MONTREAL, May 9, 2024 /CNW/ - Yellow Pages Limited (TSX: Y) (the "Company"), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter ended March 31, 2024. "In the first quarter, we resumed our march toward revenue stability and, as usual, we delivered good profitability and a healthy cash balance, all despite continued headwinds in the global economy and, particularly, the Canadian small business sector," said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Resumption of climb toward revenue stability. "As expected, we resumed our climb toward revenue stability during the first quarter of 2024, as our rate of change in revenue was better than the change reported for the fourth quarter of 2023." Strong earnings. "Our Adjusted EBITDA2 for the quarter was 27.8% of revenue, even with our continued investments in revenue initiatives, including the steady further expansion of our sales force." Healthy cash balance. "Even after certain regular, seasonal cash disbursements during the quarter, cash on hand stood at approximately $27 million at the end of April." Progress on revenue initiatives. "Although we continue to deal with the challenges of the current Canadian economic conditions, we are pleased with our progress on underlying metrics, including the size of our sales force, our rate of customer churn, and our rate of gaining new accounts. In particular, our rate of gaining new accounts was 20% higher than in the previous year. We believe these fundamentals bode well for our medium- and long-term future."    Pension plan funding on track. "Consistent with our deficit-reduction plan announced in May 2021, in the first quarter of 2024 we made $1.5 million of voluntary incremental payments toward our Defined Benefit Pension Plan's wind-up deficit." Quarterly dividend declared. "Our Board has declared a dividend of $0.25 per common share, to be paid on June 17, 2024 to shareholders of record as of May 28, 2024." Financial Highlights  (In thousands of Canadian dollars, except percentage information and per share information)   Yellow Pages Limited For the three-month periodsended March 31, 2024 2023 Revenues $54,971 $62,715 Adjusted EBITDA2 $15,297 $20,755 Adjusted EBITDA margin2 27.8 % 33.1 % Income before income taxes $11,369 $16,780 Net income $8,395 $12,388 Basic income per share $0.62 $0.70 Diluted income per share $0.61 $0.68 CAPEX2 $986 $946 Adjusted EBITDA less CAPEX2 $14,311 $19,809 Adjusted EBITDA less CAPEX margin2 26.0 %