New York, USA – April 30, 2010 – The Nielsen Company B.V., a leading global information and measurement company, today announced its financial results for the quarter ended March 31, 2010.
Reported revenues for the three months ended March 31, 2010 were $1,196 million, an increase of 9% over reported revenues for the three months ended March 31, 2009 of $1,102 million. Excluding the impact of currency fluctuations*, revenues for the three months increased 4%.
Reported operating income for the three months ended March 31, 2010 was $132 million compared to operating income of $112 million for the three months ended March 31, 2009. The 2010 results included $3 million of charges relating to restructuring costs. The 2009 results included $5 million of charges relating to restructuring costs. Adjusting for these items and excluding the impact of currency fluctuations*, operating income increased 9%.
Covenant earnings before interest, taxes, depreciation and amortization and other adjustments permitted under our senior secured credit facilities (“Covenant EBITDA”) was $1,361 million for the twelve months ended March 31, 2010. Covenant EBITDA is a non– GAAP measure. See “Covenant EBITDA” below for a reconciliation of Loss from continuing operations of $389 million for the twelve months ended March 31, 2010 to Covenant EBITDA.
As of March 31, 2010, total debt was $8,573 million, and cash balances were $408 million. Capital expenditures were $53 million for the three months ended March 31, 2010, compared with $64 million for the three months ended March 31, 2009.
Conference Call and Webcast
The Nielsen Company will hold an earnings conference call, hosted by The Nielsen Company’s Chief Financial Officer Brian J. West, at 9:00 a.m. U.S. Eastern Time (ET) on April 30, 2010. In addition, a link to the Company’s quarterly financial report on Form 10-Q has been posted.
NOTE: Additional detail regarding results (tables, etc.), can be found in the PDF download version of this release.
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.