Direct marketing company Valassis Communications Inc. yesterday reported slightly lower second-quarter net earnings than last year.
The company posted net earnings of $33.7 million compared with $34.4 million in the same period last year. Total revenue rose 2.9 percent to $217.3 million from $211.1 million in the year-ago quarter.
Alan F. Schultz, chairman and president/CEO, said the company, based in Livonia, MI, has been hurt by a downturn in advertising spending.
The company said it expects quarterly per-share earnings to rise about 10 percent.
However, Schultz said, "Valassis is performing better than other media-related companies like broadcast, ad agencies, publishers and printers, and we continue to generate strong free cash flow, despite this virtual advertising recession."