##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





FORM 10-Q





|   |  |                                                                                             
|-- |  | --------------------------------------------------------------------------------------------
|þ  |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934 
|  
|   |  | For the quarterly period ended March 31, 2005                                               
|  
|OR
|  
|o  |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
|  
|   |  | For the transition period
    from          to                                              

Commission File Number: 001-32249





Dex Media, Inc.





(Exact name of registrant as specified in its charter)


|                                                                   |  |                                      
|------------------------------------------------------------------ |  | -------------------------------------
|Delaware                                                           |  | 14-1855759                           
|(State or other jurisdiction of
    incorporation or organization) |  | (IRS Employer
    Identification No.)

198 Inverness Drive West


Englewood, Colorado


80112


(Address of principal executive offices)


(303) 784-2900


(Registrants telephone number, including area code)





þ o


o þ











---












TABLE OF CONTENTS


|                                                     |  |                                                                                                                  |    |      |    | 
|---------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------- | -- | ---- | -- | 
|                                                     |  |                                                                                                                  |    | Page |   
|                                                     |  |                                                                                                                  |    | Nos. |   
|                                                     |  |                                                                                                                  |    |      |   
|PART I: FINANCIAL INFORMATION                        |  |                                                                                                                  | 2  |     
|Item 1.                                              |  | Financial Statements                                                                                             |    |      | 2  | 
|                                                     |  | Condensed Consolidated Balance Sheets
    (unaudited)  March 31, 2005 and
    December 31, 2004                 |    |      | 2  | 
|                                                     |  | Condensed Consolidated Statements of
    Operations (unaudited)  Three months ended
    March 31, 2005 and 2004 |    |      | 3  | 
|                                                     |  | Condensed Consolidated Statements of Cash
    Flows (unaudited)  Three months ended March 31,
    2005 and 2004 |    |      | 4  | 
|                                                     |  | Notes to Condensed Consolidated Financial
    Statements (unaudited)                                             |    |      | 5  | 
|Item 2.                                              |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                        |    |      | 16 | 
|Item 3.                                              |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                   |    |      | 28 | 
|Item 4.                                              |  | Controls and Procedures                                                                                          |    |      | 29 | 
|PART II: OTHER INFORMATION                           |  |                                                                                                                  | 30 |     
|Item 1.                                              |  | Legal Proceedings                                                                                                |    |      | 30 | 
|Item 2.                                              |  | Unregistered Sales of Equity Securities and
    Use of Proceeds                                                  |    |      | 30 | 
|Item 3.                                              |  | Defaults Upon Senior Securities                                                                                  |    |      | 30 | 
|Item 4.                                              |  | Submission of Matters to a Vote of Security
    Holders                                                          |    |      | 30 | 
|Item 5.                                              |  | Other Information                                                                                                |    |      | 30 | 
|Item 6.                                              |  | Exhibits                                                                                                         |    |      | 30 | 
|Signature                                            |  |                                                                                                                  | 31 |     
|Master Agreement for Printing Services              
|Certification of CEO Pursuant to Section 302        
|Certification of CFO Pursuant to Section 302        
|Certification of CEO and CFO Pursuant to Section 906



1



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##### Table of Contents






PART I.


FINANCIAL INFORMATION







|        |                     
|------- | --------------------
|Item I. | Financial Statements




DEX MEDIA, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS


(Dollars in thousands)


(Unaudited)


|                                                                                                                                                                                          |                                        |                            |                                            |         |              |           |           |         |           |           | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------- | -------------------------- | ------------------------------------------ | ------- | ------------ | --------- | --------- | ------- | --------- | --------- | 
|                                                                                                                                                                                          |                                        | As of                      |                                            |         | As of        |          
|                                                                                                                                                                                          |                                        | March 31,                  |                                            |         | December 31, |          
|                                                                                                                                                                                          |                                        | 2005                       |                                            |         | 2004         |          
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|ASSETS                                                                                                                                                                                   
|Current assets:                                                                                                                                                                           |                                        |                            |                                            |         |              |           |           |        
|                                                                                                                                                                                          | Cash and cash equivalents              |                            | $                                          | 409     |              |           | $         | 9,234   |          
|                                                                                                                                                                                          | Accounts receivable, net               |                            |                                            | 92,950  |              |           |           | 104,232 |          
|                                                                                                                                                                                          | Deferred directory costs               |                            |                                            | 296,296 |              |           |           | 291,237 |          
|                                                                                                                                                                                          | Current deferred income taxes          |                            |                                            | 27,871  |              |           |           | 13,438  |          
|                                                                                                                                                                                          | Other current assets                   |                            |                                            | 19,457  |              |           |           | 13,102  |          
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|                                                                                                                                                                                          |                                        | Total current assets       |                                            |         | 436,983      |           |           |         | 431,243   |          
|Property, plant and equipment, net                                                                                                                                                        |                                        |                            | 103,742                                    |         |              |           | 101,471   |        
|Goodwill                                                                                                                                                                                  |                                        |                            | 3,081,446                                  |         |              |           | 3,081,446 |        
|Intangible assets, net                                                                                                                                                                    |                                        |                            | 2,947,233                                  |         |              |           | 3,033,659 |        
|Deferred income taxes                                                                                                                                                                     |                                        |                            | 59,919                                     |         |              |           | 85,149    |        
|Deferred financing costs                                                                                                                                                                  |                                        |                            | 132,008                                    |         |              |           | 142,182   |        
|Other assets                                                                                                                                                                              |                                        |                            | 3,456                                      |         |              |           | 2,815     |        
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|                                                                                                                                                                                          |                                        | Total Assets               |                                            | $       | 6,764,787    |           |           | $       | 6,877,965 |          
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|                                                                                                                                                                                         
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                                                                     
|Current liabilities:                                                                                                                                                                      |                                        |                            |                                            |         |              |           |           |        
|                                                                                                                                                                                          | Accounts payable                       |                            | $                                          | 45,067  |              |           | $         | 48,410  |          
|                                                                                                                                                                                          | Employee compensation                  |                            |                                            | 23,043  |              |           |           | 36,432  |          
|                                                                                                                                                                                          | Common stock dividend payable          |                            |                                            | 13,547  |              |           |           | 13,528  |          
|                                                                                                                                                                                          | Deferred revenue and customer deposits |                            |                                            | 206,910 |              |           |           | 207,655 |          
|                                                                                                                                                                                          | Accrued interest payable               |                            |                                            | 77,177  |              |           |           | 63,202  |          
|                                                                                                                                                                                          | Current portion of long-term debt      |                            |                                            | 221,720 |              |           |           | 189,534 |          
|                                                                                                                                                                                          | Other accrued liabilities              |                            |                                            | 21,769  |              |           |           | 18,563  |          
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|                                                                                                                                                                                          |                                        | Total current liabilities  |                                            |         | 609,233      |           |           |         | 577,324   |          
|Long-term debt                                                                                                                                                                            |                                        |                            | 5,386,609                                  |         |              |           | 5,537,848 |        
|Post-retirement and other post-employment benefit obligations                                                                                                                             |                                        |                            | 84,239                                     |         |              |           | 81,095    |        
|Other liabilities                                                                                                                                                                         |                                        |                            | 196                                        |         |              |           | 1,163     |        
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|                                                                                                                                                                                          |                                        | Total Liabilities          |                                            |         | 6,080,277    |           |           |         | 6,197,430 |          
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|Commitments and contingencies (Note 10)                                                                                                                                                   |                                        |                            |                                            |         |              |           |           |        
|Stockholders Equity:                                                                                                                                                                     |                                        |                            |                                            |         |              |           |           |        
|Series A Junior Participating Preferred Stock, $0.01 par
    value, 200,000 shares authorized                                                                                             |                                        |                            |                                           |         |              |           |          |        
|Common stock, $0.01 par value, 700 million shares
    authorized, 150,381,098 and 150,281,662 shares issued and
    outstanding at March 31, 2005 and December 31, 2004,
    respectively |                                        |                            | 1,504                                      |         |              |           | 1,503     |        
|Additional paid-in capital                                                                                                                                                                |                                        |                            | 820,938                                    |         |              |           | 833,736   |        
|Accumulated deficit                                                                                                                                                                       |                                        |                            | (138,724                                   | )       |              |           | (153,916  | )      
|Accumulated other comprehensive income (loss)                                                                                                                                             |                                        |                            | 792                                        |         |              |           | (788      | )      
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|                                                                                                                                                                                          |                                        | Total Stockholders Equity |                                            |         | 684,510      |           |           |         | 680,535   |          
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          
|                                                                                                                                                                                          |                                        |                            | Total Liabilities and Stockholders Equity |         | $            | 6,764,787 |           |         | $         | 6,877,965 | 
|                                                                                                                                                                                          |                                        |                            |                                            |         |              |          



2



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES





CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(Dollars in thousands, except per share data)


(Unaudited)


|                                                 |                                       |                                   |         |         |         |   |         |         |         |  
|------------------------------------------------ | ------------------------------------- | --------------------------------- | ------- | ------- | ------- | - | ------- | ------- | ------- | -
|                                                 |                                       | Three Months Ended                |        
|                                                 |                                       | March 31,                         |        
|                                                 |                                       |                                   |        
|                                                 |                                       | 2005                              |         |         | 2004    |  
|                                                 |                                       |                                   |         |         |         |  
|Revenue                                          |                                       | $                                 | 411,660 |         |         | $ | 388,177 |        
|Operating expenses:                              |                                       |                                   |         |         |         |   |         |        
|                                                 | Cost of revenue                       |                                   |         | 123,425 |         |   |         | 118,192 |        
|                                                 | General and administrative expense    |                                   |         | 43,532  |         |   |         | 40,931  |        
|                                                 | Bad debt expense                      |                                   |         | 10,397  |         |   |         | 12,420  |        
|                                                 | Depreciation and amortization expense |                                   |         | 6,783   |         |   |         | 6,330   |        
|                                                 | Amortization of intangibles           |                                   |         | 86,426  |         |   |         | 103,110 |        
|                                                 |                                       |                                   |         |         |         |  
|                                                 |                                       | Total operating expenses          |         |         | 270,563 |   |         |         | 280,983 |  
|                                                 |                                       |                                   |         |         |         |  
|                                                 |                                       | Operating income                  |         |         | 141,097 |   |         |         | 107,194 |  
|Other (income) expense:                          |                                       |                                   |         |         |         |   |         |        
|                                                 | Interest income                       |                                   |         | (304    | )       |   |         | (257    | )      
|                                                 | Interest expense                      |                                   |         | 116,287 |         |   |         | 124,625 |        
|                                                 | Other expense, net                    |                                   |         | 122     |         |   |         | 33      |        
|                                                 |                                       |                                   |         |         |         |  
|                                                 |                                       | Income (loss) before income taxes |         |         | 24,992  |   |         |         | (17,207 | )
|Income tax provision (benefit)                   |                                       |                                   | 9,800   |         |         |   | (6,666  | )      
|                                                 |                                       |                                   |         |         |         |  
|                                                 |                                       | Net income (loss)                 |         | $       | 15,192  |   |         | $       | (10,541 | )
|                                                 |                                       |                                   |         |         |         |  
|Basic and diluted income (loss) per common share |                                       | $                                 | 0.10    |         |         | $ | (0.10   | )      



3



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES





CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(Dollars in thousands)


(Unaudited)


|                                    |                                                                   |                                              |                                        |                                       |        |         |          |          |         |         |          |  
|----------------------------------- | ----------------------------------------------------------------- | -------------------------------------------- | -------------------------------------- | ------------------------------------- | ------ | ------- | -------- | -------- | ------- | ------- | -------- | -
|                                    |                                                                   | Three Months Ended                           |                                       
|                                    |                                                                   | March 31,                                    |                                       
|                                    |                                                                   |                                              |                                       
|                                    |                                                                   | 2005                                         |                                        |                                       | 2004   |        
|                                    |                                                                   |                                              |                                        |                                       |        |        
|Operating activities:               |                                                                   |                                              |                                        |                                       |        |         |          |         
|                                    | Net income (loss)                                                 |                                              | $                                      | 15,192                                |        |         | $        | (10,541  | )      
|                                    | Adjustments to net income (loss):                                 |                                              |                                        |                                       |        |         |          |          |        
|                                    |                                                                   | Bad debt expense                             |                                        |                                       | 10,397 |         |          |          | 12,420  |        
|                                    |                                                                   | Depreciation and amortization expense        |                                        |                                       | 6,783  |         |          |          | 6,330   |        
|                                    |                                                                   | Amortization of intangibles                  |                                        |                                       | 86,426 |         |          |          | 103,110 |        
|                                    |                                                                   | Amortization of deferred financing costs     |                                        |                                       | 10,432 |         |          |          | 18,216  |        
|                                    |                                                                   | Accretion on discount notes                  |                                        |                                       | 11,735 |         |          |          | 8,502   |        
|                                    |                                                                   | Stock-based compensation expense             |                                        |                                       | 495    |         |          |          |        |        
|                                    |                                                                   | Loss on disposition of assets                |                                        |                                       | 122    |         |          |          |        |        
|                                    |                                                                   | Deferred tax provision (benefit)             |                                        |                                       | 9,800  |         |          |          | (6,666  | )      
|                                    |                                                                   | Changes in operating assets and liabilities: |                                        |                                       |        |         |          |          |         |        
|                                    |                                                                   |                                              | Accounts receivable                    |                                       |        | 885     |          |          |         | (9,849  | )       
|                                    |                                                                   |                                              | Deferred directory costs               |                                       |        | (5,059  | )        |          |         | (27,284 | )       
|                                    |                                                                   |                                              | Other current assets                   |                                       |        | (5,913  | )        |          |         | 3,590   |         
|                                    |                                                                   |                                              | Other long-term assets                 |                                       |        | 174     |          |          |         | 421     |         
|                                    |                                                                   |                                              | Accounts payable and other liabilities |                                       |        | (13,013 | )        |          |         | (15,907 | )       
|                                    |                                                                   |                                              | Accrued interest                       |                                       |        | 13,975  |          |          |         | 6,746   |         
|                                    |                                                                   |                                              | Deferred revenue and customer deposits |                                       |        | (745    | )        |          |         | 38,081  |         
|                                    |                                                                   |                                              | Other long-term liabilities            |                                       |        | (159    | )        |          |         |        |         
|                                    |                                                                   |                                              | Employee benefit plan obligations      |                                       |        | 3,144   |          |          |         | 3,050   |         
|                                    |                                                                   |                                              |                                        |                                       |        |        
|                                    |                                                                   |                                              |                                        | Cash provided by operating activities |        |         | 144,671  |          |         |         | 130,219  |  
|                                    |                                                                   |                                              |                                        |                                       |        |        
|Investing activities:               |                                                                   |                                              |                                        |                                       |        |         |          |         
|                                    | Expenditures for property, plant and equipment                    |                                              |                                        | (4,353                                | )      |         |          | (9,255   | )      
|                                    | Capitalized software development costs                            |                                              |                                        | (4,823                                | )      |         |          | (18,002  | )      
|                                    | Working capital adjustment related to the acquisition of Dex West |                                              |                                        |                                      |        |         |          | 5,251    |        
|                                    |                                                                   |                                              |                                        |                                       |        |        
|                                    |                                                                   |                                              |                                        | Cash used for investing activities    |        |         | (9,176   | )        |         |         | (22,006  | )
|                                    |                                                                   |                                              |                                        |                                       |        |        
|Financing activities:               |                                                                   |                                              |                                        |                                       |        |         |          |         
|                                    | Proceeds from borrowings on revolving credit facilities           |                                              |                                        | 6,000                                 |        |         |          | 25,000   |        
|                                    | Repayments of borrowings on revolving credit facilities           |                                              |                                        | (1,000                                | )      |         |          | (25,000  | )      
|                                    | Proceeds from issuance of long-term debt                          |                                              |                                        |                                      |        |         |          | 250,476  |        
|                                    | Payments on long-term debt                                        |                                              |                                        | (135,788                              | )      |         |          | (105,000 | )      
|                                    | Exercise of employee stock options                                |                                              |                                        | 252                                   |        |         |          | 4,337    |        
|                                    | Payment of financing costs                                        |                                              |                                        | (258                                  | )      |         |          | (2,316   | )      
|                                    | Contribution by stockholders                                      |                                              |                                        |                                      |        |         |          | 1,439    |        
|                                    | Distributions to stockholders                                     |                                              |                                        |                                      |        |         |          | (250,476 | )      
|                                    | Common stock dividends paid                                       |                                              |                                        | (13,526                               | )      |         |          |         |        
|                                    |                                                                   |                                              |                                        |                                       |        |        
|                                    |                                                                   |                                              |                                        | Cash used for financing activities    |        |         | (144,320 | )        |         |         | (101,540 | )
|                                    |                                                                   |                                              |                                        |                                       |        |        
|Cash and cash equivalents:          |                                                                   |                                              |                                        |                                       |        |         |          |         
|                                    | (Decrease) increase                                               |                                              |                                        | (8,825                                | )      |         |          | 6,673    |        
|                                    | Beginning balance                                                 |                                              |                                        | 9,234                                 |        |         |          | 7,416    |        
|                                    |                                                                   |                                              |                                        |                                       |        |        
|                                    |                                                                   |                                              |                                        | Ending balance                        |        | $       | 409      |          |         | $       | 14,089   |  
|                                    |                                                                   |                                              |                                        |                                       |        |        
|Supplemental cash flow disclosures: |                                                                   |                                              |                                        |                                       |        |         |          |         
|                                    | Interest paid                                                     |                                              | $                                      | 75,498                                |        |         | $        | 91,189   |        



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS







|   |                        
|-- | -----------------------
|1. | Description of Business



|    |            
|--- | -----------
|(a) | The Company









|    |           
|--- | ----------
|(b) | Operations





|    |                                    
|--- | -----------------------------------
|(c) | Dex Medias Initial Public Offering





|   |                      
|-- | ---------------------
|2. | Basis of Presentation



|    |        
|--- | -------
|(a) | General



5



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|    |                  
|--- | -----------------
|(b) | Reclassifications





|   |                                           
|-- | ------------------------------------------
|3. | Summary of Significant Accounting Policies



|    |                            
|--- | ---------------------------
|(a) | Principles of Consolidation





|    |                 
|--- | ----------------
|(b) | Use of Estimates





|    |                    
|--- | -------------------
|(c) | Revenue Recognition





6



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Accounting for
Advertising Barter Transactions.


Revenue
Arrangements with Multiple Deliverables.




|    |                
|--- | ---------------
|(d) | Cost of Revenue







|    |                         
|--- | ------------------------
|(e) | Stock-Based Compensation

Accounting for
Stock Issued to Employees,


7



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Accounting for Stock-Based Compensation,


|                                                 |                                                                                                                                                                                |                    |   |        |      |  |   |         |  
|------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------ | - | ------ | ---- |  | - | ------- | -
|                                                 |                                                                                                                                                                                | Three Months Ended |  
|                                                 |                                                                                                                                                                                | March 31,          |  
|                                                 |                                                                                                                                                                                |                    |  
|                                                 |                                                                                                                                                                                | 2005               |   |        | 2004 | 
|                                                 |                                                                                                                                                                                |                    |   |        |      | 
|Net Income (Loss)                                |                                                                                                                                                                                |                    |   |        |      |  |   |        
|                                                 | As reported                                                                                                                                                                    |                    | $ | 15,192 |      |  | $ | (10,541 | )
|                                                 | Add: Stock-based employee compensation expense included in
    reported net income (loss), net of related tax effects                                                          |                    |   | 274    |      |  |   | 22      |  
|                                                 | Deduct: Stock-based employee compensation expense determined
    under minimum value or fair value based method, as applicable,
    for all awards, net of related tax effects |                    |   | (443   | )    |  |   | (132    | )
|                                                 |                                                                                                                                                                                |                    |   |        |      | 
|                                                 | Pro forma                                                                                                                                                                      |                    | $ | 15,023 |      |  | $ | (10,651 | )
|                                                 |                                                                                                                                                                                |                    |   |        |      | 
|Basic and diluted income (loss) per common share |                                                                                                                                                                                |                    |   |        |      |  |   |        
|                                                 | As reported                                                                                                                                                                    |                    | $ | 0.10   |      |  | $ | (0.10   | )
|                                                 | Pro forma                                                                                                                                                                      |                    |   | 0.10   |      |  |   | (0.10   | )



|    |                     
|--- | --------------------
|(f) | Income Tax Provision





|    |                         
|--- | ------------------------
|(g) | New Accounting Standards





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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |                               
|-- | ------------------------------
|4. | Goodwill and Intangible Assets





|                                   |        |                      |           |           |              |   |          |          |   |   |           |           |  |  |              |     | 
|---------------------------------- | ------ | -------------------- | --------- | --------- | ------------ | - | -------- | -------- | - | - | --------- | --------- |  |  | ------------ | --- | 
|                                   |        | As of March 31, 2005 |          
|                                   |        |                      |          
|                                   |        | Gross                |           |           |             
|                                   |        | Carrying             |           |           | Accumulated  |   |          | Net Book |   |   |          
|Intangible Assets                  |        | Value                |           |           | Amortization |   |          | Value    |   |   | Life      |          
|                                   |        |                      |           |           |              |   |          |          |   |   |           |          
|Customer relationships  local     |        | $                    | 1,787,000 |           |              | $ | (603,971 | )        |   | $ | 1,183,029 |           |  |  | 20 years     | (1)
|Customer relationships  national  |        |                      | 493,000   |           |              |   | (124,176 | )        |   |   | 368,824   |           |  |  | 25 years     | (1)
|Non-compete/ publishing agreements |        |                      | 610,000   |           |              |   | (29,348  | )        |   |   | 580,652   |           |  |  | 39-40  years |    
|Dex Trademark                      |        |                      | 696,000   |           |              |   |         |          |   |   | 696,000   |           |  |  | Indefinite   |    
|Qwest Dex Trademark agreement      |        |                      | 133,000   |           |              |   | (56,749  | )        |   |   | 76,251    |           |  |  | 4-5 years    |    
|Advertising agreement              |        |                      | 49,000    |           |              |   | (6,523   | )        |   |   | 42,477    |           |  |  | 14-15  years |    
|                                   |        |                      |           |           |              |   |          |          |   |   |           |          
|                                   | Totals |                      | $         | 3,768,000 |              |   | $        | (820,767 | ) |   | $         | 2,947,233 |  |  |              |     | 
|                                   |        |                      |           |           |              |   |          |          |   |   |           |          

|                                  |        |                         |           |           |              |   |          |          |   |   |           |           |  |  |              |     | 
|--------------------------------- | ------ | ----------------------- | --------- | --------- | ------------ | - | -------- | -------- | - | - | --------- | --------- |  |  | ------------ | --- | 
|                                  |        | As of December 31, 2004 |          
|                                  |        |                         |          
|                                  |        | Gross                   |           |           |             
|                                  |        | Carrying                |           |           | Accumulated  |   |          | Net Book |   |   |          
|Intangible Assets                 |        | Value                   |           |           | Amortization |   |          | Value    |   |   | Life      |          
|                                  |        |                         |           |           |              |   |          |          |   |   |           |          
|Customer relationships  local    |        | $                       | 1,787,000 |           |              | $ | (542,968 | )        |   | $ | 1,244,032 |           |  |  | 20 years     | (1)
|Customer relationships  national |        |                         | 493,000   |           |              |   | (110,722 | )        |   |   | 382,278   |           |  |  | 25 years     | (1)
|Non-compete/publishing agreements |        |                         | 610,000   |           |              |   | (25,488  | )        |   |   | 584,512   |           |  |  | 39-40  years |    
|Dex Trademark                     |        |                         | 696,000   |           |              |   |         |          |   |   | 696,000   |           |  |  | Indefinite   |    
|Qwest Dex Trademark agreement     |        |                         | 133,000   |           |              |   | (49,480  | )        |   |   | 83,520    |           |  |  | 4-5 years    |    
|Advertising agreement             |        |                         | 49,000    |           |              |   | (5,683   | )        |   |   | 43,317    |           |  |  | 14-15  years |    
|                                  |        |                         |           |           |              |   |          |          |   |   |           |          
|                                  | Totals |                         | $         | 3,768,000 |              |   | $        | (734,341 | ) |   | $         | 3,033,659 |  |  |              |     | 
|                                  |        |                         |           |           |              |   |          |          |   |   |           |          






|    |                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------
|(1) | Amortization expense is calculated using a declining method in
    relation to estimated retention lives of acquired customers.

9



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |               
|-- | --------------
|5. | Long-Term Debt



|                                                                                      |                                                                                                                                                                                                                                        |           |           |         |              |   |           |         | 
|------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | --------- | ------- | ------------ | - | --------- | ------- | 
|                                                                                      |                                                                                                                                                                                                                                        | March 31, |           |         | December 31, |  
|                                                                                      |                                                                                                                                                                                                                                        | 2005      |           |         | 2004         |  
|                                                                                      |                                                                                                                                                                                                                                        |           |           |         |              |  
|Dex Media East Notes Payable to Banks (in descending
    order of right of payment):  |                                                                                                                                                                                                                                        |           |           |         |              |   |           |        
|                                                                                      | Notes payable to banks, Tranche A term loan, bearing
    interest at adjusted London Interbank Offering Rate
    (LIBOR) plus the current applicable interest spread
    of 1.75% (weighted average rate of 4.69% at March 31, 2005) |           | $         | 427,151 |              |   | $         | 474,654 | 
|                                                                                      | Notes payable to banks, Tranche B term loan, bearing
    interest at adjusted LIBOR plus the current applicable interest
    spread of 1.75% (weighted average rate of 4.62% at
    March 31, 2005)                                    |           |           | 461,345 |              |   |           | 494,630 | 
|                                                                                      | Revolving loan bearing interest at Alternative Base Rate
    (ABR) plus the current applicable spread of 0.75%
    (interest rate of 6.50% at March 31, 2005)                                                                        |           |           | 5,000   |              |   |           |        | 
|Dex Media West Notes Payable to Banks (in descending
    order of right of payment):  |                                                                                                                                                                                                                                        |           |           |         |              |   |           |        
|                                                                                      | Notes payable to banks, Tranche A term loan, bearing
    interest at adjusted LIBOR plus the current applicable interest
    spread of 2.0% (weighted average of 4.91% at March 31, 2005)                                              |           |           | 474,458 |              |   |           | 492,848 | 
|                                                                                      | Notes payable to banks, Tranche B term loan, bearing
    interest at adjusted LIBOR plus the current applicable interest
    spread of 1.75% (weighted average of 4.66% at March 31,
    2005)                                         |           |           | 944,542 |              |   |           | 981,152 | 
|Dex Media East Unsecured Notes Payable (in descending
    order of right of payment): |                                                                                                                                                                                                                                        |           |           |         |              |   |           |        
|                                                                                      | Unsecured senior notes payable, due in November 2009, bearing
    interest at 9.875%                                                                                                                                                   |           |           | 450,000 |              |   |           | 450,000 | 
|                                                                                      | Unsecured senior subordinated notes payable, due in November
    2012, bearing interest at 12.125%                                                                                                                                     |           |           | 341,250 |              |   |           | 341,250 | 
|Dex Media West Unsecured Notes Payable (in descending
    order of right of payment): |                                                                                                                                                                                                                                        |           |           |         |              |   |           |        
|                                                                                      | Unsecured senior notes payable, due August 2010, bearing
    interest at 8.5%                                                                                                                                                          |           |           | 385,000 |              |   |           | 385,000 | 
|                                                                                      | Unsecured senior notes payable, due November 2011, bearing
    interest at 5.875%                                                                                                                                                      |           |           | 300,000 |              |   |           | 300,000 | 
|                                                                                      | Unsecured senior subordinated notes payable, due August 2013,
    bearing interest at 9.875%                                                                                                                                           |           |           | 761,800 |              |   |           | 761,800 | 
|Dex Media Unsecured Notes Payable (in descending order
    of right of payment):      |                                                                                                                                                                                                                                        |           |           |         |              |   |           |        
|                                                                                      | Unsecured senior notes payable, due November 2013, bearing
    interest at 8%                                                                                                                                                          |           |           | 500,000 |              |   |           | 500,000 | 
|                                                                                      | Unsecured senior discount notes payable, due November 2013,
    bearing interest at 9%                                                                                                                                                 |           |           | 557,783 |              |   |           | 546,048 | 
|                                                                                      |                                                                                                                                                                                                                                        |           |           |         |              |  
|                                                                                      |                                                                                                                                                                                                                                        |           | 5,608,329 |         |              |   | 5,727,382 |        
|Less: current portion of long-term debt                                               |                                                                                                                                                                                                                                        |           | (221,720  | )       |              |   | (189,534  | )      
|                                                                                      |                                                                                                                                                                                                                                        |           |           |         |              |  
|                                                                                      |                                                                                                                                                                                                                                        | $         | 5,386,609 |         |              | $ | 5,537,848 |        
|                                                                                      |                                                                                                                                                                                                                                        |           |           |         |              |  

10



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |                                              
|-- | ---------------------------------------------
|6. | Derivative Instruments and Hedging Activities











7 8


11



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|   |                            
|-- | ---------------------------
|7. | Comprehensive Income (Loss)





|                                                 |  |                    |        |  |      |   |         |  
|------------------------------------------------ |  | ------------------ | ------ |  | ---- | - | ------- | -
|                                                 |  | Three Months Ended |       
|                                                 |  | March 31,          |       
|                                                 |  |                    |       
|                                                 |  | 2005               |        |  | 2004 |  
|                                                 |  |                    |        |  |      |  
|Net income (loss)                                |  | $                  | 15,192 |  |      | $ | (10,541 | )
|Changes in fair value of derivatives, net of tax |  |                    | 1,580  |  |      |   | (1,270  | )
|                                                 |  |                    |        |  |      |  
|Comprehensive income (loss)                      |  | $                  | 16,772 |  |      | $ | (11,811 | )
|                                                 |  |                    |        |  |      |  



|   |                     
|-- | --------------------
|8. | Stockholders Equity



| |                                            
| | -------------------------------------------
| | (a)                     Preferred
    stock





| |                                         
| | ----------------------------------------
| | (b)                     Common
    stock





| |                                  
| | ---------------------------------
| | (c)                     Dividends





12



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                                                                             
| | ----------------------------------------------------------------------------
| | (d)                     Basic
    and Diluted Income (Loss) Per Common Share

|                                                 |  |                        |        |  |      |   |         |  
|------------------------------------------------ |  | ---------------------- | ------ |  | ---- | - | ------- | -
|                                                 |  | Three Months Ended     |       
|                                                 |  | March 31,              |       
|                                                 |  |                        |       
|                                                 |  | 2005                   |        |  | 2004 |  
|                                                 |  |                        |        |  |      |  
|                                                 |  | (Dollars in thousands, |       
|                                                 |  | except per share data) |       
|Net income (loss)                                |  | $                      | 15,192 |  |      | $ | (10,541 | )
|Dividend accumulated on Series A Preferred Stock |  |                        |       |  |      |   | (1,895  | )
|                                                 |  |                        |        |  |      |  
|Income (loss) available to common shareholders   |  | $                      | 15,192 |  |      | $ | (12,436 | )
|                                                 |  |                        |        |  |      |  
|Basic and diluted income (loss) per share        |  | $                      | 0.10   |  |      | $ | (0.10   | )



|                                                                                                                        |  |                              |             |  |      |  |             | 
|----------------------------------------------------------------------------------------------------------------------- |  | ---------------------------- | ----------- |  | ---- |  | ----------- | 
|                                                                                                                        |  | Three Months Ended March 31, |            
|                                                                                                                        |  |                              |            
|                                                                                                                        |  | 2005                         |             |  | 2004 | 
|                                                                                                                        |  |                              |             |  |      | 
|Denominator for basic net income (loss) per common
    share  weighted-average common shares outstanding               |  |                              | 150,291,921 |  |      |  | 129,593,335 | 
|Dilutive impact of options and unvested restricted stock
    outstanding                                                |  |                              | 2,950,357   |  |      |  |            | 
|                                                                                                                        |  |                              |             |  |      | 
|Denominator for diluted net income (loss) per common
    share  weighted-average diluted common shares
    outstanding |  |                              | 153,242,278 |  |      |  | 129,593,335 | 
|                                                                                                                        |  |                              |             |  |      | 





|    |                   
|--- | ------------------
|(e) | Stock-Based Awards





13



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|   |                       
|-- | ----------------------
|9. | Employee Benefit Plans



|    |                    
|--- | -------------------
|(a) | General Description







|    |                                                           
|--- | ----------------------------------------------------------
|(b) | Components of Net Periodic Benefit Cost (in
    thousands)

|                                    |  |                              |        |   |                 |   |       |         |  |   |                 |   |  |   |       |  
|----------------------------------- |  | ---------------------------- | ------ | - | --------------- | - | ----- | ------- |  | - | --------------- | - |  | - | ----- | -
|                                    |  | Three Months Ended March 31, |       
|                                    |  |                              |       
|                                    |  | 2005                         |        |   | 2004            |  
|                                    |  |                              |        |   |                 |  
|                                    |  | Pension                      |        |   | Post-Retirement |   |       | Pension |  |   | Post-Retirement |  
|                                    |  | Benefit                      |        |   | Benefits        |   |       | Benefit |  |   | Benefits        |  
|                                    |  |                              |        |   |                 |   |       |         |  |   |                 |  
|Service cost                        |  | $                            | 2,900  |   |                 | $ | 650   |         |  | $ | 2,725           |   |  | $ | 625   |  
|Interest cost                       |  |                              | 3,100  |   |                 |   | 900   |         |  |   | 3,100           |   |  |   | 800   |  
|Amortization of prior service costs |  |                              |       |   |                 |   | (100  | )       |  |   |                |   |  |   | (100  | )
|Expected return on plan assets      |  |                              | (4,100 | ) |                 |   |      |         |  |   | (4,100          | ) |  |   |      |  
|                                    |  |                              |        |   |                 |   |       |         |  |   |                 |  
|Net periodic benefit cost           |  | $                            | 1,900  |   |                 | $ | 1,450 |         |  | $ | 1,725           |   |  | $ | 1,325 |  
|                                    |  |                              |        |   |                 |   |       |         |  |   |                 |  





|    |                              
|--- | -----------------------------
|10. | Commitments and Contingencies



14



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##### Table of Contents



DEX MEDIA, INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|    |                           
|--- | --------------------------
|11. | Related Party Transactions





15



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##### Table of Contents








|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 2. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

Executive Overview




| |            
| | -----------
| | Our Company





tm








| |           
| | ----------
| | Background





16



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##### Table of Contents







Results of Operations




| |         
| | --------
| | Overview





| |        
| | -------
| | Revenue



Accounting for Advertising Barter
Transactions.


Revenue Arrangements with
Multiple Deliverables.




| |                
| | ---------------
| | Cost of Revenue



17



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##### Table of Contents









| |                                   
| | ----------------------------------
| | General and Administrative Expense





| |                     
| | --------------------
| | Income Tax Provision



Items Affecting Comparability Between Periods








18



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##### Table of Contents





| |                                                                                        
| | ---------------------------------------------------------------------------------------
| | Three Months Ended March 31, 2005 Compared to the
    Three Months Ended March 31, 2004



|                                                               |                                                               |                        |         |         |         |   |         |         |         | 
|-------------------------------------------------------------- | ------------------------------------------------------------- | ---------------------- | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                                                               |                                                               | Three Months Ended     |        
|                                                               |                                                               | March 31,              |        
|                                                               |                                                               |                        |        
|                                                               |                                                               | 2005                   |         |         | 2004    |  
|                                                               |                                                               |                        |         |         |         |  
|                                                               |                                                               | (Dollars in thousands) |        
|Revenue:                                                       |                                                               |                        |         |         |         |   |         |        
|                                                               | Local directory services                                      |                        | $       | 340,990 |         |   | $       | 335,037 |        
|                                                               | National directory services                                   |                        |         | 58,201  |         |   |         | 37,503  |        
|                                                               | Qwest advertising                                             |                        |         | 4,135   |         |   |         | 6,550   |        
|                                                               | Other revenue                                                 |                        |         | 8,334   |         |   |         | 9,087   |        
|                                                               |                                                               |                        |         |         |         |  
|                                                               |                                                               | Total revenue          |         |         | 411,660 |   |         |         | 388,177 | 
|Cost of revenue                                                |                                                               |                        | 123,425 |         |         |   | 118,192 |        
|                                                               |                                                               |                        |         |         |         |  
|                                                               | Gross profit, excluding depreciation and amortization expense |                        | $       | 288,235 |         |   | $       | 269,985 |        
|                                                               | Gross margin                                                  |                        |         | 70.0%   |         |   |         | 69.6%   |        
|General and administrative expense, including bad debt expense |                                                               | $                      | 53,929  |         |         | $ | 53,351  |        



| |        
| | -------
| | Revenue







19



---



##### Table of Contents











| |                
| | ---------------
| | Cost of Revenue











20



---



##### Table of Contents









| |             
| | ------------
| | Gross Profit





| |                                   
| | ----------------------------------
| | General and Administrative Expense













21



---



##### Table of Contents





| |                            
| | ---------------------------
| | Amortization of Intangibles





| |                 
| | ----------------
| | Interest Expense





| |             
| | ------------
| | Income Taxes



Liquidity and Capital Resources




| |         
| | --------
| | Overview









| |                     
| | --------------------
| | Sources of Liquidity





22



---



##### Table of Contents













| |                                  
| | ---------------------------------
| | i. Cash from operating cash flow;



| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | ii.  | Up to $194.1 million of our subsidiaries revolving
    facilities available to our subsidiaries as of March 31,
    2005;                                                                                                                                                                                                                                                                                                                                           
|
| | iii. | Other unsecured indebtedness up to an aggregate principal amount
    of $360.0 million of which our subsidiaries may incur up to
    an aggregate principal amount of $125.0 million;                                                                                                                                                                                                                                                                                
|
| | iv.  | Our subsidiaries may sell, or dispose of, assets up to
    $10.0 million and $15.0 million annually for Dex Media
    East and Dex Media West, respectively, subject to an aggregate
    amount of $20.0 million and $30.0 million,
    respectively;                                                                                                                                                                                                                
|
| | v.   | The proceeds from any debt issuance, which our subsidiaries may
    use as long as the respective leverage ratio of Dex Media East
    and Dex Media West is at or below 4.0 to 1.0; and                                                                                                                                                                                                                                                                             
|
| | vi.  | Our subsidiaries may use the proceeds from any equity offering
    as follows: (i) 50%, if the respective leverage ratio is
    above 4.0 to 1.0 or (ii) 100%, if the respective leverage
    ratio is at or below 4.0 to 1.0. As a condition to the closing
    of the IPO, we amended our subsidiaries credit facilities
    to, among other things, allow our subsidiaries access to 100% of
    the proceeds from the IPO irrespective of their leverage ratios.





| |                  
| | -----------------
| | Uses of Liquidity



23



---



##### Table of Contents















24



---



##### Table of Contents











Material Trends, Known Facts and Uncertainties




| |                           
| | --------------------------
| | Directory Services Revenue





25



---



##### Table of Contents





| |                  
| | -----------------
| | Segmented Pricing





| |            
| | -----------
| | Competition







| |         
| | --------
| | Internet

tm




| |             
| | ------------
| | Paper Prices



Critical Accounting Policies and Estimates






| |                    
| | -------------------
| | Revenue Recognition



26



---



##### Table of Contents







| |                
| | ---------------
| | Cost of Revenue





| |                                                         
| | --------------------------------------------------------
| | Allowance for Doubtful Accounts and Bad Debt
    Expense





| |             
| | ------------
| | Income Taxes



New Accounting Standards






27



---



##### Table of Contents



Cautionary Note Regarding Forward-Looking Statements











Item 3.  Quantitative and Qualitative
Disclosures About Market Risk




| |               
| | --------------
| | Long-Term Debt









28



---



##### Table of Contents










| |                   
| | ------------------
| | Interest Rate Risk





|        |                        
|------- | -----------------------
|Item 4. | Controls and Procedures







29



---



##### Table of Contents






PART II.


OTHER INFORMATION







|        |                  
|------- | -----------------
|Item 1. | Legal Proceedings










|        |                                                                
|------- | ---------------------------------------------------------------
|Item 2. | Unregistered Sales of Equity Securities and Use of
    Proceeds








|        |                                
|------- | -------------------------------
|Item 3. | Defaults Upon Senior Securities








|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders








|        |                  
|------- | -----------------
|Item 5. | Other Information








|        |         
|------- | --------
|Item 6. | Exhibits

|               |  |                                                                                                                                                                                                                                 
|-------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 10.1   |  | Senior Executive Incentive Bonus Plan of Dex Media, Inc.
    (incorporated by reference to Dex Media, Inc.s Current
    Report on Form 8-K dated February 17, 2005).                                                           
|Exhibit 10.2   |  | Form of Restricted Stock Agreement pursuant to the 2004
    Incentive Award Plan of Dex Media, Inc. (incorporated by
    reference to Dex Media, Inc.s Current Report on
    Form 8-K dated March 3, 2005).                    
|Exhibit 10.3*  |  | Master Agreement for Printing Services dated as of
    March 31, 2005, by and between Dex Media, Inc., on behalf
    of itself and its subsidiaries Dex Media East LLC and Dex Media
    West LLC, and Quebecor World (USA) Inc.
|Exhibit 31.1   |  | Certification of Chief Executive Officer of Dex Media, Inc.
    pursuant to Section 302 of the Sarbanes Oxley Act of 2002.                                                                                                      
|Exhibit 31.2   |  | Certification of Chief Financial Officer of Dex Media, Inc.
    pursuant to Section 302 of the Sarbanes Oxley Act of 2002.                                                                                                      
|Exhibit 32.1** |  | Certification of Chief Executive Officer and Chief Financial
    Officer of Dex Media, Inc. pursuant to Section 906 of the
    Sarbanes Oxley Act of 2002.                                                                      






|  |                                                                                                 
|- | ------------------------------------------------------------------------------------------------
|* | Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment.



|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|** | Exhibit 32.1 is being furnished solely to accompany this
    report pursuant to U.S.C. § 1350, and is not being
    filed for purposes of Section 18 of the Securities Exchange
    Act of 1934, as amended, and is not to be incorporated by
    reference into any of our filings, whether made before or after
    the date hereof, regardless of any general incorporation
    language in such filing.

30



---



##### Table of Contents






SIGNATURE






| |                
| | ---------------
| | Dex Media, Inc.



| |     |                                  
| | --- | ---------------------------------
| | By: | /s/ Robert M.
    Neumeister, Jr.

| |                             
| | ----------------------------
| |                             
| | Robert M. Neumeister, Jr.   
| | Executive Vice President and
| | Chief Financial Officer     



31



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##### Table of Contents



EXHIBIT INDEX


|               |  |                                                                                                                                                                                                                                 
|-------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits       |  | Description                                                                                                                                                                                                                     
|               |  |                                                                                                                                                                                                                                 
|Exhibit 10.1   |  | Senior Executive Incentive Bonus Plan of Dex Media, Inc.
    (incorporated by reference to Dex Media, Inc.s Current
    Report on Form 8-K dated February 17, 2005).                                                           
|Exhibit 10.2   |  | Form of Restricted Stock Agreement pursuant to the 2004
    Incentive Award Plan of Dex Media, Inc. (incorporated by
    reference to Dex Media, Inc.s Current Report on
    Form 8-K dated March 3, 2005).                    
|Exhibit 10.3*  |  | Master Agreement for Printing Services dated as of
    March 31, 2005, by and between Dex Media, Inc., on behalf
    of itself and its subsidiaries Dex Media East LLC and Dex Media
    West LLC, and Quebecor World (USA) Inc.
|Exhibit 31.1   |  | Certification of Chief Executive Officer of Dex Media, Inc.
    pursuant to Section 302 of the Sarbanes Oxley Act of 2002.                                                                                                      
|Exhibit 31.2   |  | Certification of Chief Financial Officer of Dex Media, Inc.
    pursuant to Section 302 of the Sarbanes Oxley Act of 2002.                                                                                                      
|Exhibit 32.1** |  | Certification of Chief Executive Officer and Chief Financial
    Officer of Dex Media, Inc. pursuant to Section 906 of the
    Sarbanes Oxley Act of 2002.                                                                      






|  |                                                                                                 
|- | ------------------------------------------------------------------------------------------------
|* | Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment.



|   |                                                                                                                                                                                                                                                                                                                                                                                                            
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|** | Exhibit 32.1 is being furnished solely to accompany this
    report pursuant to U.S.C. § 1350, and is not being
    filed for purposes of Section 18 of the Securities Exchange
    Act of 1934, as amended, and is not to be incorporated by
    reference into any of our filings, whether made before or after
    the date hereof, regardless of any general incorporation
    language in such filing.