DXM announced Q4 2014 (December 31, 2014) earnings early this morning. Revenues were $433 million, from  from $429 million last year and down from $454 million last quarter and adjusted EBITDA was $173 million up from $167 million last quarter and down from $210 million last year. Overall an OK quarter. Our valuation stayed at $31.

Comparing the actual 2014 results to their original merger projections in 2012, as expected, they missed their annual revenue and EBITDA targets by $324 million and $121 million respectively. But more importantly they exceeded their debt reduction target by $200 million. They paid down another $73 million in net debt in Q4. We still think this is a BUY, albeit a risky stock due to the high debt levels and declining print advertising business.