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VNU Revenue Up, Operating Income Down
VNU has announced its quarterly and 9-month financial results for the period to September 30. Pro forma operating revenue for the third quarter was Euros 904m, up 6% on the previous year at constant currency, while operating income fell 29% to Euros 72m.
Reported operating revenue, including a Euros 7m deferred revenue adjustment and a negative 3% currency impact, was Euros 897m, up 2%.
For the first nine months of 2006, pro forma operating revenue was Euros 2,737m, up 5.5% at constant currency, Including a Euros 58m deferred revenue adjustment and positive currency impact, operating revenue was up 6% to Euros 2,679m. Nine month figures include the periods before and after the sale of the firm to the private equity Valcon consortium on May 23rd - not compliant with U.S. GAAP but considered meaningful by the company.
Reported third-quarter operating income was Euros 72m, down 29% from Euros 99m last year, while 9 month operating income was down from Euros 258m to Euros 113m. The company says both the third-quarter and year-to-date results were 'negatively impacted by a number of acquisition-related items' – more details are at www.vnu.com .
During the third quarter, VNU borrowed approximately Euros 5,271m as part-funding for the Valcon acquisition, and to repay a related bridge facility and several tranches of VNU's previous debt.
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