The Nielsen Company Reports Third Quarter 2008 Results

New York, US – November 14, 2008– The Nielsen Company B.V., a leading global information and media company, today announced its financial results for the third quarter and the nine months ended September 30, 2008.

Reported revenues for the third quarter of 2008 were $1,260 million, an increase of 6% over reported revenues for the third quarter of 2007 of $1,188 million.  Excluding the impact of currency fluctuations*, revenues for the quarter increased 3%.  Reported revenues for the nine months ended September 30, 2008 were $3,778 million, an increase of 10% over reported revenues for the nine months ended September 30, 2007 of $3,429 million.  Excluding the impact of currency fluctuations*, revenues for the nine months ended September 30, 2008 increased 6%.

Reported operating income for the third quarter of 2008 was $124 million compared to $77 million for the third quarter of 2007.  These results were negatively impacted by $46 million and $81 million, respectively, of charges relating to certain items such as restructuring costs, deal related costs and compensation agreements.  Adjusting for these items, operating income, on a constant currency basis*, increased 4%.

For the nine months ended September 30, 2008, reported operating income was $408 million compared to $233 million for the nine months ended September 30, 2007.  These results were negatively impacted by $62 million and $156 million, respectively, of charges relating to certain items such as restructuring costs, deal related costs and compensation agreements.  Adjusting for these items, operating income, on a constant currency basis*, increased 16%.

Covenant earnings before interest, taxes, depreciation and amortization and other adjustments permitted under our senior secured credit facilities (“Covenant EBITDA”) was $1,356 million for the twelve month period ended September 30, 2008.  Covenant EBITDA is a non – GAAP measure.  See “Covenant EBITDA” below for a reconciliation of Loss from continuing operations of $67 million for the twelve months ended September 30, 2008 to Covenant EBITDA.

As of September 30, 2008, total debt was $8,467 million, and cash balances were $325 million. Capital expenditures were $253 million for the nine months ended September 30, 2008, compared with $185 million for the nine months ended September 30, 2007.

Conference Call and Webcast
The Nielsen Company will hold an earnings conference call, hosted by The Nielsen Company’s Chairman and Chief Executive Officer David L. Calhoun, and Chief Financial Officer Brian J. West, at 9:00 a.m. U.S. Eastern Standard Time (EST) on Friday, November 14, 2008.  The call will be audio-webcast live at www.nielsen.com, and an archive will be available on the website after the call.  In addition, a link to the company’s quarterly financial report on Form 10-Q has been posted at www.nielsen.com.

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 ‘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.  This list of factors is not intended to be exhaustive.  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 The Nielsen Company

The Nielsen Company is a global information and media company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in New York, USA. 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.

* Constant currency growth rates eliminate the impact of year-over-year foreign currency fluctuations.

 

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