Despite a $6 million drop in annual revenue, ADVO Inc. saw its net income rise from $35.6 million in fiscal 1998 to just under $40 million in fiscal 1999. Its revenue fell from just under $1.047 billion to just over $1.04 billion during the same time period.
The Windsor, CT-based targeted direct marketing services company had fourth-quarter net income of $10.3 million, up from $9.7 million in fourth-quarter 1998. Fourth quarter revenue fell from $262.1 million to $256 million.
The quarter and fiscal year ended Sept 25.
According to the company, fourth quarter fiscal 1999 packages distributed amounted to 765.4 million, down 0.3% versus the prior year period. Revenue per thousand pieces was $37.38, up 3.9%, and pieces per package were 8.19, down 5.8%. The revenue per piece and pieces per package year-over-year comparisons were affected by a free "make good" insert mailed in the prior year's fourth quarter. Excluding this effect, revenue per thousand pieces would have been up 3.1% and pieces per package would have been down 5.0%.
