Valassis Exceeds Earnings Expectations
Valassis, a marketing services company, said yesterday that its second-quarter 2004 earnings fell to $26.8 million from $27.5 million last year. Still, with earnings per share of 51 cents, the Livonia, MI, firm exceeded its guidance range of 44 to 50 cents.Revenue for the quarter, which ended June 30, was $256.8 million, up 5.6 percent from $243.1 million in second-quarter 2003. The company also said it experienced growth in its freestanding insert business.
"We recognize this as an opportunity to refocus our efforts on a co-op FSI price improvement initiative," chairman/president/CEO Alan F. Schultz said in a statement. "We will begin implementing what we believe to be a low-risk approach to improving the pricing environment, while protecting our existing business."
