Thomson Reuters Corp
			Symbol			TRI
			Shares Issued			829,194,727
			Close 2009-11-05			C$ 34.20
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Thomson Reuters earns $167-million (U.S.) in Q3 2009

2009-11-05 13:34 ET - News Release

Mr. Frank Golden reports

THOMSON REUTERS REPORTS THIRD-QUARTER 2009 RESULTS

Thomson Reuters Corp. has released results for the third quarter ended Sept. 30, 2009. While net sales began to improve in the third quarter, revenue flow-through from weaker year-to-date net sales in legal and markets overshadowed strong performances in tax and accounting, and health care and science. Underlying operating profit margin improvement was driven by the benefit of currency, continuing progress on the integration program and strong cost management.

• Revenues from continuing businesses were $3.2-billion, a decrease of 2 per cent before currency and 4 per cent after currency. IFRS revenues were down 4 per cent after currency against the prior year period.
• Underlying operating profit was up 3 per cent to $711-million, with the related margin up 140 basis points, driven by the benefit of currency, integration-related savings and a continued commitment to strong cost management.
• Adjusted earnings per share were 43 cents, compared with 47 cents in the third quarter of 2008. The decline was due to higher integration-related spending, which is included in adjusted earnings but not underlying operating profit.
• Free cash flow remained strong in the third quarter, with net cash flow provided by operations of $513-million and reported free cash flow of $260-million, down against the prior period, reflecting planned integration and interest costs.
• During the quarter, the company further strengthened its capital structure with the redemption of $600-million of outstanding debt, financed through cash on hand and the issuance of $500-million of 4.70-per-cent notes, due 2019. Year to date, the company has refinanced $1.1-billion of long-term debt, reflecting its continued ability to access and take advantage of favourable capital markets.

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