In announcing two new strategic initiatives and its Q3 results, management confirmed its previous guidance for the full-year of 2007:  Core revenue growth of 6 % to 8 %; operating income growth before non-core gains and charges of 8% to 10%; free cash flow of US$ 310 million to US$325 million and diluted EPS of 13% to 16% before non-core gains and charges.  For 2008 D&B forecasts a range of 7% to 9%, all of which will be organic.  D&B revenues were not impacted by the credit crunch and management seemed not to be worried about any negative effects of a potential economic downturn at this point.  The incremental revenue impact for both initiatives will be in the range of US$25 – US30 million.D&B and Tokyo Shoko Research (TSR) have signed an agreement to form a joint venture D&B-TSR Ltd. extending an existing partnership with TSR to jointly focus on high value business information solutions.  D&B will merge its Japanese business into the joint venture, while TSR will contribute existing subscription agreements of its largest customers.  D&B and TSR have been in partnership since 1994.  The latest step creates a one-stop shop for both companies’ products.  It is a logical extension of the current reciprocal supply and distribution arrangement taking it into the large customer information solutions sphere. D&B will deliver its know-how and tools, and TSR brings in local data and customer relationships. The JV does not require any cash investment.  D&B will own 60%, TSR 40% of the equity.

BIIA Newsletter November – 2007 Issue