OSLO, Norway, Aug. 4, 2005 (PRIMEZONE) -- Findexa Limited will release financial results for the second quarter 2005 on Wednesday August 10th 2005. Comparisons with the corresponding quarter's financial results will be impacted by timing differences and items related to the 2004 global offering and refinancing.
To facilitate like-for-like comparisons of quarterly results we have attached quarterly specifications of impact of timing differences as well as items related to the 2004 global offering and refinancing.
Impact of timing differences:
Under IFRS, recognition of revenues starts only when distribution of the related directories has been completed and continues pro rata over the term of the contract. This revenue recognition principle has a significant impact on Findexa's income statement on a quarter-by-quarter basis. For instance, under IFRS, Q1 2004 benefited from an overlap of the 2003 and 2004 Gule Sider directories whilst Q1 2005 includes a period of no directory revenue from either the 2004 or 2005 Gule Sider publications.
Impact of items related to the 2004 global offering and refinancing:
The global offering and related refinancing of the company's indebtedness significantly impacted the 2004 income statement. The adjustments for 2004 IPO and refinancing eliminates these impacts and reflects the significant effects had the Company's global offering and related refinancing of its indebtedness occurred before 2004. The adjustments eliminate the costs related to the pre-IPO indebtedness and replaces this with related costs for the post-IPO indebtedness, as well as eliminates all transaction costs related to the IPO and refinancing.
The impact of timing differences and items related to the 2004 offering and refinancing on a quarterly basis for 2004 and the first two quarters of 2005 are included in attachment to this release.
The financial information contained in this release has not been audited.