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The Kelsey Report® Advisory

RHD Sheds Its Feathers
Charles Laughlin , 5/1/2000

Issue: Major Restructuring Aimed at Achieving Fighting Trim

News: R.H. Donnelley will shed some major pieces of its business in order to improve its earnings and be put in a better position for long-term growth. The company announced that Bell Atlantic will immediately buy out its New York sales contract, which was to run through 2005.

RHD will also sell its proprietary Yellow Pages directory, Cincinnati One Book, to Yellow Book USA. In addition, RHD has extended its relationship with Sprint Corp. through 2010. That agreement covers Sprint's Centel Directory Co. in Florida, and gives RHD exclusive rights to sell print and electronic products in the markets currently served. RHD recently launched a new Internet marketing unit called Get Digital Smart, which has been testing a dedicated approach to Internet sales in Florida.

The company will get a one-time cash boost of $125 million from the Bell Atlantic buyout, $100 million of which it plans to use for a stock repurchase. The restructuring produces a one-time gain totaling $85 million.

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