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FOR IMMEDIATE RELEASE
Valassis Announces Results for the First Quarter Ended March 31, 2013
LIVONIA, Mich., April 25, 2013: Valassis (NYSE: VCI) today announced financial results for the first quarter ended March 31, 2013. First-quarter 2013 revenues were $482.5 million, a decrease of 7.0% from $518.6 million in the prior year quarter. This decrease was due primarily to an anticipated decline in revenues in the Neighborhood Targeted segment resulting from the change in certain client contracts to a fee-based media placement model. Increased revenues in our Free-standing Inserts (FSI) segment partially offset the decline.
First-quarter 2013 net earnings were $21.7 million, a decrease of 17.8% from $26.4 million in the prior year quarter. First-quarter 2013 diluted earnings per share (EPS) was $0.54, a decrease of 10.0% from $0.60 in the prior year quarter. First-quarter 2013 adjusted EBITDA* was $58.0 million, a decrease of 13.4% from $67.0 million in the prior year quarter.
We are focused on improving execution, growing our share and achieving top and bottom-line growth, said Rob Mason, Valassis President and Chief Executive Officer. I am confident that we are taking the necessary steps to expedite our progress and expect to see positive results from our efforts in the second half of the year.
Some additional highlights include:
Selling, General and Administrative (SG&A) Costs: First-quarter 2013 SG&A costs were $76.3 million, down 1.7% compared to the prior year quarter SG&A costs.
Capital Expenditures: Capital expenditures for first-quarter 2013 were $3.3 million.
Stock Repurchases: During first-quarter 2013, we repurchased $21.2 million, or 725,512 shares, of our common stock at an average price of $29.18 per share under our stock repurchase program.
We reduced total debt by $3.8 million during first-quarter 2013, and we ended the quarter with net debt (total debt less cash) of $486.6 million.
At March 31, 2013, we had $97.2 million in cash.
Based on our overall outlook, we are revising our full-year 2013 diluted earnings per share (EPS) and adjusted EBITDA* guidance as follows:
diluted earnings per share (EPS) of between $3.05 and $3.20 (previously $3.50), and
adjusted EBITDA* of between $290.0 million and $300.0 million (previously approximately $315.0 million).
We reiterate our guidance for capital expenditures of approximately $25 million.
2013 Planned Uses of Cash:
Stock repurchase plan: We assume the use of approximately 35-40% of free cash flow* for continued stock repurchases during 2013. Our stock repurchase program does not obligate us to acquire any particular amount of shares of common stock, and may be modified or suspended at any time at our discretion.
Quarterly dividend: In December 2012, the Board approved a cash dividend policy pursuant to which Valassis intends to pay a quarterly cash dividend to holders of its common stock. The dividend for the quarter ended March 31, 2013 was $0.31 per share of common stock. Valassis may modify, suspend or discontinue the dividend policy at any time at its discretion.
The following information was filed by Valassis Communications Inc (VCI) on Thursday, April 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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