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D&B Q4 Revenues Up 4% – Full Year Up 1%

D&B logo-8D&B’s core and total revenue for Q4 was up 4% year over year, before the effect of foreign exchange (up 3% after the effect of foreign exchange).

For the full year of 2013 core revenue was up 1% year-over-year, both before and after the effect of foreign exchange.  Total revenue was flat year over year before the effect of foreign exchange and down 1% after the effect of foreign exchange  Operating income before non-core gains and charges, was down 6% year over year; GAAP operating income was up 1%.  Free cash flow for the full year 2013 was $278.2 million; Net cash provided by operating activities for the full year 2013 was $333.3 million

“Fourth quarter results were in line with our expectations, with growth in both North America and International. With 2013 behind us, we are excited to execute our new strategy which is aimed at delivering long term sustainable growth,” said President and CEO of D&B, Bob Carrigan.

D&B also announced a simplified global organizational structure that includes six direct reports to Rob Carrigan, each of whom has global responsibilities (for details click on this link).

Q4 Highlights:

North America:  Core and total revenue were $366.2 million, up 4%, year over year, both before and after the effect of foreign exchange.  Operating income before non-core gains and charges was $155.9 million, down 1%, year over year. On a GAAP basis, operating income was $124.6 million, down 21%.

Asia Pacific:  Core and total revenue were $44.2 million, up 7%, year over year, before the effect of foreign exchange (flat after the effect of foreign exchange).  Operating income before non-core gains and charges was $5.1 million, down 6%, year over year. On a GAAP basis, operating income was $3.1 million, down 39%.

Europe & Other International Markets:  Core and total revenue were $66.3 million, down 1%, year over year, before the effect of foreign exchange (flat after the effect of foreign exchange).  Operating income was $23.5 million, up 4%, year over year.

D&B scraps MaxCV:  In connection with a recent review of its business, management determined that the new data supply chain was not a necessary component of its go forward strategy to grow the business.  Prior MaxCV goals were to reduce the cost of operations to drive sustainability.  This can be largely without deployment of the new data supply chain.  Accordingly, during the fourth quarter of 2013, D&B took a $28.2 million pre-tax non-core charge related to the write-off of the new data supply chain ($23.2 million net after-tax, non-core charge).

Source:  D&B Press Release

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