InfoUSA Expects Earnings to Grow
Database services provider InfoUSA Inc. said that it expects third-quarter pro forma earnings to grow compared to the same period last year, but that earnings were hurt in the quarter by the Sept. 11 terrorist attacks.Omaha-based InfoUSA said it expects earnings before interest, taxes, depreciation and amortization to grow by 80 percent compared with the same quarter last year.
Although revenue was negatively impacted by approximately $3 million due to the attacks, the company reported that its revenue returned to normal levels within a week.
"In light of the current economic and political climate, we are very pleased with the significant EBITDA growth that we experienced during the third quarter," said Stormy Dean, CFO, InfoUSA.
As a result of InfoUSA's cost containment program, Dean said "we continued to benefit from strong cash flow, enabling the company to prepay $10 million of its long term debt during the quarter …We are also gratified that our revenue stabilized within a week of the attacks."
The company plans to report third quarter 2001 earnings on Oct. 12 before the market opens.
