8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

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FORM 8-K

CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 26, 2012

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DEX ONE CORPORATION
 (Exact name of registrant as specified in its charter)
______________

Delaware	1-07155	13-2740040
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1001 Winstead Drive, Cary, NC (Address of principal executive offices)	Registrant’s telephone number, including area code: (919) 297-1600	27513 (Zip Code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02         Results of Operations and Financial Condition.

On April 26, 2012, Dex One Corporation (the “Company”) issued a press release containing certain financial results of the Company and its direct and indirect wholly-owned subsidiaries for the three month period ended March 31, 2012.  A copy of this press release is attached as Exhibit 99.1 to this Form 8-K.

Item 7.01         Regulation FD Disclosure.

The Company is furnishing herewith additional information in conjunction with the April 26, 2012 earnings release.  This additional information includes: general Company information and highlights of financial results of the Company and its direct and indirect wholly-owned subsidiaries for the three month period ended March 31, 2012.  The additional information, attached as Exhibit 99.2 to this Current Report on Form 8-K, is being furnished and will not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section.

The information in this Current Report on Form 8-K will not be incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically identified therein as being incorporated by reference.

Item 9.01         Financial Statements and Exhibits.

(d)    Exhibits.

         The following exhibits are filed with this report:

Exhibit No.	Exhibit Description
99.1	Press Release of Dex One Corporation issued April 26, 2012.
99.2	Additional Information of Dex One Corporation issued April 26, 2012.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DEX ONE CORPORATION

/s/ Mark W. Hianik

Mark W. Hianik

Senior Vice President, General Counsel

   & Chief Administrative Officer

Date: April 26, 2012

EXHIBIT INDEX

Exhibit No.	Exhibit Description
99.1	Press Release of Dex One Corporation issued April 26, 2012.
99.2	Additional Information of Dex One Corporation issued April 26, 2012.

EX-99.1

Exhibit 99.1

Dex One Delivers Solid First Quarter Financial Results

Reports Strong Digital Bookings Growth of 32 Percent; Completes Loan and Bond Repurchases; Affirms Full Year Guidance

CARY, N.C.--(BUSINESS WIRE)--April 26, 2012--Dex One Corporation (NYSE: DEXO) today announced first quarter 2012 results, reflecting rapid digital bookings growth and a stronger balance sheet. The company achieved its first quarter ad sales guidance and affirmed its full year 2012 guidance.

Dex One CEO Alfred Mockett said, “First quarter ad sales were consistent with guidance and reflect continued weakness with our print offering, particularly in large markets. We expect sales trends to improve in the subsequent quarters of 2012 as reflected by our second quarter ad sales guidance. Looking ahead, our mobile and online marketing solutions should continue to post solid gains, generating digital bookings growth in excess of 30 percent.

“During the first quarter we made progress on each of our 2012 priorities. Digital bookings growth in the first quarter was 32%, while our bundles provided customers with an easy way to purchase a powerful combination of local marketing services. Bundles remain on track to account for half of bookings by year-end.”

Greg Freiberg, Dex One CFO, added, “In the first four months of 2012, we expect to retire $425 million of debt. While we continue to reduce expenses, we will look for additional opportunities to strengthen the balance sheet.”

FIRST QUARTER 2012 PERFORMANCE

(dollars in millions)
Metric	1Q 2012
Year over year change in bookings
Total		(13	%)
Digital		32	%
Print		(21	%)
Year over year change in advertising sales		(16	%)
Net revenue	$	344
Adjusted EBITDA(1)	$	150
Adjusted EBITDA margin(1)		44	%
Free cash flow(1)	$	73
Adjusted net debt(1)	$	2,182

Net income, cash flow from operations and total debt (including fair value discount) in the first quarter were $58 million, $78 million and $2,244 million, respectively.

2012 GUIDANCE

The company also announced second quarter ad sales and full year adjusted net debt guidance as well as affirming its existing full year financial guidance for net revenue, adjusted EBITDA and free cash flow.

(dollars in millions)

Metric	Guidance(2)
Second Quarter
Year over year change in net ad sales	(13%) – (14%)
Full Year
Net revenue	$1,225 to $1,300
Adjusted EBITDA(1)	$500 to $575
Free cash flow(1)	$300 to $375

The outlook for 2012 operating income (midpoint) and cash flow from operations (midpoint) are $120 million and $360 million, respectively.

Important information regarding operating results and related reconciliations of non-GAAP financial measures to the most comparable GAAP measures can be found in the schedules and related footnotes to this press release, which should be thoroughly reviewed. All figures are preliminary and subject to change pending the filing of our Quarterly Report on Form 10-Q.

Advertising sales is a non-GAAP statistical measure and consist of sales of advertising in print directories distributed during the period and Internet-based products and services with respect to which such advertising first appeared publicly during the period.

The year over year change in ad sales is calculated by dividing the difference between ad sales in the current period and adjusted ad sales in the prior year divided by adjusted ad sales in the prior year. Adjustments might be made to prior year’s ad sales in an attempt to create a same store sales metric.

Bookings is another non-GAAP statistical measure that represents sales activity associated with our print directories and Internet-based marketing solutions during the period. Bookings associated with our local customers represent signed contracts during the period. Bookings associated with our national customers represent what has been published or fulfilled during the period.

The year over year change in bookings is calculated by dividing the difference between bookings in the current period and bookings generated in the prior year divided by bookings generated in the prior year.

It is important to distinguish advertising sales and bookings from net revenue, which is recognized under the deferral and amortization method.

FIRST QUARTER INVESTOR CONFERENCE CALL

Dex One Corporation will be hosting a conference call to discuss its first quarter 2012 results today at 8:30 a.m. (ET). Individuals within the United States can access the call by dialing 800-988-9740 – others should dial 517-308-9344. The pass code for the call is “Dex One”. In order to ensure a prompt start time, please dial into the call by 8:20 a.m. (ET).

In addition, a live Web cast will be available at www.DexOne.com and an archived version will be accessible for up to one year. A replay of the conference call can also be accessed from within the United States by dialing 800-685-7910 and internationally by dialing 402-998-0962. There is no pass code for the telephonic replay, which will be available through May 10.

Endnotes

1) These are non-GAAP financial measures. Please see the discussion of non-GAAP financial measures in the schedules and related footnotes at the end of this press release.

2) Full year guidance for net revenue, adjusted EBITDA and free cash flow originally provided on March 1, 2012.

ABOUT DEX ONE CORPORATION

Dex One Corporation (NYSE: DEXO) is a leading marketing solutions provider helping local businesses and their customers connect wherever and whenever they choose to search. Building on its heritage of delivering print-based solutions, the company provides integrated products and services to help its clients establish their digital presence and generate leads. Dex One’s locally based marketing experts offer a broad network of local marketing solutions including online, mobile and print search solutions, such as DexKnows.com. For more information, visit www.DexOne.com.

SAFE HARBOR PROVISION

Certain statements contained in this press release regarding Dex One Corporation’s future operating results, performance, business plans, prospects, guidance and any other statements not constituting historical fact are “forward-looking statements” subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Where possible, the words “believe,” “expect,” “anticipate,” “intend,” “should,” “will,” “would,” “planned,” “estimated,” “potential,” “goal,” “outlook,” “may,” “predicts,” “could,” or the negative of such terms, or other comparable expressions, as they relate to Dex One Corporation or its management, have been used to identify such forward-looking statements. All forward-looking statements reflect only Dex One Corporation’s current beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based on information currently available to Dex One Corporation. Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause Dex One Corporation’s actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by, these statements.

Factors that could cause actual results to differ materially from current expectations include risks and other factors described in Dex One Corporation’s publicly available reports filed with the SEC, which contain a discussion of various factors that may affect Dex One Corporation’s business or financial results. Such risks and other factors, which in some instances are beyond Dex One Corporation’s control, include: the continuing decline in the use of print directories; increased competition, particularly from existing and emerging digital technologies; ongoing weak economic conditions and continued decline in advertising sales; our ability to collect trade receivables from customers to whom we extend credit; our ability to generate sufficient cash to service our debt; our ability to comply with the financial covenants contained in our debt agreements and the potential impact to operations and liquidity as a result of restrictive covenants in such debt agreements; our ability to refinance or restructure our debt on reasonable terms and conditions as might be necessary from time to time; increasing interest rates; changes in the company’s and the company’s subsidiaries credit ratings; changes in accounting standards; regulatory changes and judicial rulings impacting our business; adverse results from litigation, governmental investigations or tax related proceedings or audits; the effect of labor strikes, lock-outs and negotiations; successful realization of the expected benefits of acquisitions, divestitures and joint ventures; our ability to maintain agreements with CenturyLink, AT&T and other major Internet search and local media companies; our reliance on third-party vendors for various services; and other events beyond our control that may result in unexpected adverse operating results. Dex One Corporation is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet service providers. This press release is being furnished to the SEC through a Form 8-K. The company’s Quarterly Report on Form 10-Q for the period ended March 31, 2012 to be filed with the SEC may contain updates to the information included in this release.

(See attached schedules and related footnotes)

DEX ONE CORPORATION			Schedule 1
INDEX OF SCHEDULES
	Schedule 1:	Index of Schedules
	Schedule 2:	Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2012 and 2011
	Schedule 3:	Unaudited Condensed Consolidated Balance Sheets at March 31, 2012 and December 31, 2011
`
	Schedule 4:	Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and 2011
	Schedule 5:	Reconciliation of Non-GAAP Measures
	Schedule 6:	Statistical Measures - Advertising Sales and Bookings
	Schedule 7:	Notes to Unaudited Condensed Consolidated Financial Statements
		and Non-GAAP Measures
Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.

DEX ONE CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS				Schedule 2
Amounts in millions, except earnings per share
	Three Months Ended
	March 31,
	2012			2011
Net revenue (1)	$	344.4		$	391.2
Expenses		196.0			217.2
Depreciation and amortization (2)		103.7			54.1
Operating income		44.7			119.9
Gain on Debt Repurchases, net (3)		68.8			-
Gain on sale of assets, net (4)		-			13.4
Interest expense, net		(57.1	)		(57.7	)
Income before income taxes		56.4			75.6
Tax (provision) benefit		1.2			(20.2	)
Net income	$	57.6		$	55.4
Earnings per share (EPS):
Basic	$	1.15		$	1.11
Diluted	$	1.15		$	1.11
Shares used in computing EPS:
Basic		50.3			50.0
Diluted		50.3			50.0
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements and Non-GAAP Measures - Schedule 7.
Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.

DEX ONE CORPORATION			Schedule 3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Amounts in millions
	March 31, 2012		December 31, 2011
Assets
Cash and cash equivalents	$	115.2	$	257.9
Accounts receivable, net		549.1		605.7
Deferred directory costs		120.0		130.8
Short term deferred income taxes, net		68.9		67.8
Other current assets		43.5		51.4
Total current assets		896.7		1,113.6
Fixed assets and computer software, net		140.3		151.5
Intangible assets, net (2)		2,094.7		2,182.1
Other non-current assets		15.0		13.0
Total Assets	$	3,146.7	$	3,460.2
Liabilities and Shareholders' Equity (Deficit)
Accounts payable and accrued liabilities	$	89.9	$	126.2
Accrued interest		26.1		29.2
Deferred directory revenue		588.3		644.1
Current portion of long-term debt (5)		223.3		326.3
Total current liabilities		927.6		1,125.8
Long-term debt (5)		2,020.7		2,184.1
Deferred income taxes, net		73.9		75.5
Other non-current liabilities		75.6		84.7
Total liabilities		3,097.8		3,470.1
Shareholders’ equity (deficit)		48.9		(9.9	)
Total Liabilities and Shareholders' Equity (Deficit)	$	3,146.7	$	3,460.2
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements and Non-GAAP Measures - Schedule 7.
Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.

DEX ONE CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS				Schedule 4
Amounts in millions
	Three Months Ended
	March 31,
	2012			2011
Net cash provided by operating activities	$	78.1		$	109.5
Investment activities:
Additions to fixed assets and computer software		(5.0	)		(4.9	)
Proceeds from sale of assets		-			15.4
Net cash (used in) provided by investing activities		(5.0	)		10.5
Financing activities:
Credit facilities repayments		(213.7	)		(94.9	)
Debt issuance costs and other financing items, net		(2.0	)		0.3
Decrease in checks not yet presented for payment		(0.1	)		(16.7	)
Net cash used in financing activities		(215.8	)		(111.3	)
Increase (decrease) in cash and cash equivalents		(142.7	)		8.7
Cash and cash equivalents, beginning of period		257.9			127.9
Cash and cash equivalents, end of period	$	115.2		$	136.6
Non-cash financing activities:
Reduction of debt from Debt Repurchases (3)	$	(72.6	)	$	-
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements and Non-GAAP Measures - Schedule 7.
Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.

DEX ONE CORPORATION
RECONCILIATION OF NON-GAAP MEASURES				Schedule 5a
(unaudited)
EBITDA and Adjusted EBITDA are not measurements of operating performance computed in accordance with GAAP and should not be considered as a substitute for net income prepared in conformity with GAAP. In addition, EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Management believes that these non-GAAP financial measures are important indicators of our operations because they exclude items that may not be indicative of, or related to, our core operating results, and provide a better baseline for analyzing our underlying business. Adjusted EBITDA for the three months ended March 31, 2012 is determined by adjusting EBITDA for (i) gain on Debt Repurchases, net and (ii) stock-based compensation expense and long-term incentive program. Adjusted EBITDA for the three months ended March 31, 2011 is determined by adjusting EBITDA for (i) gain on sale of assets, net and (ii) stock-based compensation expense and long-term incentive program.
Amounts in millions
	Three Months Ended
	March 31,
Reconciliation of net income - GAAP to EBITDA and Adjusted EBITDA	2012			2011
Net income - GAAP	$	57.6		$	55.4
Plus (less): tax provision (benefit)		(1.2	)		20.2
Plus: interest expense, net		57.1			57.7
Plus: depreciation and amortization		103.7			54.1
EBITDA	$	217.2		$	187.4
Less: Gain on Debt Repurchases, net (3)		(68.8	)		-
Less: Gain on sale of assets, net (4)		-			(13.4	)
Plus: Stock-based compensation expense and long-term incentive program		1.4			1.4
Adjusted EBITDA	$	149.8		$	175.4
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements and Non-GAAP Measures - Schedule 7.
Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.

DEX ONE CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (cont'd)				Schedule 5b
(unaudited)
Free cash flow is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for cash flow from operations prepared in conformity with GAAP. In addition, Free cash flow may not be comparable to a similarly titled measure of other companies. Management believes that this cash flow measure provides investors and stockholders with a relevant measure of liquidity and a useful basis for assessing the Company's ability to fund its activities and obligations.
Amounts in millions
	Three Months Ended
	March 31,
Reconciliation of cash flow from operations - GAAP to free cash flow	2012			2011
Cash flow from operations - GAAP	$	78.1		$	109.5
Less: Additions to fixed assets and computer software - GAAP		(5.0	)		(4.9	)
Free cash flow	$	73.1		$	104.6
Reconciliation of debt - GAAP to net debt and net debt - eliminating fair value discount (5) (6)	March 31, 2012			December 31, 2011
Debt - GAAP	$	2,244.0		$	2,510.4
Less: Cash and cash equivalents		(115.2	)		(257.9	)
Net debt		2,128.8			2,252.5
Fair value discount		53.7			63.2
Net debt - eliminating fair value discount	$	2,182.5		$	2,315.7
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements and Non-GAAP Measures - Schedule 7.
Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.

DEX ONE CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (cont'd)	Schedule 5c
(unaudited)
Amounts in millions
	Full Year 2012
Reconciliation of adjusted EBITDA outlook to operating income - GAAP outlook	Outlook
Adjusted EBITDA outlook	$	540
Less: depreciation and amortization		(410	)
Adjusted operating income outlook		130
Less: Stock-based compensation expense and long-term incentive program		(10	)
Operating income - GAAP outlook	$	120
	Full Year 2012
Reconciliation of adjusted free cash flow outlook to cash flow from operations outlook - GAAP	Outlook
Adjusted free cash flow outlook	$	340
Plus: Additions to fixed assets and computer software		20
Cash flow from operations outlook - GAAP	$	360

DEX ONE CORPORATION
STATISTICAL MEASURES
CALCULATION OF ADVERTISING SALES AND BOOKINGS PERCENTAGE CHANGE OVER PRIOR YEAR PERIODS										Schedule 6
(unaudited)
Amounts in millions, except percentages
	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
Advertising Sales (7)	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Advertising Sales	$	296			387			269			369
Net advertising sales percentage change over prior year periods		(16	%)		(13	%)		(14	%)		(15	%)
	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
Bookings (7)	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Gross Bookings:
Gross print bookings	$	237		$	253		$	257		$	271
Gross digital bookings		67			60			57			45
Total Gross Bookings	$	304		$	313		$	314		$	316
Gross bookings percentage change over prior year periods:
Gross print bookings percentage change		(21	%)		(18	%)		(22	%)		(21	%)
Gross digital bookings percentage change		32	%		34	%		29	%		7	%
Total gross bookings percentage change over prior year periods		(13	%)		(11	%)		(16	%)		(18	%)
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements and Non-GAAP Measures - Schedule 7.
Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.

DEX ONE CORPORATION		Schedule 7
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NON-GAAP MEASURES
(1)	Our advertising revenues are earned primarily from the sale of advertising in yellow pages directories we publish. Advertising revenues also include revenues from our Internet-based marketing solutions including online directories, such as DexKnows.com and DexNet. Advertising revenues are affected by several factors, including changes in the quantity and size of advertisements, acquisition of new clients, renewal rates of existing clients, premium advertisements sold, changes in advertisement pricing, the introduction of new marketing solutions, an increase in competition and more fragmentation in the local business search market and general economic factors. Revenues with respect to print advertising and Internet-based marketing solutions that are sold with print advertising are recognized under the deferral and amortization method whereby revenues are initially deferred when a directory is published, net of sales claims and allowances, and recognized ratably over the directory’s life, which is typically 12 months. Revenues with respect to Internet-based marketing solutions that are sold standalone, such as DexNet, are recognized ratably over the life of the contract commencing when they are first delivered or fulfilled. Revenues with respect to our marketing solutions that are performance-based are recognized as the service is delivered or fulfilled.
(2)	The Company evaluated the remaining useful lives of definite-lived intangible assets and other long-lived assets during the three months ended March 31, 2012. Based on our evaluation, we reduced the estimated useful lives of our directory services agreements, local and national customer relationships and tradenames and trademarks to a combined weighted average useful life of 9 years. As a result of reducing the estimated useful lives of these intangible assets, the Company expects an increase in amortization expense of $161.6 million and total amortization expense of $349.4 million for 2012.
(3)	On March 23, 2012, we utilized cash on hand of $69.5 million to repurchase loans under our credit facilities of $142.1 million ("Debt Repurchases"). The Debt Repurchases have been accounted for as an extinguishment of debt resulting in a non-cash, pre-tax gain of $68.8 million during the three months ended March 31, 2012, consisting of the difference between the par value and purchase price of the credit facilities, offset by accelerated amortization of fair value adjustments to our credit facilities that were recognized in conjunction with our adoption of fresh start accounting of $2.0 million and fees associated with the Debt Repurchases of $1.8 million.
(4)	On February 14, 2011, we completed the sale of substantially all net assets of Business.com. As a result, we recognized a gain on sale of these assets of $13.4 million during the three months ended March 31, 2011.
(5)	In conjunction with our adoption of fresh start accounting, an adjustment was established to record our outstanding debt at fair value on the Fresh Start Reporting Date. The Company was required to record our credit facilities at a discount as a result of their fair value on the Fresh Start Reporting Date. Therefore, the carrying amount of these debt obligations is lower than the principal amount due at maturity. This fair value adjustment is amortized as an increase to interest expense over the remaining term of the respective debt agreements and does not impact future scheduled interest or principal payments. The unamortized fair value adjustment resulting from fresh start accounting was $53.7 million at March 31, 2012.
(6)	Net debt represents total debt less cash and cash equivalents on the respective date. Net debt – eliminating fair value discount eliminates the fair value discount as a result of fresh start accounting described in Note 5 and represents principal amounts due at maturity.
(7)	Advertising sales is a non-GAAP statistical measure and consists of sales of advertising in print directories distributed during the period and Internet-based marketing solutions with respect to which such advertising first appeared publicly during the period. In order to calculate a percentage change over prior periods, adjustments may have been made to the prior year’s advertising sales in an attempt to create a same store sales metric.
	Bookings is also a non-GAAP statistical measure and represents sales activity associated with our print directories and Internet-based marketing solutions during the period. Bookings associated with our local customers represent signed contracts during the period. Bookings associated with our national customers represent what has been published or fulfilled during the period. It is important to distinguish advertising sales and bookings from net revenue, which is recognized under the deferral and amortization method.
Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q.

CONTACT:
Dex One Corporation
Media Contact:
Chris Hardman, 303-784-1351
chris.hardman@dexone.com
or
Investor Contact:
Jamie Andelman, 800-497-6329
invest@dexone.com

EX-99.2

Exhibit 99.2

First Quarter 2012 Results Package April 26, 2012

First Quarter Highlights Posted 32% digital bookings(1) growth Exceeded full year target of 30% Bundled sales accounted for ~45% of total bookings(2) Bundles on track to generate at least half of total bookings by the end of 2012 Continues to drive down costs Cut $21mm of expenses YoY; targeting $120mm of reductions in 2012 Successfully completes loan and bond repurchases Expect to retire $425 million of debt in first four months of 2012 – majority in 1Q12 Affirmed full year guidance Achieved first quarter ad sales guidance 1

Sales Trends Bookings (year over year change) 11% 7% 29% 34% 32% -14% -18% -16% -11% -13% -18% -21% -22% -18% -21% 1Q11 2Q11 3Q11 4Q11 1Q12 Digital Total Print Rate of print bookings declines has been relatively stable at ~20% Digital is having a favorable impact on total booking trends Total booking performance is 8 points better than print results in 1Q12 Ad Sales(3) (year over year change) -17% -15% -14% -13% -16% 1Q11 2Q11 3Q11 4Q11 1Q12 2

Revenue, EBITDA & Expenses Trends $ millions QoQ and YoY expense reductions primarily driven by lower print-related costs and headcount reductions 4Q11 and 1Q11 each include $6mm of restructuring expense. 1Q12 includes $2mm of severance expense $391 $352 $344 $175 $150 $150 45% 43% 44% $216 $202 $195 1Q11 4Q11 1Q12 Adjusted EBITDA(4) Adjusted Expenses(4) Continued cost management driving strong EBITDA Please see the appendix for reconciliations of non-GAAP financial measures to the most comparable GAAP measures. 3

1Q12 Adjusted EBITDA To Free Cash Flow $ millions Includes semi-annual bond coupon payment Includes: cash taxes pension contribution restructuring payments seasonal factors $150 $42 $5 $30 $73 1Q12 Adj. EBITDA (4) Cash Interest Capex Working Capital & Other 1Q12 Free Cash Flow Please see the appendix for reconciliations of non-GAAP financial measures to the most comparable GAAP measures. 4

Adjusted Net Debt(5) $ millions $2,597 $2,504 $2,426 $2,316 $2,182 $657 $640 $628 $620 $563 $776 $753 $726 $696 $599 $1,000 $981 $967 $958 $825 $300 $300 $300 $300 $311 1Q11 2Q11 3Q11 4Q11 1Q12 Completed bank debt repurchases in March and note tender offer in April Expect to retire $425mm of debt in first four months of 2012 Favorable weighted average interest rate of 7.8% at quarter end September 2012 coupon payment on Dex One Corp. notes will be 50% cash and 50% new notes Dex One Corp. RHD Inc. Dex East Dex West Cash Please see the appendix for reconciliations of non-GAAP financial measures to the most comparable GAAP measures. 5

2012 Guidance $ millions Metrics Current Guidance 2nd Quarter - YoY change in Ad Sales (13%) to (14%) Net revenue $1,225 to $1,300 Adjusted EBITDA(4) $500 to $575 $ Free cash flow 300 to $ 375 Please see the appendix for reconciliations of non-GAAP financial measures to the most comparable GAAP measures. 6

Safe Harbor Statement Certain statements contained in this presentation regarding Dex One Corporation's future operating results, performance, business plans, prospects, guidance and any other statements not constituting historical fact are “forward-looking statements” subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Where possible, the words “believe,” “expect,” “anticipate,” “intend,” “should,” “will,” “would,” “planned,” “estimated,” “potential,” “goal,” “outlook,” “may,” “predicts,” “could,” or the negative of such terms, or other comparable expressions as they relate to Dex One Corporation or its management have been used to identify such forward-looking statements All expressions, management, forward statements. forward-looking statements reflect only Dex One Corporation's current beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based on information currently available to Dex One Corporation. Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause Dex One Corporation's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by, these statements. Factors that could cause actual results to differ materially from current expectations include risks and other factors described in Dex One Corporation's publicly available reports filed with the SEC, which contain a discussion of various factors that may affect Dex One Corporation's business or financial results. Such risks and other factors, which in some instances are beyond Dex One Corporation's control, include: the continuing decline in the use of print directories; increased competition, particularly from existing and emerging digital technologies; ongoing weak economic conditions and continued decline in advertising sales; our ability to collect trade receivables from customers to whom we extend credit; our ability to generate sufficient cash to service our debt; our ability to comply with the financial covenants contained in our debt agreements and the potential impact to operations and liquidity as a result of restrictive covenants in such debt agreements; our ability to refinance or restructure our debt on reasonable terms and conditions as might be necessary from time to time; increasing interest rates; changes in the company's and the company's subsidiaries credit ratings; changes in accounting standards; regulatory changes and judicial rulings impacting our business; adverse results from litigation, governmental investigations or tax related proceedings or audits; the effect of labor strikes, lock-outs and negotiations; successful realization of the expected benefits of acquisitions, divestitures and joint ventures; our ability to maintain agreements with CenturyLink and AT&T and other major Internet search and local media companies; our reliance on third-party vendors for various services; and other events beyond our control that may result in unexpected adverse operating results. Dex One Corporation is not responsible for updating the information contained in this presentation beyond the published date, or for changes made to this document by wire services or Internet service providers. This presentation is being furnished to the SEC through a Form 8-K. The Company's Quarterly Report on Form 10-Q for the period ended March 31, 2012 to be filed with the SEC may contain updates to the information included in this presentation. We reference non-GAAP financial measures in this presentation. Please see the appendix for a reconciliation of non-GAAP measures to the most comparable GAAP measures measures. 7

Endnotes 1) Bookings is a non-GAAP statistical measure that represents sales activity associated with our print directories and Internet-based marketing solutions during the period. Bookings associated with our local customers represent signed contracts during the period. Bookings associated with our national customers represent what has been published or fulfilled during the period. The year over year change in bookings is calculated by dividing the difference between bookings in the current period and bookings generated in the prior year divided by bookings generated in the prior year. 2) For local customers, bundles are defined as sales that include multiple media products and marketing services incorporated into limited number customizable sets defined one of a reflecting specified pricing terms. For national customers, bundles are as sales that comprise print and digital solutions or services sold concurrently. 3) Advertising sales is another non-GAAP statistical measure and consist of sales of advertising in print directories distributed during the period and Internet-based products and services with respect to which such advertising first appeared publicly during the period. The year over year change in ad sales is calculated by dividing the difference between ad sales in the current period and adjusted ad sales in the prior year divided by adjusted ad sales in the prior year. Adjustments might be made to prior year’s ad sales in an attempt to create a same store sales metric. 4) Adjusted EBITDA and adjusted costs exclude the following items in the applicable periods: gain on sale of assets, net; gains on debt transactions, net; and stock based compensation and long-term incentive costs. 5) Represents principal outstanding, which includes the fair value discount. These figures differ from GAAP balances. 8

APPENDIX

Bank Loan Amortization Schedules $ millions; as of 3/31/12 RHD Inc. Dex East Dex West 6/30/12 $9.5 -- $5.1 9/30/12 9.5 $29.1 5.1 12/31/12 9.5 29.1 5.1 3/31/13 11.0 29.1 5.1 6/30/13 11.0 29.1 5.1 9/30/13 11.0 29.1 5.1 12/31/13 11.0 29.1 5.1 3/31/14 11.0 29.1 5.1 6/30/14 11.0 29.1 5.1 9/30/14 11.0 29.1 5.1 Maturity 719.7 337.0 512.2 TOTAL $825.4 $599.1 $562.7 Note: Amortization schedules may change over time as a result of non-scheduled payments, such as optional prepayments. Dex Media East, Inc.’s amortization payment due 6/30/12 was prepaid in 1Q12. Please see the appendix for reconciliations of non-GAAP financial measures to the most comparable GAAP measures. 10

GAAP Reconciliations: 1Q12, 4Q11 and 1Q11 Adjusted EBITDA EBITDA and Adjusted EBITDA are not measurements of operating performance computed in accordance with GAAP and should not be considered as a substitute for net income prepared in conformity with GAAP. In addition, EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Management believes that these non-GAAP financial measures are important indicators of our operations because they exclude items that may not be indicative of, or related to, our core operating results, and provide a better baseline for analyzing our underlying business. Adjusted EBITDA for the three months ended March 31, 2012 is determined by adjusting EBITDA for (i) gain on Debt Repurchases, net and (ii) stock-based compensation expense and long-term incentive program. Adjusted EBITDA for the three months ended December 31, 2011 is determined by adjusting EBITDA for stock-based compensation expense and long-term incentive program. Adjusted EBITDA for the three months ended March 31, 2011 is determined by adjusting EBITDA for (i) gain on sale of assets, net and (ii) stock-based compensation expense and long-term incentive program. $ millions Reconciliation of net income - GAAP to EBITDA and Adjusted EBITDA Three Months Ended March 31, 2012 2011 Net income - GAAP $ 57.6 $ 55.4 Plus (less): tax provision (benefit) (1.2) 20.2 Plus: interest expense, net 57.1 57.7 Plus: depreciation and amortization 103.7 54.1 EBITDA $ 217.2 $ 187.4 Less: Gain on Debt Repurchases, net (1) (68.8) - Less: Gain on sale of assets, net (2) - (13.4) Plus: Stock-based compensation expense and long-term incentive program 1.4 1.4 Adjusted EBITDA $ 149.8 $ 175.4 Note: These schedules are preliminary and subject to change pending the Company's filing of its Form 10-Q. Please see accompanying reconciliation endnotes. 11

GAAP Reconciliations: 1Q12, 4Q11 and 1Q11 Adjusted EBITDA (cont’d) $ millions Reconciliation of net income (loss) - GAAP to EBITDA and Adjusted EBITDA Three Months Ended December 31, 2011 Net income (loss) - GAAP $ 5.5 Plus (less): tax provision (benefit) 18.0 Plus: interest expense, net 55.7 Plus: depreciation and amortization 69.8 EBITDA $ 149.0 Plus: Stock-based compensation expense and long-term incentive program 1.4 Adjusted EBITDA $ 150.4 Note: These schedules are preliminary and subject to change pending the Company's Form 10-Q. Please see accompanying reconciliation endnotes. 12

GAAP Reconciliations: 1Q12 Free Cash Flow $ millions Three Months Ended March 31, 2012 Net cash provided by operating activities $ 78.1 Investment activities: Additions to fixed assets and computer software (5.0) Proceeds from sale of assets - Net cash (used in) provided by investing activities (5.0) Financing activities: Credit facilities repayments (213.7) Debt issuance items costs and other financing items, net (2.0) Decrease in checks not yet presented for payment (0.1) Net cash used in financing activities (215.8) Decrease in cash and cash equivalents (142.7) Cash and cash equivalents, beginning of period 257.9 Cash and cash equivalents, end of period $ 115.2 Non-cash financing activities: Reduction of debt from Debt Repurchases (1) $ (72.6) Note: These schedules are preliminary and subject to change pending the Company's Form 10-Q. Please see accompanying reconciliation endnotes. 13

GAAP Reconciliations: Net Debt 1Q11 – 1Q12 $ millions Reconciliation of debt - GAAP to net debt and net debt - eliminating fair value discount (3) (4) March 31, 2012 December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011 Debt - GAAP $ 2,244.0 $ 2,510.4 $ 2,551.7 $ 2,597.0 $ 2,649.7 Less: Cash and cash equivalents (115.2) (257.9) (195.4) (169.6) (136.6) Net debt 2,128.8 2,252.5 2,356.3 2,427.3 2,513.1 Fair value discount 53.7 63.1 69.3 76.2 83.7 Net debt - eliminating fair value discount $ 2,182.5 $ 2,315.6 $ 2,425.6 $ 2,503.5 $ 2,596.8 Note: These schedules are preliminary and subject to change pending the Company's Form 10-Q. Please see accompanying reconciliation endnotes. 14

GAAP Reconciliations: 2012 Guidance $ millions Reconciliation of adjusted EBITDA outlook to operating income - GAAP outlook Full Year 2012 Outlook Adjusted EBITDA outlook $ 540 Less: depreciation and amortization (410) Adjusted operating income outlook 130 Less: Stock-based compensation expense and long-term incentive program (10) Operating income - GAAP outlook $ 120 Reconciliation of adjusted free cash flow outlook to cash flow from operations outlook - GAAP Full Year 2012 Outlook Adjusted free cash flow outlook $ 340 Plus: Additions to fixed assets and computer software 20 Cash flow from operations outlook - GAAP $ 360 Note: These schedules are preliminary and subject to change pending the Company's Form 10-Q. Please see accompanying reconciliation endnotes. 15

GAAP Reconciliations: Endnotes 1) On March 23, 2012, we utilized cash on hand of $69.5 million to repurchase loans under our credit facilities of $142.1 million ("Debt Repurchases"). The Debt Repurchases have been accounted for as an extinguishment of debt resulting in a non-cash, pre-tax gain of $68.8 million during the three months ended March 31, 2012, consisting of the difference between the par value and purchase price of the credit facilities, offset by accelerated amortization of fair value adjustments to our credit facilities that were recognized in conjunction with our adoption of fresh start accounting of $2.0 million and fees associated with the Debt Repurchases of $1.8 million. 2) On February 14, 2011, we completed the sale of substantially all net assets of Business.com. As a result, we recognized a gain on sale of these assets of $13.4 million during the three months ended March 31, 2011. 3) In conjunction with our adoption of fresh start accounting, an adjustment was established to record our outstanding debt at fair value on the Fresh Start Reporting Date. The Company was required to record our credit facilities at a discount as a result of their fair value on the Fresh Start Reporting Date. Therefore, the carrying amount of these debt obligations is lower than the principal amount due at maturity. This fair value adjustment is amortized as an increase to interest expense over the remaining term of the respective debt agreements and does not impact future scheduled interest or principal payments. The unamortized fair value adjustment resulting from fresh start accounting was $53.7 million at March 31, 2012. 4) Net debt represents total debt less cash and cash equivalents on the respective date. Net debt – eliminating fair value discount eliminates the fair value discount as a result of fresh start accounting described in Note 3 and represents principal amounts due at maturity. Note: These schedules and notes are preliminary and subject to change pending the Company's filing of its Form 10-Q. 16