Dex One Corporation provides print, online and mobile search marketing via their DexKnows.com website, print yellow pages directories, voice based search platforms and pay-per-click ad networks in the U.S.
Dex One Corporation (Dex One), formerly R.H. Donnelley Corporation (RHD), is a marketing services company that helps local businesses to reach consumers. The Company offers local businesses personalized marketing consulting services and exposure across a network of local marketing products, including its print, online and mobile yellow pages and search solutions, as well as search engines. Through its Dex Advantage, clients’ business information is published and marketed through a single profile and distributed via a variety of both owned and operated products, and through other local search products. Dex Advantage spans multiple media platforms for local advertisers, including print with the Company’s Dex published directories, which Dex One co-brands with other brands, such as Qwest, CenturyLink and AT&T; online and mobile devices with DexKnows.com, and voice-activated directory search at 1-800-Call-Dex. On May 28, 2009, RHD and its subsidiaries filed voluntary petitions for Chapter 11 relief under the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court). RHD emerged from Chapter 11 relief under Title 11 of the United States Code on January 29, 2010 (the Effective Date). On the Effective Date and in connection with its emergence from Chapter 11, RHD was renamed Dex One Corporation.
The Company’s digital affiliate provided solutions are powered by DexNet, which uses network partners, including search engines, such as Google and Yahoo! and other online sites. The Company’s marketing services include local business and market analysis, message and image creation, target market identification, advertising and digital profile creation, keyword and search engine optimization strategies and programs, distribution strategies, social strategies, and tracking and reporting. The marketing products, which the Company provides with its branded local search solutions, are complemented by its partnerships with search engine companies, such as Google and Yahoo!, to promote businesses on the rest of the Internet via its search network, DexNet. These marketing products are Dex published yellow pages, Dex published white pages, DexKnows.com, 1-800-Call-Dex, and Business.com and Work.com.
Dex One’s marketing services are an integral part of the solution suite it provides. Marketing services provided by the Company include marketing consultation, which includes assessment of marketing programs and advertisements, message and image creation, and recommendations for advertising placement; research and data, which includes industry-specific research and information, market-specific research and information, and understanding of how consumers search for businesses and what influences them to buy from one business versus another, and tactical execution service, which includes search engine optimization strategies, keyword implementation, social strategies, and tracking and reporting. The Company’s marketing products are integral to its Dex Advantage, which allows its clients to provide their business information one time and have their message delivered where ready-to-buy consumers are actively searching. The Dex Advantage includes access to the Company’s suite of print, online, voice and mobile products that are offered through a single point of contact. Its online product suite includes DexKnows.com, an online search Website, and DexNet, which helps businesses promote themselves on other search engines and search sites. The Company’s Dex published print products, which include yellow pages, white pages and Dex Plus directories, are sources of information for consumers. These print solutions feature a list of businesses in the Company’s local markets, organized categorically, alphabetically, or functionally based on the advertising purchased.
Print Products and Services
Dex One offers three primary types of printed yellow pages directories: core directories, community directories and Plus companion directories. Core directories generally cover large population or regional areas, whereas community directories typically focus on a sub-section of the areas addressed by corresponding core directories. The Plus companion directory is a small format directory used in addition to the core and community directories. It is complementary to the core directory with replicated advertising from the core directory. The Company’s print directory advertising products can be broken down into three basic categories: Yellow Pages, White Pages and Specialty/Awareness Products.
The Company offers businesses a basic listing at no charge in the relevant edition of its yellow pages directories. This listing includes the name, address and telephone number of the business and is included in alphabetical order in the relevant industry classification. A range of paid advertising options is available in its yellow pages directories. Clients may enhance their complimentary listing in several ways. They may pay to have a listing highlighted or set in a bolder typeface. Clients may also purchase extra lines of text to convey information, such as hours of operation, a more detailed description of their business, or a Website address. For greater prominence on a page, a client may expand a basic alphabetical listing by purchasing advertising space in the column, in which the listing appears. In-column advertisements may include such features as bolding, special fonts, color, trademarks and graphics. A display advertisement allows businesses to include a range of information, illustrations, photographs and logos. Display advertisements are placed usually at the front of a classification (ahead of listings), and are ordered first by size and then by client seniority. Display advertisements range in size from a quarter column to as large as two pages, referred to as a double truck advertisement. Display advertisers are offered various levels of color, including spot-four color, enhanced color, process photo and high impact.
State public utilities commissions require the telephone local exchange carriers (LECs) affiliated with the Company, which are Qwest, CenturyLink and AT&T, to produce white pages directories to serve their local service areas. Through the publishing agreements held by the Company separately with Qwest, CenturyLink and AT&T, the LECs have contracted with Dex One to publish these directories. By virtue of these agreements, the Company provides a white pages listing to every residence and business in a given area that sets forth the name, address and phone number of each residence or business unless they have requested not to be listed. Advertising options in white pages include bolding and highlighting for added visibility, extra lines for the inclusion of supplemental information, and in-column and display advertisements. In certain cases, the relevant LEC can sell various forms of enhanced white pages listings into the Company’s directories. In addition to these primary products, the Company offers awareness products that allow businesses to advertise in a variety of high-visibility locations on or inside a directory. Each directory has a limited inventory of awareness products, which provide additional value to clients and are priced at a premium to in-column and display advertisements. Awareness products include placement of \ clients’ advertisements on the inside and outside of the front and back cover, on tabs within the directory, on the edges of the directory, on delivery bags and on card stock inserted in the directory and in delivery bags.
Online Products and Services
The Company’s listing and clients’ content is placed on the DexKnows.com platform through basic text listings and searchable business profiles, and through Internet products, including DexKnows Enhanced Packs and DexKnows Starter Packs. In many cases, print clients’ content is largely replicated to DexKnows.com, which provides consumers an online search experience. The Company purchases information from other national databases to enhance in-region listings and supply out-of-region listings. DexKnows.com includes approximately 13.1 million business listings and more than 175 million residential listings from across the United States. Consumers can access information on DexKnows.com from their computer or mobile phone. DexKnows.com allows the user to search based on a category, business name or set of keyword terms within a geographic region. In addition, DexKnows.com provides users with the ability to refine their searches using a navigable, flexible digital category structure that includes such things as specific product and brand names, hours of operation, payment options and locations.
In February 2009, the Company launched a new DexKnows.com site and content management platform, which delivers clients’ messages to consumers through highly relevant local search results. The new DexKnows site includes new features, such as search results for metro, city and neighborhood, special treatment for service-based businesses, a digital profile with ability to upload videos and a street view interactive map feature. The Company has content agreements and distribution agreements with various search engines, portals and local community destination Websites. One such distribution agreement is with Yahoo!. Qwest region clients benefit from inclusion within the Yahoo! Local and Yahoo! Yellow Pages advertising products, which include Yahoo! Local Featured Listings, Yahoo! Local Enhanced Listings and Yahoo! Maps Business Listings.
DexNet helps the Company’s clients through placement of their business listings in prime locations on DexKnows.com and distributes it to other search engines. DexNet has four major product and service elements: Client Profile, which constructs a content rich presence on the Web for the client; Distribution, which provides the client’s information and business information to multiple local search platforms, including YellowPages.com, Google Maps, Local.com and Business.com Local; Paid Search, which develops, deploys and manages search marketing campaigns across search platforms, such as Google and Yahoo!, on behalf of the client, and Reporting, which provides real-time results, such as phone calls, e-mails, listing views, Website visits, driving directions, and the total number of times the profile is sent to mobile. Reporting is accessible round the clock, and combines results received from DexKnows.com and other local search sites.
Dex One’s business-to-business (B2B) platforms enable its clients to find what they need to manage, and reach ready-to-buy consumers across the Internet. Its Business.com Website provides how-to guides covering business challenges, the ability to ask for and receive business advice through the Company’s online question and answer forum, Business.com Answers, and the ability to find products, services and vendors through its B2B online directory. The Company’s Work.com Website primarily operates as an online publishing platform, helping to create useful how-to guides on a range of business topics, the best of which will be made available by Business.com. By aggregating content, Business.com provides B2B advertisers an opportunity to connect with business buyers through multiple advertising products, including pay-per-click (PPC) featured listings, cost per thousand banner advertising and annual directory inclusion listings. For B2B advertisers seeking targeted distribution beyond the visitors to the Business.com Website, the Business.com Advertising Network makes the PPC listings for Business.com advertisers available across other Websites.
The Company competes with Yellowbook, White Directory Publishing, Inc., Phone Directories Company, SuperMedia, AT&T, Google, Yahoo!, BING, FindLaw.com, ServiceMagic.com, Yelp, Kudzu, ReachLocal, Yodle, and MapQuest Rand McNally Google Maps.
OVERALL
Beta: 1.47
Market Cap (Mil.): $187.72
Shares Outstanding (Mil.): 50.06
Annual Dividend: --
Yield (%): --
FINANCIALS
DEXO.N Industry Sector
P/E (TTM): -- 15.54 13.77
EPS (TTM): -140.37 -- --
ROI: -26.75 4.09 1.32
ROE: -98.24 4.70 2.19
Name Age Since Current Position
Bulkeley, Jonathan 50 2010 Independent Non-Executive Chairman of the Board
Mockett, Alfred 62 2010 President, Chief Executive Officer, Director
Blondy, Steven 51 2006 Chief Financial Officer, Executive Vice President
Hanna, Richard 50 2011 Executive Vice President - Sales & Marketing
Banerjea, Atish 45 2011 Senior Vice President, Chief Technology Officer
Hianik, Mark 50 2008 Senior Vice President, General Counsel, Corporate Secretary
Zech, Gretchen 41 2006 Senior Vice President - Human Resources
Gronbach, Tyler 42 2011 Senior Vice President - Communications
Greene, Sean 40 2009 Acting Senior Vice President - Interactive
Towles, Donna 58 2011 Senior Vice President - Operations
Johnson, Sylvester 50 2009 Vice President, Chief Accounting Officer, Controller
Schultz, Alan 52 2010 Independent Director
McEachen, Mark 53 2010 Independent Director
Liddell, W. Kirk 61 2010 Independent Director
Kuersteiner, Richard 71 2010 Independent Director
Davis, Eugene 56 2010 Independent Director
COMPANY ADDRESS
Dex One Corp
1001 Winstead Drive
Cary NC 27513
Dex One Corporation (Dex One), formerly R.H. Donnelley Corporation (RHD), is a marketing services company that helps local businesses to reach consumers. The Company offers local businesses personalized marketing consulting services and exposure across a network of local marketing products, including its print, online and mobile yellow pages and search solutions, as well as search engines. Through its Dex Advantage, clients’ business information is published and marketed through a single profile and distributed via a variety of both owned and operated products, and through other local search products. Dex Advantage spans multiple media platforms for local advertisers, including print with the Company’s Dex published directories, which Dex One co-brands with other brands, such as Qwest, CenturyLink and AT&T; online and mobile devices with DexKnows.com, and voice-activated directory search at 1-800-Call-Dex. On May 28, 2009, RHD and its subsidiaries filed voluntary petitions for Chapter 11 relief under the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court). RHD emerged from Chapter 11 relief under Title 11 of the United States Code on January 29, 2010 (the Effective Date). On the Effective Date and in connection with its emergence from Chapter 11, RHD was renamed Dex One Corporation.
The Company’s digital affiliate provided solutions are powered by DexNet, which uses network partners, including search engines, such as Google and Yahoo! and other online sites. The Company’s marketing services include local business and market analysis, message and image creation, target market identification, advertising and digital profile creation, keyword and search engine optimization strategies and programs, distribution strategies, social strategies, and tracking and reporting. The marketing products, which the Company provides with its branded local search solutions, are complemented by its partnerships with search engine companies, such as Google and Yahoo!, to promote businesses on the rest of the Internet via its search network, DexNet. These marketing products are Dex published yellow pages, Dex published white pages, DexKnows.com, 1-800-Call-Dex, and Business.com and Work.com.
Dex One’s marketing services are an integral part of the solution suite it provides. Marketing services provided by the Company include marketing consultation, which includes assessment of marketing programs and advertisements, message and image creation, and recommendations for advertising placement; research and data, which includes industry-specific research and information, market-specific research and information, and understanding of how consumers search for businesses and what influences them to buy from one business versus another, and tactical execution service, which includes search engine optimization strategies, keyword implementation, social strategies, and tracking and reporting. The Company’s marketing products are integral to its Dex Advantage, which allows its clients to provide their business information one time and have their message delivered where ready-to-buy consumers are actively searching. The Dex Advantage includes access to the Company’s suite of print, online, voice and mobile products that are offered through a single point of contact. Its online product suite includes DexKnows.com, an online search Website, and DexNet, which helps businesses promote themselves on other search engines and search sites. The Company’s Dex published print products, which include yellow pages, white pages and Dex Plus directories, are sources of information for consumers. These print solutions feature a list of businesses in the Company’s local markets, organized categorically, alphabetically, or functionally based on the advertising purchased.
Print Products and Services
Dex One offers three primary types of printed yellow pages directories: core directories, community directories and Plus companion directories. Core directories generally cover large population or regional areas, whereas community directories typically focus on a sub-section of the areas addressed by corresponding core directories. The Plus companion directory is a small format directory used in addition to the core and community directories. It is complementary to the core directory with replicated advertising from the core directory. The Company’s print directory advertising products can be broken down into three basic categories: Yellow Pages, White Pages and Specialty/Awareness Products.
The Company offers businesses a basic listing at no charge in the relevant edition of its yellow pages directories. This listing includes the name, address and telephone number of the business and is included in alphabetical order in the relevant industry classification. A range of paid advertising options is available in its yellow pages directories. Clients may enhance their complimentary listing in several ways. They may pay to have a listing highlighted or set in a bolder typeface. Clients may also purchase extra lines of text to convey information, such as hours of operation, a more detailed description of their business, or a Website address. For greater prominence on a page, a client may expand a basic alphabetical listing by purchasing advertising space in the column, in which the listing appears. In-column advertisements may include such features as bolding, special fonts, color, trademarks and graphics. A display advertisement allows businesses to include a range of information, illustrations, photographs and logos. Display advertisements are placed usually at the front of a classification (ahead of listings), and are ordered first by size and then by client seniority. Display advertisements range in size from a quarter column to as large as two pages, referred to as a double truck advertisement. Display advertisers are offered various levels of color, including spot-four color, enhanced color, process photo and high impact.
State public utilities commissions require the telephone local exchange carriers (LECs) affiliated with the Company, which are Qwest, CenturyLink and AT&T, to produce white pages directories to serve their local service areas. Through the publishing agreements held by the Company separately with Qwest, CenturyLink and AT&T, the LECs have contracted with Dex One to publish these directories. By virtue of these agreements, the Company provides a white pages listing to every residence and business in a given area that sets forth the name, address and phone number of each residence or business unless they have requested not to be listed. Advertising options in white pages include bolding and highlighting for added visibility, extra lines for the inclusion of supplemental information, and in-column and display advertisements. In certain cases, the relevant LEC can sell various forms of enhanced white pages listings into the Company’s directories. In addition to these primary products, the Company offers awareness products that allow businesses to advertise in a variety of high-visibility locations on or inside a directory. Each directory has a limited inventory of awareness products, which provide additional value to clients and are priced at a premium to in-column and display advertisements. Awareness products include placement of \ clients’ advertisements on the inside and outside of the front and back cover, on tabs within the directory, on the edges of the directory, on delivery bags and on card stock inserted in the directory and in delivery bags.
Online Products and Services
The Company’s listing and clients’ content is placed on the DexKnows.com platform through basic text listings and searchable business profiles, and through Internet products, including DexKnows Enhanced Packs and DexKnows Starter Packs. In many cases, print clients’ content is largely replicated to DexKnows.com, which provides consumers an online search experience. The Company purchases information from other national databases to enhance in-region listings and supply out-of-region listings. DexKnows.com includes approximately 13.1 million business listings and more than 175 million residential listings from across the United States. Consumers can access information on DexKnows.com from their computer or mobile phone. DexKnows.com allows the user to search based on a category, business name or set of keyword terms within a geographic region. In addition, DexKnows.com provides users with the ability to refine their searches using a navigable, flexible digital category structure that includes such things as specific product and brand names, hours of operation, payment options and locations.
In February 2009, the Company launched a new DexKnows.com site and content management platform, which delivers clients’ messages to consumers through highly relevant local search results. The new DexKnows site includes new features, such as search results for metro, city and neighborhood, special treatment for service-based businesses, a digital profile with ability to upload videos and a street view interactive map feature. The Company has content agreements and distribution agreements with various search engines, portals and local community destination Websites. One such distribution agreement is with Yahoo!. Qwest region clients benefit from inclusion within the Yahoo! Local and Yahoo! Yellow Pages advertising products, which include Yahoo! Local Featured Listings, Yahoo! Local Enhanced Listings and Yahoo! Maps Business Listings.
DexNet helps the Company’s clients through placement of their business listings in prime locations on DexKnows.com and distributes it to other search engines. DexNet has four major product and service elements: Client Profile, which constructs a content rich presence on the Web for the client; Distribution, which provides the client’s information and business information to multiple local search platforms, including YellowPages.com, Google Maps, Local.com and Business.com Local; Paid Search, which develops, deploys and manages search marketing campaigns across search platforms, such as Google and Yahoo!, on behalf of the client, and Reporting, which provides real-time results, such as phone calls, e-mails, listing views, Website visits, driving directions, and the total number of times the profile is sent to mobile. Reporting is accessible round the clock, and combines results received from DexKnows.com and other local search sites.
Dex One’s business-to-business (B2B) platforms enable its clients to find what they need to manage, and reach ready-to-buy consumers across the Internet. Its Business.com Website provides how-to guides covering business challenges, the ability to ask for and receive business advice through the Company’s online question and answer forum, Business.com Answers, and the ability to find products, services and vendors through its B2B online directory. The Company’s Work.com Website primarily operates as an online publishing platform, helping to create useful how-to guides on a range of business topics, the best of which will be made available by Business.com. By aggregating content, Business.com provides B2B advertisers an opportunity to connect with business buyers through multiple advertising products, including pay-per-click (PPC) featured listings, cost per thousand banner advertising and annual directory inclusion listings. For B2B advertisers seeking targeted distribution beyond the visitors to the Business.com Website, the Business.com Advertising Network makes the PPC listings for Business.com advertisers available across other Websites.
The Company competes with Yellowbook, White Directory Publishing, Inc., Phone Directories Company, SuperMedia, AT&T, Google, Yahoo!, BING, FindLaw.com, ServiceMagic.com, Yelp, Kudzu, ReachLocal, Yodle, and MapQuest Rand McNally Google Maps.
OVERALL
Beta: 1.47
Market Cap (Mil.): $187.72
Shares Outstanding (Mil.): 50.06
Annual Dividend: --
Yield (%): --
FINANCIALS
DEXO.N Industry Sector
P/E (TTM): -- 15.54 13.77
EPS (TTM): -140.37 -- --
ROI: -26.75 4.09 1.32
ROE: -98.24 4.70 2.19
Name Age Since Current Position
Bulkeley, Jonathan 50 2010 Independent Non-Executive Chairman of the Board
Mockett, Alfred 62 2010 President, Chief Executive Officer, Director
Blondy, Steven 51 2006 Chief Financial Officer, Executive Vice President
Hanna, Richard 50 2011 Executive Vice President - Sales & Marketing
Banerjea, Atish 45 2011 Senior Vice President, Chief Technology Officer
Hianik, Mark 50 2008 Senior Vice President, General Counsel, Corporate Secretary
Zech, Gretchen 41 2006 Senior Vice President - Human Resources
Gronbach, Tyler 42 2011 Senior Vice President - Communications
Greene, Sean 40 2009 Acting Senior Vice President - Interactive
Towles, Donna 58 2011 Senior Vice President - Operations
Johnson, Sylvester 50 2009 Vice President, Chief Accounting Officer, Controller
Schultz, Alan 52 2010 Independent Director
McEachen, Mark 53 2010 Independent Director
Liddell, W. Kirk 61 2010 Independent Director
Kuersteiner, Richard 71 2010 Independent Director
Davis, Eugene 56 2010 Independent Director
COMPANY ADDRESS
Dex One Corp
1001 Winstead Drive
Cary NC 27513
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