Valassis Posts Revenue Decline, Reduces It 2011 Outlook

• Capital Expenditures: Capital expenditures were $6.5 million for the third quarter and $18.1 million year to date.

• Liquidity: Total cash was $91.0 million at Sept. 30, 2011, a decrease of $28.0 million from June 30, 2011 due to share repurchases of $50.0 million; offset, in part, by cash generated from operations of $32.2 million in the quarter.