Valassis Communications

(NYSE:VCI)

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Quarterly Data
Annual Data
Note: All numbers in thousands

	Sep 30, 2008	Jun 30, 2008	Mar 31, 2008	Dec 31, 2007
Assets
Current Assets
Cash & Equivalents	147,560	191,827	93,482	125,239
Restricted Cash	—	—	—	—
Marketable Securities	—	—	—	—
Accounts Receivable	417,490	412,933	460,522	515,490
Loans Receivable	—	—	—	—
Other Receivable	6,631	—	—	6,553
Receivables	424,121	412,933	460,522	522,043
Raw Materials	—	—	—	—
Work in Progress	—	—	—	—
Purchased Components	—	—	—	—
Finished Goods	—	—	—	—
Other Inventories	—	52,783	50,109	43,591
Inventories Adjustments and Allowances	—	—	—	—
Inventories	—	52,783	50,109	43,591
Prepaid Expenses	—	25,864	24,765	19,379
Current Deferred Income Taxes	—	11,702	—	—
Other Current Assets	33,229	—	—	—
Total Current Assets	652,627	695,109	628,878	710,252
Land and Improvements	—	54,841	79,702	79,662
Building and Improvements	—	22,986	23,967	22,934
Machinery Furniture and Equipment	—	417,616	411,373	403,787
Construction in Progress	—	—	—	—
Other Fixed Assets	—	—	—	—
Total Fixed Assets	—	495,443	515,042	506,383
Gross Fixed Assets	252,509	495,443	515,042	506,383
Accumulated Depreciation and Depletion	—	230,301	217,090	201,832
Net Fixed Assets	252,509	265,142	297,952	304,551
Intangibles	1,141,576	243,749	246,515	248,360
Cost in Excess	—	896,223	896,189	897,569
Non Current Deferred Income Taxes	—	—	—	—
Other Non Current Assets	29,835	31,153	32,619	29,721
Total Non Current Assets	1,423,920	1,436,267	1,473,275	1,480,201
Total Assets	2,076,547	2,131,376	2,102,153	2,190,453
Liabilities
Current Liabilities
Accounts Payable	367,954	315,584	322,103	379,365
Notes Payable	—	—	—	—
Short Term Debt	106,244	136,268	105,874	30,900
Accrued Expenses	—	54,854	49,757	58,553
Accrued Liabilities	—	62,386	50,793	70,108
Deferred Revenues	—	—	—	—
Current Deferred Income Tax Liabilities	—	—	3,464	2,470
Other Current Liabilities	53,750	14,874	3,981	—
Total Current Liabilities	527,948	583,966	535,972	541,396
Non Current Liabilities
Long Term Debt	1,146,079	1,146,397	1,178,200	1,279,640
Capital Lease Obligations	—	—	—	—
Deferred Income Tax Liabilities	123,134	122,506	122,480	120,500
Other Non Current Liabilities	38,192	34,733	46,317	29,026
Minority Interest Liabilities	—	—	—	—
Preferred Securities of Subsidiary Trust Liabilities	—	—	—	—
Preferred Equity Outside Stock Equity	—	—	—	—
Total Non Current Liabilities	1,835,353	1,887,602	1,882,969	1,970,562
Total Liabilities	1,307,405	1,303,636	1,346,997	1,429,166
Shareholders' Equity
Preferred Stock Equity	—	—	—	—
Common Stock Equity	241,194	243,774	219,184	219,891
Common Par	635	635	635	634
Additional Paid in Capital	56,719	54,839	52,907	51,482
Cumulative Translation Adjustment	—	—	—	6,111
Retained Earnings	706,776	711,979	704,645	692,263
Treasury Stock	-520,169	-520,170	-520,227	-520,227
Other Equity Adjustments	-2,767	-3,509	-18,776	-10,372
Total Capitalization	1,387,273	1,390,171	1,397,384	1,499,531
Cash Flow	—	132,730	136,359	123,993
Working Capital	124,679	111,143	92,906	168,856
Free Cash Flow	—	65,339	-5,621	-1,061,587
Invested Capital	1,387,273	1,390,171	1,397,384	1,499,531
Total Equity	241,194	243,774	219,184	219,891
Total Liabilities and Stock Equity	2,076,547	2,131,376	2,102,153	2,190,453

	Dec 31, 2007	Dec 31, 2006	Dec 31, 2005	Dec 31, 2004
Assets
Current Assets
Cash & Equivalents	125,239	52,619	64,320	188,080
Restricted Cash	—	—	—	—
Marketable Securities	—	102,533	72,031	—
Accounts Receivable	515,490	339,079	273,863	264,924
Loans Receivable	—	—	—	—
Other Receivable	6,553	—	—	—
Receivables	522,043	339,079	273,863	264,924
Raw Materials	—	12,729	13,352	13,318
Work in Progress	—	13,105	11,883	14,298
Purchased Components	—	—	—	—
Finished Goods	—	—	—	—
Other Inventories	43,591	—	—	—
Inventories Adjustments and Allowances	—	—	—	—
Inventories	43,591	25,834	25,235	27,616
Prepaid Expenses	19,379	16,681	—	—
Current Deferred Income Taxes	—	1,789	2,573	1,641
Other Current Assets	—	3,957	12,894	18,922
Total Current Assets	710,252	542,492	450,916	501,183
Land and Improvements	79,662	55,723	54,247	41,500
Building and Improvements	22,934	2,949	2,784	2,874
Machinery Furniture and Equipment	403,787	204,204	198,441	183,391
Construction in Progress	—	—	—	—
Other Fixed Assets	—	—	—	—
Total Fixed Assets	506,383	262,876	255,472	227,765
Gross Fixed Assets	506,383	262,876	255,472	227,765
Accumulated Depreciation and Depletion	201,832	153,490	147,325	134,276
Net Fixed Assets	304,551	109,386	108,147	93,489
Intangibles	248,360	133,409	133,965	134,797
Cost in Excess	897,569	—	—	—
Non Current Deferred Income Taxes	—	—	—	2,412
Other Non Current Assets	29,721	16,139	4,655	6,084
Total Non Current Assets	1,480,201	258,934	246,767	236,782
Total Assets	2,190,453	801,426	697,683	737,965
Liabilities
Current Liabilities
Accounts Payable	379,365	318,092	215,696	231,824
Notes Payable	—	—	—	—
Short Term Debt	30,900	—	14,260	—
Accrued Expenses	58,553	40,821	45,873	49,586
Accrued Liabilities	70,108	3,307	3,308	2,179
Deferred Revenues	—	—	—	—
Current Deferred Income Tax Liabilities	2,470	—	—	—
Other Current Liabilities	—	—	44,314	31,806
Total Current Liabilities	541,396	362,220	323,451	315,395
Non Current Liabilities
Long Term Debt	1,279,640	259,931	259,896	273,703
Capital Lease Obligations	—	—	—	—
Deferred Income Tax Liabilities	120,500	3,506	2,721	—
Other Non Current Liabilities	29,026	8,195	8,090	8,361
Minority Interest Liabilities	—	—	—	—
Preferred Securities of Subsidiary Trust Liabilities	—	—	—	—
Preferred Equity Outside Stock Equity	—	—	—	—
Total Non Current Liabilities	1,970,562	633,852	594,158	597,459
Total Liabilities	1,429,166	271,632	270,707	282,064
Shareholders' Equity
Preferred Stock Equity	—	—	—	—
Common Stock Equity	219,891	167,574	103,525	140,506
Common Par	634	633	632	631
Additional Paid in Capital	51,482	45,520	39,102	26,211
Cumulative Translation Adjustment	6,111	—	—	—
Retained Earnings	692,263	638,209	586,927	491,531
Treasury Stock	-520,227	-520,227	-523,600	-381,437
Other Equity Adjustments	-10,372	3,439	464	3,570
Total Capitalization	1,499,531	427,505	363,421	414,209
Cash Flow	123,993	66,427	111,822	117,050
Working Capital	168,856	180,272	127,465	185,788
Free Cash Flow	-1,061,587	33,550	91,523	52,378
Invested Capital	1,499,531	427,505	363,421	414,209
Total Equity	219,891	167,574	103,525	140,506
Total Liabilities and Stock Equity	2,190,453	801,426	697,683	737,965