ADVO Reports Drop in Q3 Income
Windsor, CT-based ADVO reported third-quarter net income of $12.4 million compared with $14.7 million for the year-ago period. Revenue for the quarter totaled $281.8 million versus $295.8 million a year earlier.
"As expected, our results this quarter were affected by continued challenges in our midsize local and regional client performance, which contributed to a soft Easter, as well as unfavorable calendar timing,'' said Gary Mulloy, ADVO's chairman/CEO.
ADVO said it would continue to manage costs prudently. The company added that it is confident it will meet its five-year goal to deliver annual growth of 15 percent to 20 percent in earnings per share.
On a year-to-date basis, ADVO shows record revenues -- $851.1 million, up 2.2 percent.