Integrated marketing firm Vertis Inc. posted net sales of $377.3 million for the second quarter ended June 30, 7.7% below prior year’s quarter.
For the six months ended June 30, net sales were $748.6 million, 7.7% below the first half of 2002. The decline in net sales was largely the result of competitive pricing pressures, sluggish direct mail business domestically as well as in Europe, and weak advertising agency business at the Company’s Advertising Technology Services segment.
Vertis reported a net loss of $71.9 million in the second quarter and $77.8 million net loss through the first six months of 2003 versus net losses of $1.7 million and $120.4 million in the comparable 2002 periods.
Donald Roland, CEO of Vertis, said in a statement that the Baltimore-based company’s direct marketing and European segments began feeling the challenges of dampened advertising spending and increased unemployment in the third quarter of 2002. “These factors have negatively impacted our customers and in turn our industry and our business.
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