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This is an update to my previous post from Jan. 6, 2010.

Supermedia (SPMD) just announced its financial results for the year ending Dec. 31, 2009. The company reports financial reports on a GAAP basis, but also reports on an adjusted non-GAAP basis. I have used the non-GAAP numbers here since they adjust for unique costs relating to the reorganization, restructuring, impairments and other non-recurring costs.

2009 2008 % change
Revenue 2,512 2,973 -15.5
EBITDA 856 1,272 -32.7

Advertising Sales were down 18.7%.

The adjusted net income for 2009 was $439 million. Based on the new SPMD shares outstanding of 15 million, SPMD may report as much as $30 earnings per share for 2010. A lot will depend on whether management can reduce or eliminate further drops in revenue.

The market seems to like this report, and the SPMD stock price has appreciated over 10% the last few days.

Full Disclosure: Long SPMD

Source: Supermedia: Update on 2009 Financials

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