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Contact: Mary Broaddus
19975 Victor Parkway, Livonia, MI 48152
FOR IMMEDIATE RELEASE
Valassis Announces Results for the Third Quarter Ended Sept. 30, 2012
Livonia, Mich., Oct. 25, 2012: Valassis (NYSE: VCI) today announced financial results for the third quarter ended Sept. 30, 2012. Third-quarter 2012 revenues were $523.8 million compared to $528.4 million in the prior year quarter. Third-quarter 2012 net earnings were $36.7 million, an increase of 33.5% from $27.5 million in the prior year quarter. This increase was primarily the result of the previously announced cost reductions and a favorable income tax adjustment resulting from the expiration of certain tax reserves. Third-quarter 2012 diluted earnings per share (EPS) was $0.90, an increase of 55.2% from $0.58 in the prior year quarter due to improved earnings coupled with a lower share base as a result of share repurchases. Third-quarter 2012 adjusted EBITDA* was $75.2 million, an increase of 7.7% from $69.8 million in the prior year quarter.
This quarter, we delivered strong growth in EPS and adjusted EBITDA*, said Rob Mason, President and Chief Executive Officer. Notable gains in our Free-standing Insert business, ongoing operational improvements within Shared Mail, and continued cost containment efforts were key drivers that contributed to our results.
Some additional highlights include:
Selling, General and Administrative (SG&A) Costs: Third-quarter 2012 SG&A costs were $73.4 million compared to prior year quarter costs of $80.5 million. This 8.8% decrease was primarily due to restructuring and other cost reduction measures that took place at the end of the second quarter.
Capital Expenditures: Capital expenditures were $4.0 million for the third quarter of 2012 and $15.8 million year to date.
Stock Repurchases: During third quarter 2012, we repurchased $21.2 million, or 0.8 million shares, of our common stock at an average price of $25.34 per share. Year to date, we have repurchased $87.1 million, or 4.1 million shares of our common stock at an average price of $21.08 per share under our stock repurchase program.
We reduced total debt by $3.8 million during third-quarter 2012, and we ended the quarter with net debt (total debt less cash) of $501.0 million.
At Sept. 30, 2012, we had $90.3 million in cash.
Based on our plan and current outlook, we are updating our full-year 2012 guidance as follows:
diluted EPS of $2.98 (previously $2.86) which reflects a favorable income tax adjustment of $0.12;
excluding one-time charges, adjusted diluted EPS* of $3.23 (previously $3.11) which reflects a favorable income tax adjustment of $0.12; and
capital expenditures to be between $20 million and $22 million (previously approximately $26 million).
The company has decided to no longer use diluted cash EPS as a financial performance measure.
The following information was filed by Valassis Communications Inc (VCI) on Thursday, October 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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