Valassis Communications, Inc. http://www.alacrastore.com/company-snapshot/Valassis_Communications_Inc-1017541 Friday, January 09, 2009 3:24:46 AM 1017541 Valassis Communications, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PR_167706_600008570moodys/PR_167706_600008570htmlGlobal Credit Research Rating Action ## NOV #### Rating Action: Valassis Communications, Inc. Moody's changes Valassis Communications' Rating Outlook to Stable Approximately $#.# Billion of Debt Affected New York, November ##, ####...11/21/2008 12:49:34 AMhtmlValassis Communications, Inc.Valassis Communications, Inc.600008570150.0000NewsRating ActionPR_167706_600008570Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/76804cs/76804norm Earnings Note: Cenveo - #### Covenant Compliance Too Close For Comfort? We discuss CVO's #Q## results with an emphasis on operating fundamentals, event risk and the risk of a covenant breach in ####. In our review of event risk, we consider...768041631YesD0Article21351262172720051571corphy1668Earnings Reports - Industrials/Consumer11/17/2008 12:06:17 AM150Cenveo (B3/B) reported 3Q08 adjusted EBITDA of approximately $83 million, up from $71 million in the year-ago quarter and $58 million in the quarter prior.76804Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T2007858ccbn/T2007858norm...Welcome to the Valassis Communications Third Quarter #### Earnings Conference Call. (Operator Instructions) This conference is being recorded Thursday, November #, ####. I would now like to turn the conference over to Alan Schultz, Chairman, President and Chief Executive Officer of Valassis. Please go ahead, sir. ... 11/7/2008 3:06:00 PMValassis Communications Inc.54.0000FinalValassis Communications Inc. Q3 2008 Earnings Conference Call TranscriptVCI11:00am ETTranscriptT2007858Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/681741spcred/681741normThe latest News from S&Pglobal11/6/2008 6:27:46 PM100News681741United StatesPublishingUnited StatesGlobal IssuersCorporationsMedia & EntertainmentNewsNEW YORK (Standard&Poor's) Nov. 6, 2008--Standard&Poor's Ratings Services today placed its ratings on Livonia, Michigan-based Valassis Communications Inc., including the 'B+' corporate credit rating, on CreditWatch with negative implications. "The CreditWatch listing reflects our concern about EBITDA declines in the quarter ended September 2008, our expectation for further declines in the fourth quarter of 2008 and in 2009, and the impact these declines will have on Valassis' credit measures," said Standard&Poor's credit analyst Liz Fairbanks. "We are also concerned that the company's cushion relative to financial maintenance covenants is thinning." The bank's measure of senior secured debt to EBITDA was 3.2x at September 2008, versus a covenant maximum of 4.0x. Valassis' senior secured leverageUSA91886691886R25401040 254010 2540 25Valassis Communications Inc.129717USAVCINEWSGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/681742spcred/681742normThe latest Research Update from S&Pglobal11/6/2008 6:27:46 PM175Research Update681742United StatesPublishingUnited StatesGlobal IssuersCorporationsMedia & EntertainmentResearch UpdateOn Nov. 6, 2008, Standard&Poor's Ratings Services placed its ratings on Livonia, Michigan-based Valassis Communications Inc., including the 'B+' corporate credit rating, on CreditWatch with negative implications. The CreditWatch listing reflects our concern about EBITDA declines in the quarter ended September 2008, our expectation for further declines in the fourth quarter of 2008 and in 2009, and the impact these declines will have on Valassis' credit measures. We are also concerned that the company's cushion relative to financial maintenance covenants is thinning. The bank's measure of senior secured debt to EBITDA was 3.2x at September 2008, versus a covenant maximum of 4.0x. Valassis' senior secured leverage and interest coverage covenants tighten in December 2008 and again in DecemberUSA91886691886R25401040 254010 2540 25Valassis Communications Inc.129717USAVCIRESUPDGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B2007858ccbn/B2007858norm...Based on current assumptions and forecast, calculated full-year #### adjusted EBITDA to be approx. $###m. ... 11/6/2008 4:07:00 PMValassis Communications Inc.54.0000EditedValassis Communications Inc. Q3 2008 Earnings Conference Call SummaryVCI11:00am ETBriefB2007858Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-29302300newstex/PRN-0005-29302300xml LIVONIA, Mich., Nov. #, #### (PRNewswire-FirstCall delivered by Newstex) -- Valassis (NYSE: VCI) today announced financial results for the third quarter ended Sept. ##, ####. We reported quarterly revenue of $###.# million, down #.#%...09000000090150000100000001026000040000000401600004016048040160180401600104016005040100000401000102000000020020000200200611/6/2008 9:31:35 AM18000000180080001800400018016000190000001900100019001022PR Newswire USPRN-0005-29302300VALASSIS COMMUNICATIONS INCALAN F SCHULTZROBERT L RECCHIAVCINewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-29134512newstex/PRN-0005-29134512xml LIVONIA, Mich., Nov. #, #### (PRNewswire-FirstCall delivered by Newstex) -- Valassis (NYSE: VCI) will host its Third Quarter #### Earnings Conference Call on Thursday, November #, #### at ##:## a.m. ET. To participate, please dial...040000000401000004010001040160000401600104016048040160180401600311/3/2008 10:23:09 AM180000001800400018008000190000001900100019001022PR Newswire USPRN-0005-29134512VALASSIS COMMUNICATIONS INCVCINewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-28652319newstex/PRN-0005-28652319xml LIVONIA, Mich., Oct. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Valassis (NYSE: VCI), one of the nation's leading media and marketing services companies, announced today that Robert L. Recchia, Valassis Executive Vice President...0900000009015000040000000401000004010001040160000401600104016008040160030401600510/10/2008 10:20:59 AM180000001801600018007000190000001900100019001022PR Newswire USPRN-0005-28652319VALASSIS COMMUNICATIONS INCMARCELLA A SAMPSONROBERT L RECCHIAVCINewsNewstexhttp://www.alacrastore.com/storecontent/bir/105646bir/105646normValassis Communications Inc.Valassis Inserts Inc.MediaPassage Inc.ValassisAdauction.comUnited StatesManufacturing: Offset and specialty printing including newspaper inserts, coupons and promotions.2752275932311032311917HKVCI9/30/2008 6:14:00 AM105646Company Profiles & FinancialsGale Company ProfilesFRANCE - HighCo SA acquired the French businesses, of Valassis Communications Inc, a Livonia-based provider of marketing services, for an undisclosed amount in cash.8/22/2008 11:30:33 AM42969C91950Z42969C918866HighCo SAValassis Communications Inc- French BusinessesHighCo SAValassis Communications Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/HighCo_SA_acquires_Valassis_Communications_French_from_Valassis_Communications_Inc-2005963040sdc/20059630402005963040Copyright © 2008, Thomson Financial, All Rights ReservedEuro P.P.MBusiness ServicesFranceManagement consulting services8742FFForeignPublicHCO7319:Advertising, nec8742:Management consulting services7319:Advertising, nec8742:Management consulting servicesBusiness ServicesFranceManagement consulting services8742FFForeignSubsidiary343081002Pvd mktg svcsPvd mktg svcsUnspecifiedAssets1035809001Aug 22 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005.8400019.565000.000000.000000.000000.000000.000000.000000.0000031 Dec 0731 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 031.460001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000HighCo, located inAix-En-Provence, providesmarketing and advertisingservices focused on couponissuing, sampling, point ofsale businesses, clearing, andcommunication agencies tomass-retailers and consumergoods manufacturers. The firmoperates in France, Belgium,Italy, Spain, and theNetherlands. The company wasfounded in 1990.HighCo, located in Aix-En-Provence, provides marketing andadvertising services focused on coupon issuing, sampling,point of sale businesses, clearing, and communicationagencies to mass-retailers and consumer goods manufacturers.The firm operates in France, Belgium, Italy, Spain, and theNetherlands. The company was founded in 1990.HighCo, located in Aix-En-Provence, provides marketing and advertising services focused on coupon issuing, sampling, point of sale businesses, clearing, and communication agencies to mass-retailers and consumer goods manufacturers. The firm operates in France, Belgium, Italy, Spain, and the Netherlands. The company was founded in 1990.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000French businesses of ValassisCommunications Inc, a Livonia,Michigan-based marketing firm.The company's Frenchsubsidiaries are primarilyfocused on store solutionswhich include in-store signagemarketing strategies and fieldor street marketing such ascoupon and promotionalmaterials distribution.French businesses of Valassis Communications Inc, a Livonia,Michigan-based marketing firm. The company's Frenchsubsidiaries are primarily focused on store solutions whichinclude in-store signage marketing strategies and field orstreet marketing such as coupon and promotional materialsdistribution.French businesses of Valassis Communications Inc, a Livonia, Michigan-based marketing firm. The company's French subsidiaries are primarily focused on store solutions which include in-store signage marketing strategies and field or street marketing such as coupon and promotional materials distribution.0.000000.000000.000000.00000N18 Aug 08Mon, 18 Aug 2008 00:00:00 ESTDate Announced: 08/18/200818 Aug 08Date Effective: 08/18/200818 Aug 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000FRANCE - HighCo SA acquiredthe French businesses, ofValassis Communications Inc, aLivonia-based provider ofmarketing services, for anundisclosed amount in cash.FRANCE - HighCo SA acquired the French businesses, of Valassis Communications Inc, a Livonia-based provider of marketing services, for an undisclosed amount in cash.FRANCE - HighCo SA acquired the French businesses, of Valassis Communications Inc, aLivonia-based provider of marketing services, for an undisclosed amount in cash.FRANCE - HighCo SA acquired the French businesses, of Valassis Communications Inc, a Livonia-based provider of marketing services, for an undisclosed amount in cash.FRANCE - HighCo SA acquired the French businesses, of Valassis Communications Inc, a Livonia-based provider of marketing services, for anundisclosed amount in cash.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004.000000.000000.000000.000000.000004.0000013.400000.000000.000000.000000.0000013.400000.000000.000000.000000.000000.000000.00000Status:CompletedEUR-999.00000np0.29900-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007319:Advertising, nec8742:Management consulting services343081002Euro P.P.MFrance8742ForeignPublicHCO7311:Advertising agencies8742:Management consulting services184072001New YorkUnited States7311MichiganPublicVCI0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/73465cs/73465norm Valassis #Q##: Results Miss High Expectations as Customers Conserve Ad Spending We discuss Valassis' #Q## earnings miss with an emphasis on the performance of both the equity and the bonds. Additionally, we examine both secular and...734651788YesD0Article2135126217271571corphy1642High Yield68Earnings Reports - Industrials/Consumer8/20/2008 9:05:31 PM150Valassis reported 2Q08 adjusted EBITDA of $56 million, down from $63 million in the year-ago quarter and below expectations. We discuss relative value in the context of merger strategy and the U.S. economic downturn.73465Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73049cs/73049norm Cenveo #Q##: Decent Earnings Clouded by Limited M&A Outlook We review #Q## earnings for CVO with an emphasis on M&A, operating fundamentals and the company's covenants. We review operational challenges currently facing the envelopes,...730491283YesD0Article2135126217271571corphy1642High Yield68Earnings Reports - Industrials/Consumer8/11/2008 9:06:27 PM150Cenveo reported 2Q08 adjusted EBITDA of $58 million, up from $51 million in the year-ago quarter and $52 million in the quarter prior.73049Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1904530ccbn/B1904530norm...When Co. acquired Shared Mail business in March of last year, plan from day # was to focus on driving cost synergies and optimizations through #H##. ... 7/31/2008 4:06:00 PMValassis Communications Inc.54.0000EditedValassis Communications Inc. Q2 2008 Earnings Conference Call SummaryVCI11:00am ETBriefB1904530Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1904530ccbn/T1904530norm... - Valassis Communications Inc. - Chairman, President, CEO Thank you. Good morning. I would like to welcome everyone to call. Today, I have with me Robert Recchia, our Chief Financial Officer and our featured guests are Eva Kohn, Senior Vice President of Strategic Account Sales; and John Rogers, Senior Vice ... 7/31/2008 1:06:00 PMValassis Communications Inc.54.0000FinalValassis Communications Inc. Q2 2008 Earnings Conference Call TranscriptVCI11:00am ETTranscriptT1904530Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/moodys/PR_156896_600008570moodys/PR_156896_600008570htmlGlobal Credit Research Rating Action # JUN #### Rating Action: Valassis Communications, Inc. Moody's changes Valassis Communications' Rating Outlook to Positive Approximately $#.# Billion of Debt Affected New York, June ##, #### --...6/10/2008 12:42:12 AMhtmlValassis Communications, Inc.Valassis Communications, Inc.600008570150.0000NewsRating ActionPR_156896_600008570Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1826702ccbn/B1826702norm...When Co. acquired Shared Mail business in March ####, developed a plan to immediately focus on cost synergies followed by optimization of Shared Mail business, and finally to drive long-term profitable revenue growth by cross-selling combined product portfolio to expanded client base. ... 5/1/2008 5:06:00 PMValassis Communications Inc.54.0000EditedQ1 2008 Valassis Communications Inc. Earnings Conference Call SummaryVCI11:00am ETBriefB1826702Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1826702ccbn/T1826702norm... - Valassis Communications Inc. - Chairman of the Board, President, CEO Thank you, Craig. I'd like to welcome everyone to the call. Today I have with me Rob Recchia, our Chief Financial Officer, and our featured guest today is Rob Mason, our Chief Sales Officer. This quarters results represent the third consecutive quarter of solid performance as we continue to make progress in the integration of the Shared Mail business. When we acquired the Shared Mail business in March of ####, we developed a plan to immediately focus on cost synergies followed by optimization of the Shared Mail business, and finally to drive long-term profitable revenue growth by cross selling our combined product portfolio to our expanded client base. We are well into the ... 5/1/2008 1:06:00 PMValassis Communications Inc.54.0000FinalQ1 2008 Valassis Communications Inc. Earnings Conference Call TranscriptVCI11:00am ETTranscriptT1826702Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/642824spcred/642824normThe latest Full Report from S&Pglobal4/15/2008 10:27:56 AM400Full Report642824United StatesPublishingUnited StatesGlobal IssuersCorporationsMedia & EntertainmentFull ReportAdequate financial flexibility at the current rating level Acquired cash flow from the ADVO Inc. acquisition Increasing competitive pressures in the freestanding insert (FSI) and ADVO markets, including significant FSI pricing pressure High debt levels Narrow business focus The rating on Livonia, Mich.-based Valassis Communications Inc. reflects the high debt levels and challenges that Valassis will face in trying to reverse trends of declining profitability in each of its respective businesses. Valassis' $1.2 billion acquisition of ADVO Inc. in March 2007 added shared mail distribution (recently re-branded as RedPlum) to the company's freestanding insert (FSI) coupon business distributed through weekend newspapers. Valassis also sells targeted advertising, such as preprinted inserts, polybag advertising, and sampling, through its neighborhood-targeted business, and brokersUSA91886691886R25401040 254010 2540 25Valassis Communications Inc.129717USAVCIFULLGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/642825spcred/642825normThe latest Summary from S&Pglobal4/15/2008 10:27:56 AM175Summary642825United StatesPublishingUnited StatesGlobal IssuersCorporationsMedia & EntertainmentSummaryThe rating on Livonia, Mich.-based Valassis Communications Inc. reflects the high debt levels and challenges that Valassis will face in trying to reverse trends of declining profitability in each of its respective businesses. Valassis' $1.2 billion acquisition of ADVO Inc. in March 2007 added shared mail distribution (recently re-branded as RedPlum) to the company's freestanding insert (FSI) coupon business distributed through weekend newspapers. Valassis also sells targeted advertising, such as preprinted inserts, polybag advertising, and sampling, through its neighborhood-targeted business, and brokers the sale of newspaper ads in its run-of-press business. The company had $1.4 billion of lease-adjusted debt as of December 2007. In 2007, Valassis realized cost synergies related to the acquisition of ADVO totaling $26 million and expectsUSA91886691886R25401040 254010 2540 25Valassis Communications Inc.129717USAVCISUMMARYGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Research