NEW YORK, NY -- (Marketwire) -- 02/09/12 -- Thomson Reuters (TSX: TRI) (NYSE: TRI)
•Revenues grew 5% for full year and fourth quarter, before currency •Adjusted EBITDA and underlying operating profit margins expanded for full year and fourth quarter •Full-year adjusted EPS was $1.98 and $0.54 in fourth quarter •$3.0 billion non-cash goodwill impairment charge incurred •Board approved $0.04 annual dividend increase to $1.28 per share •2012 Outlook provided
Thomson Reuters (TSX: TRI) (NYSE: TRI), the world's leading source of intelligent information for businesses and professionals, today reported results for the full year and fourth quarter ended December 31, 2011. Results include a $50 million charge primarily related to a reorganization of the former Markets division incurred in the fourth quarter. The company also announced it had taken a $3.0 billion non-cash goodwill impairment charge related to its financial services business. This charge is excluded from adjusted earnings, adjusted EBITDA and underlying operating profit.
The company reported full-year revenues from ongoing businesses of $12.9 billion, an increase of 5% before currency from the prior year. Adjusted EBITDA increased 20% from the prior year with the corresponding margin up 280 basis points to 26.4%. Underlying operating profit increased 9% from the prior year with the corresponding margin up 50 basis points to 20.0%. The reorganization charge had a 40 basis point negative impact on both the full-year adjusted EBITDA and underlying operating profit margins.
"Our results once again proved the resilience of our business," said James C. Smith, chief executive officer of Thomson Reuters. "The units in the former Professional division continued to perform well and we made significant strides in kick-starting the growth engine in our former Markets division."
"We have simplified our organization; we have strengthened our management team; and we are making progress toward improving our execution capability," Mr. Smith said. "We are focused in 2012 on a series of product launches and service improvements across all our key customer groups."
Consolidated Financial Highlights - Full-Year Results
Twelve Months Ended December 31, --------------------------------------- (Millions of U.S. dollars, except EPS and margins)IFRS Financial Measures 2011 2010 Change ------- ------- ------Revenues $13,807 $13,070 6%Operating (loss) profit $ (705) $ 1,419 nm(1)Diluted (loss) earnings per share (EPS) $ (1.67) $ 1.08 nmCash flow from operations $ 2,597 $ 2,672 -3% Change BeforeNon-IFRS Financial Measures(2) 2011 2010 Change Currency ------- ------- ------ -------------Revenues from ongoing businesses $12,916 $12,108 7% 5%Adjusted EBITDA $ 3,412 $ 2,852 20% 17%Adjusted EBITDA margin 26.4% 23.6% 280bp 280bpUnderlying operating profit $ 2,579 $ 2,356 9% 7%Underlying operating profit margin 20.0% 19.5% 50bp 40bpAdjusted earnings per share (EPS) $ 1.98 $ 1.56 27%Free cash flow $ 1,602 $ 1,563 2%
