Directories publisher Yellow Media posts net earnings of $31 million or $1.11 per share in its fourth quarter ended Dec. 31.
That compares to net earnings of $821.9 million or $29.24 per share a year ago when the company posted a major one-time gain. Otherwise, Yellow Media would have recorded net earnings of $27.6 million for the quarter.
Revenue was down 10% to $238 million in the quarter.
Yellow Media said digital revenues represented 45% of total revenues during the fourth quarter, up from 38% during the same period in 2012.
Print revenues dropped to $130.6 million during the quarter, decreasing 20.7% compared to the same period in 2012.
The Montreal company is moving beyond print directories into digital advertising with a focus on small and medium-sized businesses.