Idearc posts $186 million of operating income in third quarter

By Caroline Salls

Pittsburgh, Nov. 6 - Idearc Inc. reported $186 million of operating income for the quarter ended Sept. 30 on $611 million in total operating revenue, according to a 10-Q filed Friday with the Securities and Exchange Commission.

The figures showed a decline from the $279 million operating income posted in the quarter ended Sept. 30, 2008 on $735 million in total operating revenue.

Net income for the third quarter of 2009 was $101 million, up from $73 million of net income for the third quarter of 2008.

Meanwhile, the company posted $587 million of operating income for the first nine months of 2009 on $1.936 billion in total operating revenue, down from $897 million of operating income for the first nine months of 2008 on $2.264 billion of total operating revenue.

Net income for the first three quarters of this year was zero, declining from $260 million for the same period of last year.

Idearc had $722 million in cash and cash equivalents at Sept. 30, up from $510 million at Dec. 31, 2008.

Idearc, a Dallas-based provider of yellow and white page directories and related advertising products, filed for bankruptcy on March 31, 2009 in the U.S. Bankruptcy Court for the Northern District of Texas. Its Chapter 11 case number is 09-31828.

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