Valassis Reports Earnings Growth on Lower Revenues

* During the quarter, we completed three "modified Dutch" auctions in which we repurchased and retired $39.8 million of our outstanding term loan B and delayed draw term loans under our senior secured credit facility at an average discount of 2.6% to par resulting in an after-tax net gain of $0.4 million. For full-year 2009, we repurchased $133.5 million of our term loans through "modified Dutch" auctions at an average discount of 8.5% to par. Our ability to repurchase our term loans pursuant to "modified Dutch" auctions ended on Dec. 31, 2009.