11/5/2014 Earnings Updates-DXM and UNTD

Dex Media (DXM) earnings update.

DXM announced Q3 2014 (September 30, 2014) earnings after the close last night. Revenues were $452 million, down from $474 million last quarter and adjusted EBITDA was $167 million down from 174 million last quarter. Overall an OK quarter. Our valuation was $31 down from $34  last quarter. DXM is trading at 25% of our valuation. Shares closed at $7.75 on 11/4. This is still a BUY (but risky).

United Online (UNTD) earnings update

UNTD announced Q3 2014 (September 30, 2014) earnings after the close last night. Revenues were $52.9 million compared to $56.2 million last year. Adjusted OIBDA (the term they use-Operating income before depreciation and amortization) was $10.2 million compared to $10 million last year. Cash rose to $5.38 a share. Our valuation fell a bit to $33.50—still well above the current trading price.  UNTD closed  at $11.59 on 11/4. They are projecting $215-218 million in revenue for the year and $32-$35 million in OIBDA for the year. UNTD is still a BUY.

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