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The Kelsey Report® White Paper

2002 U.S. Market Review
Charles Laughlin,Neal Polachek , 12/23/2002

EXECUTIVE SUMMARY:

0.0 Executive Summary

The U.S. Yellow Pages industry has been through a difficult and eventful year in 2002. The soft economy, coupled with intense intra-media competition, has made this business more challenging for established players and more risky for newcomers.

Yet despite a challenging year, the U.S. Yellow Pages industry remains enormously profitable. The Kelsey Group (TKG) estimates that the industry will have generated earnings before interest, taxes, depreciation and amortization (EBITDA) approaching US$7 billion in 2002.

The year 2002 featured some monumental changes in the basic structure of the U.S. Yellow Pages industry. Two of the five "incumbent" publishers, QwestDex and Sprint Publishing & Advertising, were sold to non-telecom buyers. Private equity firms had a big impact on the industry in 2002, having acquired QwestDex, Cincinnati Bell Directory and, in Canada, Bell ActiMedia.

TKG expects the industry in 2003 to be affected by many of the same factors as it was in 2002: a soft economy (at least in the first half of the year), growing competition and a broadening of the spectrum of competitors (can you say Google?). We also see 2003 as a year in which the incumbents will begin to fight back against the array of forces chipping away at their market share.

This White Paper will detail our end-of-year 2002 estimates for the U.S. Yellow Pages market, as well as offer our updated forecast for 2003. A PowerPoint presentation containing charts and graphs that illustrate these estimates and forecasts is available to download from The Kelsey Report Digital File Drawer�.

We will offer a similar report on the global Yellow Pages industry in the coming weeks.

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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Copyright© 2006 The Kelsey Group. All Rights Reserved.