Yellow Pages revenue down nearly 20%

Despite the declines, CEO David Eckert described the results as pleasing and "solid."
48393828_8004085226310009_4818298559822561280_o-623x350

The Yellow Pages has been through the same turmoil as most other Canadian media companies throughout the pandemic, and despite revenue for the quarter being down 18.2%, CEO David Eckert described the results as pleasing and “solid.”

Revenue was $80.2 million for the quarter, down from $98.1 million in Q3 2019. This $80.2 million comes entirely from its YP segment of print and digital advertising, with the company having abandoned its digital agency ad ad solutions practices around two years ago, selling off and dissolving properties like Juice and Mediative.

While many media companies have posted softer declines in Q3 than during a shaky Q2, the Yellow Pages’ decreases remain unchanged; last quarter saw revenue dip 17.1% year-over-year.

Eckert’s optimism in the company’s position is based around factors like its common stock NCIP program, its cash flow (as of today, cash on hand is approximately $137 million, which exceeds the company’s $107 million principal amount of exchangeable debentures) and its debt repayment (exchangeable debentures are expected to be paid off by May 31, 2021).

The company described the effect of the pandemic on revenue as “modest,” based on booking trends. It also posted that it’s on track to double its tele-sales capacity, aimed at significantly ramping up acquisition of new accounts.

Adjusted EBITDA was 34% of its revenue, or $27.3 million.