ADVO, Inc., the saturation mailing concern, reported net income of $12.1 million for its first quarter, down from $14.9 million last year.
The Windsor. CT-based company reported revenue of $286.9 million for the period ended Dec. 29, down from $297.5 million for the period ended Dec. 30, 2000.
“We are disappointed with its outcome which was driven by a revenue fall-off in late December as retailers prejudged the holiday season as an environment with little upside and opted not to make incremental advertising investments,” said chairman/CEO Greg Molloy, in a statement. “But we are not alarmed as we continue to pursue a solid long-term growth strategy.”
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