Valassis Reports Decreases in Revenue and Adjusted EBITDA

Capital Expenditures—Capital expenditures for first-quarter 2012 were $9.3 million.

Stock Repurchases—During first-quarter 2012, we repurchased $1.4 million, or 59,122 shares, of our common stock at an average price of $23.10 per share under our stock repurchase program.

Outlook
Based on the company’s plan, current outlook and the assumptions specified in our Dec. 13, 2011 earnings guidance press release, we reiterate full-year 2012 guidance as follows:

• Diluted earnings per share (EPS) of $3.07;
• Diluted cash EPS* of $3.97; and
• Capital expenditures of approximately $32 million.

Business Segment Discussion