VALASSIS COMMUNICATIONS, INC. Notes to Condensed Consolidated Financial Statements (unaudited)
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Nine Months Ended Sept. 30, |
| (in millions of U.S. dollars) |
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FSI |
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Neighborhood
Targeted(1) |
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Household
Targeted |
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International
& Services |
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ADVO(2) |
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Total |
| 2007 |
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| Revenues from external customers |
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$ |
311.0 |
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$ |
338.1 |
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$ |
34.2 |
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$ |
84.9 |
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$ |
812.5 |
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$ |
1,580.7 |
| Intersegment revenues |
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$ |
— |
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$ |
11.5 |
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$ |
— |
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$ |
— |
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$ |
1.6 |
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$ |
13.1 |
| Depreciation/amortization |
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$ |
7.3 |
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$ |
1.5 |
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$ |
— |
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$ |
1.8 |
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$ |
33.5 |
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$ |
44.1 |
| Segment profit (loss) |
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$ |
19.0 |
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$ |
45.2 |
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$ |
(1.6 |
) |
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$ |
7.5 |
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$ |
48.4 |
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$ |
118.5 |
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| 2006 |
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| Revenues from external customers |
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$ |
338.2 |
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$ |
292.6 |
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$ |
45.0 |
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$ |
81.3 |
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$ |
757.1 |
| Intersegment revenues |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
| Depreciation/amortization |
|
$ |
6.5 |
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$ |
1.5 |
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$ |
0.2 |
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$ |
2.8 |
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$ |
11.0 |
| Segment profit |
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$ |
50.9 |
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$ |
28.9 |
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$ |
2.7 |
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$ |
2.0 |
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$ |
84.5 |
| (1) |
Neighborhood Targeted now includes the Run of Press business. |
| (2) |
Results since the acquisition date of March 2, 2007. |
Reconciliations to consolidated financial statement totals are as follows:
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Three Months Ended
Sept. 30, |
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Nine Months Ended
Sept. 30, |
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| (in millions of U.S. dollars) |
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2007 |
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2006 |
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2007 |
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2006 |
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| Profit for reportable segments |
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$ |
49.0 |
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$ |
23.1 |
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$ |
118.5 |
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$ |
84.5 |
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| Unallocated amounts: |
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| Litigation and other costs related to the acquisition of ADVO |
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— |
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— |
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(2.0 |
) |
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— |
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| Interest expense |
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(24.6 |
) |
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(15.9 |
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(60.4 |
) |
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(20.9 |
) |
| Other income |
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2.0 |
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2.6 |
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5.6 |
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4.6 |
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| Earnings before income taxes |
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$ |
26.4 |
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$ |
9.8 |
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$ |
61.7 |
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$ |
68.2 |
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Domestic and foreign revenues were as follows:
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Three Months Ended
Sept. 30, |
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Nine Months Ended
Sept. 30, |
| (in millions of U.S. dollars) |
|
2007 |
|
2006 |
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2007 |
|
2006 |
| United States |
|
|
590.2 |
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|
233.9 |
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1,523.7 |
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712.5 |
| Foreign |
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17.0 |
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15.0 |
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57.0 |
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44.6 |
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| Total |
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$ |
607.2 |
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$ |
248.9 |
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$ |
1,580.7 |
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$ |
757.1 |
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Domestic and foreign long-lived assets (property, plant and equipment, net) were as follows:
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| (in millions of U.S. dollars) |
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Sept. 30,
2007 |
|
Dec 31,
2006 |
| United States |
|
$ |
286.5 |
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$ |
89.3 |
| Foreign |
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20.8 |
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20.1 |
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| Total |
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$ |
307.3 |
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$ |
109.4 |
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11
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