Valassis Communications, Livonia, Mich., reported a 30.4% increase in net earnings for the first quarter vs. a year ago. Net earnings hit $33.9 million, on 8% higher revenue of $222.2 million. The marketing services company attributed the results primarily to the continued strength of its free-standing insert (sales up 7% to $167.7 million) and Valassis Impact Promotions (up 16% to $34.8 million) businesses.
Advo, the direct shared-mail company based in Windsor, Conn., said it had net income of $6.1 million for the second quarter, ended March 27, up 13% from the previous year. Revenue was flat at $253.5 million. The quarter's results were affected by a one-time severance charge of $1.8 million.
Copyright April 1999, Crain Communications Inc.