Idearc reports $185 million Q1 operating income, lower revenue

By Caroline Salls

Pittsburgh, May 8 - Idearc Inc. reported a $185 million operating income for the quarter ended March 31 on $674 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 $339 million operating income posted in the quarter ended March 31, 2008 on $770 million in total operating revenue.

The net income for the first quarter of this year was $243 million, compared with a $111 million net income reported in the first quarter of 2008.

According to the 10-Q, the company recorded $12 million of restructuring charges during the first quarter of 2009 associated with its ongoing strategic organizational, market exit and pre-bankruptcy capital restructuring initiatives.

Idearc said it continues to see positive operating cash flows, and it does not expect to need debtor-in-possession financing.

However, the company said it will incur significant costs associated with the reorganization, which will negatively impact its cash position.

The company had $682 million in cash and cash equivalents at March 31, up from $510 million at Dec. 31.

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

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