ADVO Inc. reported net income of $10.9 million for its first quarter, down from $12.1 million last year.
The saturation co-op mailer's revenue was $291.2 million, up 1.5% over $286.9 million last year. The quarter ended Dec. 28, 2002.
Total advertising pieces were 6.4 billion, down 1% from the year ago quarter. The firm’s shared mail advertising programs reach 102 million U.S. households on a weekly and monthly basis.
"Our business began to show real signs of improvement in the quarter," said CEO Gary Mulloy, in a statement. "Although we continue to be cautious about the state of the economy and the retail environment going forward, we remain comfortable with our previously issued expectation of 2% revenue growth and 7% to 9% diluted earnings-per-share growth for fiscal 2003."
