Valassis Reports Decreases in Revenue and Adjusted EBITDA

Selling, General and Administrative (SG&A) Costs—First-quarter 2012 SG&A costs were $77.6 million (which included $2.3 million in non-cash stock-based compensation expense), down slightly compared to the prior year quarter SG&A costs of $78.4 million (which included $1.9 million in non-cash stock-based compensation expense).