results much better than expected..Directory adjusted revenues increase by 4.3% and grew by 1% organically.
Online organic growth increases in excess of 23%
Distributable cash decreases to .35 from .36
Forecasted earnings flat through 2010
Consolidated adjustable revenues down 2% from 2nd quarter 2008. In all fairness you have to remember that 2nd quarter 2008 was in a very robust market whereas 2nd quarter 2009 was in our most fearfull and pessimistic market seen in over 70 years.
The distribution is safe, the economy is turning around, I suspect that we will see two more quarters of reduced earnings in the neighborhoud of 2% per, so a total 6-8% drop in revenues out to 2010, where we may start to revenue growth once again.
All in all, a very good result, given the market volitility we have seen.
cheers rythman