D&B announced today that its Board of Directors has authorized an increase of $500 million to its existing share repurchase program bringing the total authorization to $1 billion.
“Our second quarter results were in line with our expectations and we are on track to meet our full year guidance. Cautious customer spending impacted North America during the first half of the year, while International results were solid. Through better traction from new products and improved execution on our core business, we expect North America’s growth trajectory to gradually improve in the back half of the year and accelerate into 2013,” stated Sara Mathew, D&B’s Chairman and Chief Executive Officer.
Total revenue for the second quarter of 2012 was $383.9 million, down 7% before the effect of foreign exchange (down 8% after the effect of foreign exchange) from the prior year similar period. Total revenue for the second quarter of 2011 included the results from businesses that were divested or shut down. Deferred revenue was $575.3 million, down 4% from the prior year similar period.
Operating income before non-core gains and charges for the second quarter of 2012 was $114.0 million, up 5% from the prior year similar period, primarily due to the effect of businesses divested in the prior year. On a GAAP basis, operating income was $89.3 million, down 1% from the prior year similar period, primarily due to legal fees and other shut down costs related to matters in our China operations. Core Revenue US$383.9 mil down 1%P
- North American Revenues: US$279.0 mil down 2%
- Asia Pacific US$46.6 mil up 10%
- Europe & Other International Markets US$ 58.3 mil down 3%.
D&B today reaffirmed its financial guidance for the full year 2012: Core revenue growth of 0% to 3%, before the effect of foreign exchange; Operating income growth of 4% to 7%, before non-core gains and charges.
Source: D&B Press Release
