Valassis Communications Inc. reported an 8.7% earnings decline for the quarter ended Sept. 29, stemming from a charge for the shutdown of Web coupon service Save.com, according to wire service reports.
The company posted net income of $23.4 million, a decrease from the $25.7 million, in the same period in 2000. Excluding the $4.3 million charge and another charge from the retirement of bonds, its profit totaled 53 cents a share.
Revenues for the newspaper freestanding insert marketer in Livonia, MI, rose nearly 4% to $198.4 million from $191.1 million.
The company said it expects fourth-quarter earnings to be in a range of 50 cents to 54 cents per share. It also forecast 2002 earnings to rise 2% to 12%.
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