. story @ urltoken; investor relations, kevin chan, senior manager, corporate planning & investor relations, tel. : (514) 938 - 6727, kevin. chan @ urltoken
gain a global perspective on the us and go beyond with curated news and analysis from 600 journalists in 50 + countries covering politics, business, innovation, trends and more .
markets data delayed by at least 15 minutes. © the financial times ltd 2018. ft and ‘financial times’ are trademarks of the financial times ltd. the financial times and its journalism are subject to a self - regulation regime under the ft editorial code of practice .
the bell system as we have known it will exist only in our memories and in the history books .
december 31, 1983
plan of reorganization
- legal document - civil action no. 82 - 0192, december 16, 1982 .
the road ahead - an excellent series of articles published in the bell telephone magazines at the time of divestiture explaining how the fcc and doj rulings will affect the employees, the customers and the resulting companies created by the breakup of ma bell .
standing way back from the legal nuts and bolts - an outline of a book conceived but never published by dennis sandow of millington, nj .
- the divestiture announcedmnet just made it into the bell telephone magazine' s last issue for 1981 which was to be printed in january 1982 .
. the network performed exceedingly well and, for customers, life was simple. with the advent of divestiture in 1984, when at & t and its operating telephone companies parted company, the department of justice' s modification of final judgment broke the seamless national network into 164 separate pieces called local access and transport areas (latas) to handle local phone traffic. through this move the doj created two distinct types of service providers local exchange carriers (lecs) and interexchange carriers (ixcs) .
the divestiture of at & t (a. k. a .
ma bell
) was very costly both to at & t, the baby bells and the consumer. litigation costs alone for at & t up to the january 8, 1982 announcement of divestiture was 360 million dollars along with an additional 15 million dollars of costs to the federal government. but the costs didn' t stop there. to get an idea of just how costly this was to both the former bell system companies and the consumer, see this excerpt from the book
the rape of ma bell .
a judge in philadelphia by the name of harold h. greene took up the case of whether the united states government had legally granted the bell system monopoly status. the judge decided that the bell system was illegal and therefore had to be broken up. but how, and what were to be the new rules? the judge spent the rest of his professional life dealing with the can of worms that he created. he would rule over how the bell system would look in the future, right down to who would got to paint their vans in the old telephone colors and how a microwave tower in the middle of nowhere would be divided to handle telephone traffic. yet this man knew nothing of telephone business or how it functioned !
as noted on the bell system history page from a 1983 sign that hung in many bell system facilities ,
there are two giant entities at work in our country, and they both have an amazing influence on our daily lives... one has given us radar, sonar, stereo, teletype, the transistor, hearing aids, artificial larynxes, talking movies, and the telephone. the other has given us the civil war, the spanish american war, the first world war, the second world war, the korean war, the vietnam war, double - digit inflation, double digit unemployment, the great depression, the gasoline crisis, and the watergate fiasco. guess which one is now trying to tell the other one how to run its business ?
once judge greene made the judgment that he was the all - knowing supreme being of the supreme court, people looked to him for all kinds of decisions. the process was extremely expensive for the consumer, filled the lawyers pockets with money, gave us rates five times higher, and eventually bankrupt companies such as worldcom (owner of mci. )
yellow pages limited ( formerly yellow pages income fund and yellow media ) is a digital company in canada . yellow media owns and operates some canadian properties and publications including yellow pages directories , yellowpages.ca , canada411.ca , and redflagdeals.com . its online destinations reach approximately 9 million of unique visitors monthly and its mobile applications for finding local businesses , deals and vehicles have been downloaded over 3 million times . the company was founded following the buyout of bell canada 's directory business and subsequently acquired superpages canada , the directory publisher for telus . in october 2008 , yellow pages was named one of " canada 's top 100 employers " by mediacorp canada inc. and was featured in maclean 's newsmagazine , the only directory publisher to receive this honour . in march 2011 , yellow pages sold trader corporation to funds advised by apax partners for $ 745 million . its headquarters is located on nuns ' island in montreal , canada . 
yellow pages limited (formerly yellow pages income fund and yellow media) is a digital company in canada. yellow media owns and operates some canadian properties and publications including yellow pages directories, yellowpages.ca, canada411.ca, and redflagdeals.com. its online destinations reach approximately 9 million of unique visitors monthly and its mobile applications for finding local businesses, deals and vehicles have been downloaded over 3 million times. the company was founded following the buyout of bell canada's directory business and subsequently acquired superpages canada, the directory publisher for telus. in october 2008, yellow pages was named one of " canada's top 100 employers " by mediacorp canada inc. and was featured in maclean's newsmagazine, the only directory publisher to receive this honour. in march 2011, yellow pages sold trader corporation to funds advised by apax partners for $ 745 million. its headquarters is located on nuns' island in montreal, canada.
yellow pages limited (formerly yellow pages income fund and yellow media) is a digital company in canada. yellow media owns and operates some canadian properties and publications including yellow pages directories, yellowpages.ca, canada411.ca, and redflagdeals.com. its online destinations reach approximately 9 million of unique visitors monthly and its mobile applications for finding local businesses, deals and vehicles have been downloaded over 3 million times. the company was founded following the buyout of bell canada's directory business and subsequently acquired superpages canada, the directory publisher for telus. in october 2008, yellow pages was named one of " canada's top 100 employers " by mediacorp canada inc. and was featured in maclean's newsmagazine, the only directory publisher to receive this honour. in march 2011, yellow pages sold trader corporation to funds advised by apax partners for $ 745 million. its headquarters is located on nuns' island in montreal, canada.