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The Kelsey Report® Advisory

U.S. Yellow Pages 3rd-Quarter Earnings Wrap-Up
Charles Laughlin , 10/31/2002

Issue: Economy, Competition Wear on Major U.S. Publishers

News: The third-quarter U.S. earnings season is well underway, and indications from the Yellow Pages industry overall suggest this year has been a challenge for many directory publishers, which have struggled with a soft economy and rising competition. Most of the major incumbent publishers are showing flat or negative revenue growth, with adjustments for ever more frequent schedule shifts.

The four largest U.S. publishers posted revenues of US$7.97 billion through nine months, including international and online revenues. This is down by less than 1 percent from US$8.03 billion for the same period in 2001.

In upcoming Advisories and TKR Client Alerts, we will review the year-to-date revenue picture among U.S. independent publishers, and publishers in Europe, Asia and the rest of the world.

Copyright � 2005 The Kelsey Group. All Rights Reserved.
This published material is for internal client use only. It may not be duplicated or distributed in any manner not permitted by contract. Any unauthorized distribution could result in termination of the client relationship, fines and other civil or criminal penalties under Federal law. The Kelsey Group disclaims all warranties regarding the accuracy of the information herein and similarly disclaims any liability for direct, indirect or consequential damages that may result from the use or interpretation of this information.

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