Idearc second-quarter operating income declines to $216 million

By Caroline Salls

Pittsburgh, Aug. 7 - Idearc Inc. reported $216 million of operating income for the quarter ended June 30 on $651 million in total operating revenues, according to a 10-Q filed Friday with the Securities and Exchange Commission.

The figures reflected a decline from the $279 million of operating income posted for the quarter ended June 30, 2008 on $759 million in total operating revenues.

The net income for the second quarter of 2009 was $142 million, up from $76 million of net income for the second quarter of 2008.

Idearc posted $401 million of operating income for the first six months of this year on $1.325 billion in total operating revenues, compared with $618 million of operating income for the first six months of last year on $1.529 billion in total operating revenues.

The net loss for the first half of 2009 was $101 million, declining from $187 million of net income for the first half of 2008.

The company had $559 million in cash and cash equivalents at June 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 in the U.S. Bankruptcy Court for the Northern District of Texas. Its Chapter 11 case number is 09-31828.

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