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MONTREAL – Yellow Pages Group (YPG) has returned to profitability in its fourth quarter and for its fiscal year 2018.
For the quarter ended last December 31, the montreal company reported Wednesday a net profit of $ 40 million, or 1,28 $ per diluted share, compared to a net loss of 584,6 million, or $ 22,26 $ per diluted share in the fourth quarter of 2017.
This improvement, “notwithstanding the impairment charge of 507,0 million $ recorded in the fourth quarter of 2017, mainly due to lower depreciation, amortization and restructuring and other charges and a tax saving”, a-t was specified by a press release.
Revenues for the quarter decreased 30.3 %, from $ 178,5 million $ last year, to $ 124.5 million, mainly due to disposals.
The big boss of the company, David A. Eckert, explained that these results reflect “the continuity of the alignment of our expenditures with the reality of our products and the disposal of activities that are not cost-effective or synergistic”.
Mr. Eckert also stated that the company has “completed the process of restructuring collective agreements covering almost all the sales professionals,” which should give him “a new considerable ability to manage and reward the performance and the flexibility necessary to respond to the changing needs of our competitive environment”.
Last November, the approximately 130 sales representatives Yellow Pages Group have accepted an offer from their employer, thus putting an end to over two months of work conflict.
For the fiscal year, net income was $ 82.8 million $, compared to a net loss of 594.5 million in 2017, and this, for reasons similar to what is observed in the fourth quarter. Over the same period, revenues decreased by 20.7 %, reaching 577,2 million $, compared to 728 million $ last year.
Yellow Pages group has undertaken a large restructuring for a few years. Last year, the company had announced the elimination of approximately 500 positions, or about 18 % of its workforce. It has also divested itself of assets, such as DuProprio/ComFree and RedFlagDeals.com.