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The Kelsey Report® Advisory

First-Half 2003 Yellow Pages Earnings Roundup
Bobbi Loy-Luster , 8/22/2003

Issue: Struggles Continue in Many Global Markets

News: First-half 2003 earnings results for major Yellow Pages publishers worldwide indicate that the industry as a whole continues to struggle with weak economic conditions. Publisher guidance and signs of economic improvement do suggest a modest turnaround in the second half of the year.

In the meantime, some of the most positive signs are appearing in the electronic directory space, as Internet Yellow Pages operations within traditional directory publishers and stand-alones alike continue to show improvements in revenue, usage and number of advertisers. At the same time, search players continue to make great leaps in terms of acquiring small-business customers.

This Advisory offers a brief summary of the results reported by the major publicly traded Yellow Pages organizations worldwide, as well as a selection of stand-alone Internet Yellow Pages (IYP) and search companies. Not captured here are privately held companies that do not publicly report results. Additionally, some U.S. and European entities have not yet formally reported their second-quarter and first-half earnings results.

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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