Investor Relations: Liz Zale, +1 646 654 4593
Media Relations: Kristie Bouryal, +1 646 654 5577
Revenue for the quarter grew 8.9% to $1,302 million, up 7.3% in constant currency
Adjusted EBITDA for the quarter grew 10.3% to $320 million, up 8.5% in constant currency
Adjusted Net Income for the quarter increased to $64 million from $16 million
IPO proceeds used to retire $1.75 billion of debt
New York, USA – April 28, 2011 – Nielsen Holdings N.V. (NYSE: NLSN), a leading global provider of insights and analytics into what consumers buy and watch, today announced financial results for the first quarter ended March 31, 2011.
“Nielsen delivered solid operating and financial performance in the first quarter. We achieved positive results across all segments and continue to benefit from our global platform and strength within developing markets,” said Nielsen Chief Executive Officer David Calhoun.
Operating Results
Revenues for the first quarter increased 8.9% to $1,302 million, or 7.3% on a constant currency basis compared to the first quarter of 2010. These increases were driven by a 9.8% increase within our Buy segment (7.9% on a constant currency basis), a 6.4% increase within our Watch segment (5.4% on a constant currency basis), and a 14.3% increase in our Expositions segment.
Adjusted EBITDA for the first quarter increased 10.3% to $320 million, or 8.5% on a constant currency basis compared to the first quarter of 2010. Net loss for the first quarter was $181 million compared to $43 million of net income in the first quarter of 2010. The 2011 first quarter results included charges associated with the IPO of $206 million, net of tax of $127 million. Adjusted Net Income for the first quarter increased to $64 million compared to $16 million in the first quarter of 2010.
Financial Position
As of March 31, 2011, cash balances were $396 million and gross debt was $6,911 million, excluding the $288 million mandatory convertible subordinated bonds due 2013. Net debt at the end of the first quarter was $6,515 million and our net debt leverage ratio was 4.5x. Proceeds from the initial public offering completed on January 31, 2011 were used to retire $1.75 billion in debt. Capital expenditures were $52 million for the first quarter of 2011, compared with $53 million in the prior year period.
Conference Call and Webcast
Nielsen will hold a conference call to discuss first quarter results at 8:30 a.m. U.S. Eastern Time (ET) on April 28, 2011. The call will be webcast live at http://ir.nielsen.com and an archive will be available on the website after the call. A presentation will be posted on the Investor Relations website that provides summary information for the call.
Forward-looking Statements
This news release includes information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as ‘will’, ‘expect’, ‘should’, ‘could’, ‘shall’ and similar expressions. These statements are subject to risks and uncertainties, and actual results and events could differ materially from what presently is expected. Factors leading thereto may include without limitations general economic conditions, conditions in the markets Nielsen is engaged in, behavior of customers, suppliers and competitors, technological developments, as well as legal and regulatory rules affecting Nielsen’s business and specific risk factors discussed in other releases and public filings made by the Company (including the Company’s filings with the Securities and Exchange Commission). This list of factors is not intended to be exhaustive. Such forward-looking statements only speak as of the date of this press release, and we assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events, or other factors.
About Nielsen
Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and related properties. Nielsen has a presence in approximately 100 countries, with headquarters in New York, USA and Diemen, the Netherlands. For more information, please visit www.nielsen.com.
NOTE: Additional detail regarding results (tables, etc.), can be found in the PDF download version of this release.