Why not break out "core" revenue for the shareholders - so they have a true measure to gage growth?
While your at it, subtract the price increase so they understand exactly where your market share is heading...
Core and total revenue for the fourth quarter of 2008 was $369.6 million, up 2 percent from the prior year similar period.
U.S. core and total revenue results for the fourth quarter of 2008 reflect the following:
Risk Management Solutions revenue of $202.4 million, up 4 percent; Sales & Marketing Solutions revenue of $136.7 million, down 2 percent; and Internet Solutions revenue of $30.5 million, up 11 percent.
Dun & Bradstreet's Dividend Raise Is Nice, But More Explanation Required by: George Gutowski February 02, 2009
Dun & Bradstreet (DNB) reported some excellent numbers for 2008 (Call Transcript). This certainly makes sense as DNB sells products and solutions that help with financial due diligence. The company also announced an increase in its dividend from $0.30 @ share to $0.34 per share which represents a 13% increase. Is there cause for concern? Read this quote about the dividend from the company's press release:
D&B today announced that its Board of Directors has declared an increased quarterly cash dividend of $0.34 per share, up from D&B’s prior dividend payout of $0.30 per share. This quarterly cash dividend is payable on March 20, 2009, to shareholders of record at the close of business on March 6, 2009. This increase in D&B’s quarterly cash dividend is a reflection of the Company's confidence in its ability to generate continued strong free cash flow growth in 2009.
In a tough economy this company increases its dividend, telling investors they are confident about cash flow but they provide precious little qualitative information about outlooks, markets, product lines, competitive pressures. The investor is just expected to follow blindly and stay warm and fuzzy.
Dividend increases are major events. Investor behaviors are driven by dividend and yields. D&B has under-communicated in the press release.