Valassis Reports Earnings Growth on Lower Revenues

Excluding this impairment charge, earnings for the fourth quarter 2008 would have been $1.4 million or $0.03 per share. For the fourth quarter of 2009, adjusted EBITDA* was $79.9 million, an increase of 27.6% compared to $62.6 million for the prior year quarter.

Full-year 2009 revenue was $2.244 billion, a decrease of 5.8% from full-year 2008 revenue of $2382 billion. Excluding revenue of $23.7 million from divested and discontinued businesses from the prior year, the revenue decline for full-year 2009 would have been 4.8%.