Valassis 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.
Second-quarter 2013 diluted earnings per share (EPS) was $0.68, which included the negative impact of the aforementioned restructuring costs of $0.02, an increase of 33.3% from $0.51 in the prior year quarter, which included the negative impact of the aforementioned restructuring costs, asset impairments and other non-recurring charges of $0.25. Excluding these charges, second-quarter 2013 adjusted diluted EPS was $0.70 and second-quarter 2012 adjusted diluted EPS was $0.76. Second-quarter 2013 adjusted EBITDA was $66.2 million, a decrease of 13.8% from $76.8 million in the prior year quarter.
"Despite a challenging first half, we remain committed and focused on improving our execution," said Rob Mason, Valassis resident and CEO. "Based on our back-half plan and current forecast, I believe we are on the right path to achieve our full-year 2013 guidance."
Valassis Announces Results for 2Q 2013
Published July 26, 2013
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