10.25.13
Valassis announced financial results for the third quarter ended Sept. 30, 2013. Third-quarter 2013 revenues were $489.4 million, a decrease of 6.6% from $523.8 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, third-quarter 2013 adjusted revenues increased 4.3%.
Third-quarter 2013 net earnings were $27.7 million, which included $0.6 million of restructuring costs, net of tax, a decrease of 24.5% from $36.7 million in the prior year quarter, which included a favorable income tax adjustment of $5.0 million resulting from the expiration of certain tax reserves. Excluding these restructuring costs and favorable tax adjustment, third-quarter 2013 adjusted net earnings were $28.3 million and third-quarter 2012 adjusted net earnings were $31.7 million.
Third-quarter 2013 diluted earnings per share (EPS) was $0.70, which included the negative impact of the aforementioned restructuring costs of $0.02, a decrease of 22.2% from $0.90 in the prior year quarter, which included the positive impact of the aforementioned income tax adjustment of $0.12. Excluding these adjustments, third-quarter 2013 adjusted diluted EPS was $0.72 and third-quarter 2012 adjusted diluted EPS was $0.78. Third quarter adjusted EBITDA was $65.3 million, a decrease of 13.2% from $75.2 million in the prior year quarter.
"Given our year-to-date results, I recognize a clear need for change. We are executing our plan to strategically refocus, restructure and right-size our company," said Rob Mason, Valassis president and CEO. "We project this plan will deliver approximately $28 million in annualized cost savings, putting our company in a better position to jumpstart and accelerate growth moving forward."
Third-quarter 2013 net earnings were $27.7 million, which included $0.6 million of restructuring costs, net of tax, a decrease of 24.5% from $36.7 million in the prior year quarter, which included a favorable income tax adjustment of $5.0 million resulting from the expiration of certain tax reserves. Excluding these restructuring costs and favorable tax adjustment, third-quarter 2013 adjusted net earnings were $28.3 million and third-quarter 2012 adjusted net earnings were $31.7 million.
Third-quarter 2013 diluted earnings per share (EPS) was $0.70, which included the negative impact of the aforementioned restructuring costs of $0.02, a decrease of 22.2% from $0.90 in the prior year quarter, which included the positive impact of the aforementioned income tax adjustment of $0.12. Excluding these adjustments, third-quarter 2013 adjusted diluted EPS was $0.72 and third-quarter 2012 adjusted diluted EPS was $0.78. Third quarter adjusted EBITDA was $65.3 million, a decrease of 13.2% from $75.2 million in the prior year quarter.
"Given our year-to-date results, I recognize a clear need for change. We are executing our plan to strategically refocus, restructure and right-size our company," said Rob Mason, Valassis president and CEO. "We project this plan will deliver approximately $28 million in annualized cost savings, putting our company in a better position to jumpstart and accelerate growth moving forward."