Valassis today announced financial results for the second quarter
ended June 30, 2013. Second-quarter 2013 revenues were $495.9
million, a decrease of 8.2% from $540.2 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, as well as the
discontinuance of the sampling and solo direct mail products. Without the
effect of these changes, second-quarter 2013 adjusted revenues* increased
1.2%.
Second-quarter 2013 net earnings were $26.8 million, which
included $0.9 million net of tax, of restructuring costs, an increase
of 23.5% from $21.7 million in the prior year quarter, which
included $10.7 million net of tax, of restructuring costs and asset
impairments resulting from the exit of the newspaper polybag advertising and
sampling and solo direct mail businesses and other non-recurring charges.
Excluding these restructuring costs, asset impairments and other non-recurring
charges, second-quarter 2013 adjusted net earnings* were $27.7
million and second-quarter 2012 adjusted net earnings* were $32.4
million.
