Livonia, MI-based Valassis Communications, Inc. took an after-tax charge of $13.6 million, or 35 cents per share, in the fourth quarter to restructure its debt. Company officials say they repurchased $125 million of its 9.55 percent senior notes due in 2003, leaving a balance of $130 million. The repurchase was conducted on the open market using cash from operations and a new $160 million bank credit arrangement with Comerica Bank.
Despite the charge, officials at the free-standing insert company say 1998 was a record year for earnings and revenues, and that the outlook for 1999 is “very positive.
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