Yellow Media $264M vs my est. $262M in revenue. $141M in EBITDA vs my $128M in EBITDA

This supports my thesis that the CBCA was effectively a default on their equity obligations due to management’s inability to negotiate a crisis extension with creditors and instead hand them the keys of ownership… Regardless the company is worth $30+ at this point.

Fernando Notes:

We need to adjust Ebitda and margins by the 13M non-cash gain from pensions…. Revenue drop being so small definitely was great but once you adjust for that gain, Ebitda is nothing special. I’d probably assign a similar real Ebitda as in q3 since revenue was so similar (company’s new contract with suppliers could have easily held same Ebitda and made up for the 1% revenue drop.) hard quarter to judge since Q4 prolly had a lot of extra expenses in operations from the reconstruction effort. Sent from my iPhone

They crushed my estimates, for perhaps the 4th quarter in a row since I’ve been forecasting and I am pretty sure that I have been laughed at as being overly optimistic the entire duration… maybe… maybe…

Now would be a good time to mark the names of the people who were involved with the CBCA just for future reference so if they pop up in other companies you can avoid the equity. We will start with the name BRUCE ROBERTSON, as he isn’t on their website anymore… probably moved on to other more interesting things as this company is not very interesting going forward… it’s a pretty straight forward valuation and cash flow stream on a way undercapitalized structure.

Management team

Print Version

Marc P. Tellier President and Chief Executive Officer	Ginette Maillé Chief Financial Officer	François D. Ramsay Senior Vice President – General Counsel and Secretary
Doug A. Clarke Senior Vice President – Sales	Nicolas Gaudreau Chief Marketing Officer	Jeff Knisley Vice President – Sales, Western Region
Patrick Lauzon President – Mediative	Lise R. Lavoie Chief Talent Officer	Chris Long Vice-President – Sales, Central Canada
René Poirier Chief Information Officer	Stephen Port Vice President – Corporate Performance	D. Lorne Richmond Vice President – Supply Chain & Logistics
Paul T. Ryan Chief Technology Officer	Greg Shearer Vice President – Business Solutions	Dominique Vallée Vice President – Sales, Advantage Group and Call Centres Initiative
Daniel Verret Vice President and Principal Accounting Officer