Valassis posted net income of $13 million for the first quarter, as compared with $10.9 million in the prior year.
Management attributed these results in part to tax gains and cost-cutting moves.
The Livonia, MI firm reported revenue of $551.2 million for the quarter ended March 31, a 7.7% decrease from $597.1 million last year.
The firm posted revenue from free-standing inserts of $93.6 million for the quarter, a 5.1% decrease from $98.2 million last year.
Valassis attributed this to “continued pricing deterioration.”
The company reported selling, general and administrative expenses of $86.2 million for the quarter, an 11.3% reduction from $97.2 million in the prior year.
“This quarter’s revenue declines are a direct result of the ongoing advertising recession, although we continue to outperform our media peers," said CEO Alan F. Schultz, in a statement. “While client spending is more constricted than we anticipated, we are particularly pleased with the growth in our Neighborhood Targeted preprint business driven by our new client wins and cross-selling strategy.”
