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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, 2011
Fourth Quarter Diluted Earnings per Share Increases by 61.7% from the Prior Year Quarter
Livonia, Mich., Feb. 16, 2012: Valassis (NYSE: VCI) today announced financial results for the fourth quarter and full year ended Dec. 31, 2011. Fourth-quarter 2011 revenues were $595.3 million, a decrease of 5.7% from $631.2 million in the prior year quarter. Full-year 2011 revenues were $2,236.0 million, a decrease of 4.2% from $2,333.5 million in full-year 2010. These decreases in revenues were due primarily to the previously announced shortfall in Run-of-Press (ROP) revenues within the Neighborhood Targeted segment and reduced spending by consumer packaged goods (CPG) clients across our various business segments.
Fourth-quarter 2011 net earnings were $34.3 million, an increase of 38.2% from $24.8 million in the prior year quarter. Fourth-quarter 2011 diluted earnings per share (EPS) was $0.76, an increase of 61.7% from $0.47 in the prior year quarter. 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 2011 net earnings were $113.4 million and full-year 2010 net earnings were $385.4 million. Full-year 2011 adjusted net earnings* were $133.5 million, which excludes debt refinancing costs, net of tax, of $11.6 million and the charges described above, net of tax, of $8.5 million. Full-year 2010 adjusted net earnings* were $98.7 million, which excludes debt refinancing costs of $14.7 million, net of tax, and litigation settlement proceeds, net of tax and related payments, of $301.4 million. Full-year 2011 adjusted net earnings* increased 35.3% from full-year 2010. Full-year 2011 diluted EPS was $2.33 and full-year 2010 diluted EPS was $7.42. Full-year 2011 adjusted diluted EPS*, which excludes a $0.41 effect from debt refinancing costs and the charges described above, was $2.74. Full-year 2010 adjusted diluted EPS*, which excludes a net effect of $5.52 from debt refinancing costs and litigation settlement proceeds, net of tax and related payments, was $1.90. Full-year 2011 adjusted diluted EPS increased 44.2% from full-year 2010.
Fourth-quarter 2011 adjusted EBITDA* was $91.3 million, an increase of 12.0% from $81.5 million in the prior year quarter. Full-year 2011 adjusted EBITDA* was $316.6 million, a decrease of 0.6% from $318.6 million in full-year 2010. Fourth-quarter 2011 diluted cash EPS* was $1.35, an increase of 77.6% from $0.76 in the prior year quarter. Full-year 2011 diluted cash EPS* was $3.80, an increase of 19.1% from $3.19 in full-year 2010.
Our fourth quarter adjusted EBITDA* of $91.3 million is a single-quarter record for our company, which was driven by exceptional performance of our Shared Mail and NCH businesses. In 2012, we expect these two businesses to continue to generate positive results allowing us to invest in our new initiatives, said Rob Mason, Valassis President and Chief Executive Officer.
Some additional highlights include:
Selling, General and Administrative (SG&A) Costs: Fourth-quarter 2011 SG&A costs were $89.3 million (which included $6.3 million in non-cash stock-based compensation expense), a decrease of 6.8% compared to the prior year quarter SG&A costs of $95.8 million (which included $9.8 million in non-cash stock-based compensation expense). Full-year 2011 SG&A costs were $329.1 million (which included $12.9 million in non-cash stock-based compensation expense), a decrease of 11.4% compared to the full-year 2010 SG&A costs of $371.3 million (which included $32.1 million in non-cash stock-based compensation expense).
Capital Expenditures: Capital expenditures for the fourth-quarter and full-year 2011 were $3.6 million and $21.7 million, respectively.
Stock Repurchases: During 2011, we repurchased $215.1 million, or 8.9 million shares, of our common stock at an average price of $24.25 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 16, 2012 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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