Valassis Communications, the Livonia, Mich.-based couponing and promotions company, said it has purchased more than 3 million shares of its 5 million-share repurchase plan, bringing the total shares repurchased since May 1996 to more than 8 million. The stock repurchase comes on the heels of an 18.8% increase in fourth-quarter earnings, before one-time charges, to $21.5 million. Revenue hit $189.7 million, up 13.1% from the year-ago period. Free-standing insert sales for the period were up 5.3% to $139.9 million. For the full year, earnings, before one-time charges, were up 15.3% to $88 million; net earnings rose 1.1% to $70.7 million. Revenue climbed 9.8% to $741.4 million. FSI revenue for 1998 increased 8.9% to $567.7 million.
Copyright March 1999, Crain Communications Inc.