New York, USA – February 26, 2010 – The Nielsen Company B.V., a leading global information and measurement company, today announced its financial results for the year ended December 31, 2009.
Reported revenues for the year ended December 31, 2009 were $4,808 million, flat with the reported revenues for the year ended December 31, 2008 of $4,806 million. Excluding the impact of currency fluctuations*, revenues for the year increased 4%.
Reported operating income for the twelve months ended December 31, 2009 was $116 million compared to operating income of $421 million for the twelve months ended December 31, 2008. The 2009 results included a non-cash charge related to the impairment of goodwill and intangible assets of $527 million as well as $62 million of charges relating to restructuring costs. The 2008 results included a non-cash charge related to the impairment of goodwill of $96 million and $118 million of charges relating to restructuring costs. Adjusting for these items, operating income, on a constant currency basis*, increased 15%.
Covenant earnings before interest, taxes, depreciation and amortization and other adjustments permitted under our senior secured credit facilities (“Covenant EBITDA”) was $1,329 million for the year ended December 31, 2009. Covenant EBITDA is a non – GAAP measure. See “Covenant EBITDA” below for a reconciliation of Loss from continuing operations of $427 million for the year ended December 31, 2009 to Covenant EBITDA.
As of December 31, 2009, total debt was $8,658 million, and cash balances were $511 million. Capital expenditures were $282 million for the year ended December 31, 2009, compared with $370 million for the year ended December 31, 2008.
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 Standard Time (EST) on February 26, 2010.
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.
The Nielsen Company is a global information and media company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and related properties. The privately held company is active in approximately 100 countries, with headquarters in New York, USA. For more information, please visit www.nielsen.com.
NOTE: Additional detail regarding results (tables, etc.), can be found in the PDF download version of this release.
* Constant currency growth rates eliminate the impact of year-over-year foreign currency fluctuations.