Yellow Media recovering from restructuring process, Q3 adjusted earnings up

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Yellow Media Inc. logo is shown at the company\'s quarterly results meeting in Montreal, May 6, 2010. THE CANADIAN PRESS/Graham Hughes

MONTREAL – Yellow Media Inc. (TSX:YLO) is showing signs of financial recovery following months of restructuring of its business and finances.

The Montreal-based directory publisher says it had $24 million of net earnings in the third quarter, or four cents per share.

The profit was a big turnaround from the same time last year when it took a huge writedown on assets that resulted in a net loss of $2.8 billion.

Revenues fell to $267.7 million from $323.4 million last year as a result of discontinued directories and a divestiture in November 2011.

Yellow Media says adjusted earnings are a better measure of its ongoing business because they exclude a number of one-time items.

But that measure, the company earned $77.1 million or 15 cents per share in the latest quarter. That compared with $69.2 million or 14 cents per share in adjusted earnings last year.

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