Yellow Media Inc. is showing signs of financial recovery following months of restructuring of its business and finances.
The Montreal-based directory publisher said it had $24 million of net earnings in the third quarter, or four cents per share.
The profit was a big turnaround from the same time last year when it took a huge writedown on assets that resulted in a net loss of $2.8 billion.
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Revenues fell to $267.7 million from $323.4 million last year as a result of discontinued directories and a divestiture in November 2011.
Yellow Media said adjusted earnings are a better measure of its ongoing business because they exclude a number of one-time items.
But that measure, the company earned $77.1 million or 15 cents per share in the latest quarter. That compared with $69.2 million or 14 cents per share in adjusted earnings last year.
