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."