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Nielsen generates $67 million free cash flow, still looking to delever
By Jennifer Lanning Drey
Portland, Ore., July 30 - Nielsen Co. BV generated $67 million of free cash flow during the second quarter, which it continues to dedicate to deleveraging its balance sheet, chief financial officer Brian West said Friday during Nielsen's second-quarter earnings call.
Nielsen had cash of $369 million and net debt of $8.1 billion at June 30.
The CFO also reported Friday that Nielsen's covenant EBITDA increased by $35 million in the second quarter, driven by the company's operating performance during the period. Nielsen posted covenant EBITDA of $1.40 billion at June 30.
The company reported second-quarter revenues of $1.27 billion, representing a 7% increase over revenues of $1.18 billion in the comparable prior-year period.
Operating income for the three months ended June 30 was $182 million, compared with operating income of $172 million for the same period in 2009.
"Overall, we had a very solid quarter with good top-line growth, nice operating leverage versus last year, and we really saw the momentum that was generated in the first quarter continue into the second quarter," West said Friday.
Nielsen is an information media company with headquarters in Haarlem, the Netherlands, and New York.
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