Exhibit 99.1

Dex One Achieves Fourth Quarter and Full Year 2011 Guidance

Drives Fourth Quarter Digital Growth More Than 30 Percent

Reduces Annual Costs by $120 Million

Launches Credit Agreement Amendments

CARY, N.C.--(BUSINESS WIRE)--March 1, 2012--Dex One Corporation (NYSE: DEXO) today announced fourth quarter and full year 2011 results, consistent with previously announced guidance.

Additionally, the company announced that it is pursuing amendments to its credit agreements to enable the repurchase of outstanding loans below par. Dex One expects to launch the amendments later today, and they will become effective upon approval by a majority of the company’s three lender groups, which it expects to obtain by the end of next week.

Dex One CEO Alfred Mockett said, “2011 was marked by significant progress executing our strategy and delivering on financial commitments. Our competitive position was strengthened by improving our sales channels, extending the product portfolio and making our services easy to sell and easy to buy.

“As a result, we generated fourth quarter digital growth of more than 30 percent, which exceeded the average for our peer group. In addition, bundles continue to perform well, increasing the average spending among recurring customers as well as attracting new customers.”

Gregory Freiberg, Dex One CFO, said, “Efforts in 2011 to improve our capital structure are expected to result in our ability to repurchase our operating companies’ loans below par.

“The proposed amendments would allow us to opportunistically buy back debt at market prices within the next two years and we would expect to commence repurchase activities shortly after receiving lender approval.

“Meanwhile, we currently have the ability to repurchase Dex One Corporation’s notes in the open market. We therefore intend to increase the pace of debt reduction and capture the discounted value for our shareholders.”

Net income and cash flow from operations in the fourth quarter were $6 million and $118 million, respectively. Net loss, cash flow from operations and total debt (including fair value discount) for 2011 were $519 million, $413 million and $2,510 million, respectively.

2012 GUIDANCE

The company also announced first quarter ad sales and full year financial guidance.

The outlook for 2012 operating income (midpoint) and cash flow from operations (midpoint) are $280 million and $360 million, respectively.

Commenting on the outlook, Mockett said, “Due to the larger concentration of major metro markets in the period and softer than expected selling conditions in the Western U.S., first quarter sales performance will be slightly weaker compared to the fourth quarter of 2011. We expect performance to improve as we continue to grow digital and bundle sales throughout 2012.”

Freiberg concluded, “2012 EBITDA and free cash flow are expected to benefit from $120 million of additional expense reductions. We will continue to reduce debt by utilizing our significant current liquidity, continued strong cash flow and the anticipated ability to make below par debt repurchases.”

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 Annual Report on Form 10-K.

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. The adjustments made to the prior year’s ad sales are made 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.

FOURTH QUARTER AND FULL YEAR CONFERENCE CALL

Dex One Corporation will be hosting a conference call to discuss its fourth quarter and full year 2011 results today at 8:30 a.m. (ET). Individuals within the United States can access the call by dialing 800-857-9771 – others should dial 517-308-9319. 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 866-416-1172 and internationally by dialing 203-369-0713. There is no pass code for the telephonic replay, which will be available through March 15.

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, free cash flow and adjusted net debt originally provided on July 28, 2011. Fourth quarter ad sales guidance was provided on November 3, 2011.

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 online 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 2011 Annual Report on Form 10-K for the period ended December 31, 2011 to be filed with the SEC may contain updates to the information included in this release.

(See attached schedules and related footnotes)

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