future looks good!Normal Course Issuer Bid
In orderto maximize funds available for debt paydown, the Company has decided tosuspend activity under its normal course issuer bid for common shares.The Company will continue to be active in repurchasing its firstpreferred shares in order to manage the profile of its maturingobligations.
Baseline Dividend and Capital Structure
Aftercareful consideration and analysis, in order to improve its financialrisk profile and capital position, the Board of Yellow Media has decidedit is in the long term best interest of the Company and itsstakeholders to reduce cash dividends to common shareholders from
.65to
.15 annually.
Yellow Media is now targeting a baselinedividend of
.15 annually, which represents a prudent dividend level.This new level of payout should provide sufficient financial flexibilityto Yellow Media while it transitions its business online.
example of another company future:
After the stock market closed onWednesday, News Corp. reported adjusted earnings of 35 cents per sharein the quarter that ended in June, beating the 30 cents expected byanalysts polled by FactSet. The company also beat forecasts in reportingthat revenue grew 11 per cent to $8.96 billion, driven by big gains atits cable TV channels such as Fox News.
Analystswere particularly excited about a new plan to expand an existing sharebuyback plan if shares remain depressed. News Corp. already hascommitted to buying back $5 billion in stock over the next 12 months.
MorganStanley analyst Benjamin Swinburne said in a research note that if NewsCorp. follows through on its plan, shareholders would get back by June2014 the majority of the company's $20 billion in excess cash.