Valassis Reports Earnings Growth on Lower Revenues

Outlook

We expect value-oriented media to maintain a positive position as more consumers adopt a savings-oriented lifestyle. We reiterate 2010 guidance of approximately $280 million in adjusted EBITDA*, $2.48 in diluted cash EPS*, and $25 million in capital expenditures. When we announce first-quarter 2010 earnings, we expect to update 2010 annual guidance for diluted cash EPS* based on how the aforementioned settlement proceeds are deployed.