The Nielsen Company Reports Second Quarter 2008 Results

New York, US – August 14, 2008– The Nielsen Company B.V., a leading global information and media company, today announced its financial results for the three and six months ended June 30, 2008.

Reported revenues for the second quarter of 2008 were $1,304 million, an increase of 12% over reported revenues for the second quarter of 2007 of $1,169 million.  Excluding the impact of currency fluctuations*, revenues for the quarter increased 6%.  Reported revenues for the six months ended June 30, 2008 were $2,518 million, an increase of 12% over reported revenues for the six months ended June 30, 2007 of $2,241 million.  Excluding the impact of currency fluctuations*, revenues for the six months ended June 30, 2008 increased 7%.

Reported operating income for the second quarter of 2008 was $169 million compared to $100 million for the second quarter of 2007.  These results were negatively impacted by $9 million and $48 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 14%.

For the six months ended June 30, 2008, reported operating income was $284 million compared to $156 million for the six months ended June 30, 2007. These results were negatively impacted by $16 million and $75 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 24%.

Covenant earnings before interest, taxes, depreciation and amortization and other adjustments permitted under our senior secured credit facilities (“Covenant EBITDA”) was $1,361 million for the twelve month period ended June 30, 2008.  Covenant EBITDA is a non – GAAP measure.  See “Covenant EBITDA” below for a reconciliation of Loss from continuing operations of $210 million for the twelve months ended June 30, 2008 to Covenant EBITDA.

As of June 30, 2008, total debt was $8,712 million, and cash balances were $403 million. Capital expenditures were $171 million for the six months ended June 30, 2008, compared with $113 million for the six months ended June 30, 2007.

Conference Call and Webcast
The Nielsen Company will hold an earnings conference call, hosted by The Nielsen Company’s Chief Financial Officer, Brian J. West, at 9:00 a.m. U.S. Eastern Daylight Time (EDT) on Thursday, August 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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