Valassis Reports Earnings Growth on Lower Revenues

Net earnings for full-year 2009 was $66.8 million, or $1.36 per share, compared to a full-year 2008 net loss of $209.7 million,(1) or $4.37 per share,(1) which included the aforementioned impairment charge. Excluding this impairment charge, full-year 2008 earnings would have been $13.7 million or $0.29 per share. Full-year 2009 adjusted EBITDA* was $262.7 million, up 21.2% from full-year 2008 adjusted EBITDA* of $216.8 million.