Advo's Fourth-Quarter Results Meet Expectations
Diluted earnings per share for the quarter were 57 cents, in line with the company's previously updated expectations. For the full year, diluted earnings per share were $2.20, excluding a charge of 13 cents per share taken in the company's third fiscal quarter, and total revenue was $1.13 billion.
Advo's September monthly revenue growth of 10 percent was slightly higher than anticipated, and it offset weakness in the July-August period. The company's top 50 customers, which represent about 50 percent of revenue, were up 4 percent for the year, and grew at essentially the same rate in the fourth quarter.
Advo, Windsor, CT, said growth initiatives continue to perform well. For example, a new rural expansion program, additional mailing programs, and partnerships with newspapers achieved $57 million in revenue in fiscal 2002 and $16 million in the fourth quarter.
Advo's National Network Extension program grew 8 percent for the year. The performance of ANNE, combined with Advo's growth initiatives, increased the overall penetration of its advertising programs in the United States to 102 million homes, representing eight of every 10 U.S. households.
Additionally, in 2002 Advo expanded its network into Canada to provide customers with the ability to reach this important market.