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Contact: Mary Broaddus
19975 Victor Parkway, Livonia, MI 48152
FOR IMMEDIATE RELEASE
Valassis Announces Results for the Fourth Quarter and Full Year Ended Dec. 31, 2012
Livonia, Mich., Feb. 21, 2013: Valassis (NYSE: VCI) today announced financial results for the fourth quarter and full year ended Dec. 31, 2012. Fourth-quarter 2012 revenues were $579.4 million, a decrease of 2.7% from $595.3 million in the prior year quarter. Full-year 2012 revenues were $2,162.1 million, a decrease of 3.3% from $2,236.0 million in full-year 2011. The decrease in revenues was primarily due to a shortfall in shared mail volume, a decline in the Neighborhood Targeted segment and consumer packaged goods (CPG) clients spend patterns, which negatively influenced multiple business segments.
Fourth-quarter 2012 net earnings were $34.1 million, flat from $34.3 million in the prior year quarter. Fourth-quarter 2012 diluted earnings per share (EPS) was $0.85, an increase of 11.8% from $0.76 in the prior year quarter due to a lower share base as a result of share repurchases. Fourth-quarter 2011 net earnings and diluted EPS were negatively impacted by charges in an aggregate amount of $14.0 million ($8.5 million, net of tax) and $0.19, respectively, primarily related to the restructuring of certain non-core businesses and the associated costs including write-offs of impaired assets, as well as the early termination of leases and severance costs.
Full-year 2012 net earnings were $119.0 million, an increase of 4.9% from $113.4 million for full-year 2011. Full-year 2012 adjusted net earnings* were $124.7 million, which excludes $10.7 million of restructuring charges and asset impairments resulting from the exit of the newspaper polybag advertising and sampling and solo direct mail businesses and other non-recurring costs, net of tax, and a tax benefit of $5.0 million related to the reversal of certain tax reserves. Full-year 2011 adjusted net earnings* were $133.5 million, which excludes debt refinancing costs of $11.6 million, net of tax, and the restructuring and related charges described above of $8.5 million, net of tax. Full-year 2012 adjusted net earnings* decreased 6.6% from full-year 2011.
Full-year 2012 diluted EPS was $2.84 and full-year 2011 diluted EPS was $2.33. Full-year 2012 adjusted diluted EPS*, which excludes a $0.13 net effect from the items described above, was $2.97. Full-year 2012 adjusted diluted EPS* increased 8.4% from full-year 2011 adjusted diluted EPS* of $2.74 due to a lower share base as a result of share repurchases.
Fourth-quarter 2012 adjusted EBITDA* was $86.4 million, a decrease of 5.4% from $91.3 million in the prior year quarter. Full-year 2012 adjusted EBITDA* was $305.4 million, a decrease of 3.5% from $316.6 million in full-year 2011.
While clearly disappointed in our fourth-quarter and full-year results, I am pleased with our growth in earnings per share and the results of our efforts to return value to our shareholders, said Rob Mason, Valassis President and Chief Executive Officer. We established a solid foundation for growth in 2012 and I fully expect that 2013 will see growth in both our top and bottom lines.
Some additional highlights include:
|||Selling, General and Administrative (SG&A) Costs: Fourth-quarter 2012 SG&A costs were $82.8 million, a decrease of 7.3% compared to the prior year quarter SG&A costs of $89.3 million. Full-year 2012 SG&A costs were $317.3 million, a decrease of 3.6% compared to full-year 2011 SG&A costs of $329.1 million. Cost savings efforts in the back half of 2012 favorably impacted SG&A for the full year.|
|||Capital Expenditures: Capital expenditures for the fourth-quarter and full-year 2012 were $5.4 million and $21.2 million, respectively.|
|||Stock Repurchases: During 2012, we spent $112.0 million to repurchase 5.1 million shares, or approximately 13% of our common stock, at an average price of $21.89 per share under our stock repurchase program.|
19975 Victor Parkway Livonia, MI 48152 Tel 734.591.3000 valassis.com
The following information was filed by Valassis Communications Inc (VCI) on Thursday, February 21, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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