UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2011
VALASSIS COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 1-10991 | 38-2760940 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
19975 Victor Parkway, Livonia, MI | 48152 | |||
(Address of Principal Executive Offices) | (Zip Code) |
(734) 591-3000
Registrants Telephone Number, Including Area Code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Items to be Included in this Report
Item 5.07. Submission of Matters to a Vote of Security Holders
(a) Valassis Communications, Inc.s (the Company) Annual Meeting of Stockholders (the Annual Meeting) was held on May 5, 2011.
(b) | Stockholders voted on the matters set forth below: |
1. The nominees for election to the Board of Directors were elected, until the next annual meeting of stockholders or until their respective successors are duly elected and qualified, based upon the following votes:
Nominee | Votes For | Votes Against | Abstentions | Broker Non-Votes | ||||||||||||
Joseph B. Anderson, Jr. |
43,084,873 | 807,621 | 262,266 | 2,277,363 | ||||||||||||
Patrick F. Brennan |
37,874,916 | 6,016,674 | 263,169 | 2,277,363 | ||||||||||||
Kenneth V. Darish |
43,736,533 | 154,957 | 263,269 | 2,277,363 | ||||||||||||
Dr. Walter H. Ku |
37,481,501 | 6,410,086 | 263,173 | 2,277,363 | ||||||||||||
Robert L. Recchia |
41,793,822 | 2,097,763 | 263,175 | 2,277,363 | ||||||||||||
Thomas J. Reddin |
37,579,599 | 6,311,892 | 263,269 | 2,277,363 | ||||||||||||
Alan F. Schultz |
43,161,180 | 730,447 | 263,133 | 2,277,363 | ||||||||||||
Wallace S. Snyder |
40,623,419 | 3,268,172 | 263,169 | 2,277,363 | ||||||||||||
Ambassador Faith Whittlesey |
43,385,016 | 505,482 | 264,261 | 2,277,363 |
2. The proposal to approve an amendment to the Valassis Communications, Inc. 2008 Omnibus Incentive Compensation Plan to increase the number of shares available for issuance under the plan was not approved based on the following votes:
Votes for |
19,940,527 | |||
Votes against |
23,420,195 | |||
Abstentions |
794,037 | |||
Broker Non-Votes |
2,277,363 |
3. The proposal to approve, on an advisory basis, the compensation of our named executive officers was approved based upon the following votes:
Votes for |
40,991,388 | |||
Votes against |
809,824 | |||
Abstentions |
2,353,547 | |||
Broker Non-Votes |
2,277,363 |
4. The proposal to act, on an advisory basis, on the frequency of future advisory votes on the compensation of our named executive officers received the following votes:
For 3 Years |
13,795,403 | |||
For 2 Years |
161,660 | |||
For 1 Year |
29,928,212 | |||
Abstentions |
269,483 | |||
Broker Non-Votes |
2,277,363 |
See Item 5.07(d) below.
5. The proposal to ratify the appointment of Deloitte & Touche LLP as the Companys independent auditors for the fiscal year ending December 31, 2011 was approved based upon the following votes:
Votes for |
45,805,050 | |||
Votes against |
354,815 | |||
Abstentions |
272,257 |
There were no broker non-votes for this item
6. The proposal to approve any adjournment of the Annual Meeting, if necessary or appropriate, to solicit additional proxies in favor of any or all of the foregoing proposals if there were not sufficient votes for those proposals was approved based upon the following votes:
Votes for |
31,876,265 | |||
Votes against |
13,334,045 | |||
Abstentions |
1,221,812 | |||
There were no broker non-votes for this item |
(c) Not applicable.
(d) Based on the results set forth in item (b)(4) above, the Companys Board of Directors has determined that advisory votes on the compensation of our named executive officers will be submitted to stockholders on an annual basis.
Item 7.01. Regulation FD Disclosure
On May 9, 2011, the Company issued a press release (the Press Release) announcing that the Companys Board of Directors approved an increase to its stock repurchase program authorization by 6 million shares of its common stock. This new authorization, coupled with the remainder of the prior authorization, brings the total shares that can be repurchased from time to time in open market or privately negotiated transactions under the stock repurchase program to approximately 8.3 million shares as of May 9, 2011. Furnished hereto as Exhibit 99.1 to this Current Report on Form 8-K is a copy of the Press Release.
The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be considered filed under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such filing that such information is to be considered filed or incorporated by reference therein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit |
Description | |
99.1 | Press release of Valassis Communications, Inc., dated May 9, 2011. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VALASSIS COMMUNICATIONS, INC. | ||||||
By: | /s/ Todd Wiseley | |||||
Date: May 10, 2011 | Name: | Todd Wiseley | ||||
Title: | General Counsel, Senior Vice President, Administration and Secretary |
Exhibit Index
Exhibit No. |
Description | |
99.1 | Press release of Valassis Communications, Inc., dated May 9, 2011. |
Exhibit 99.1
Valassis Board of Directors Approves Increase in Stock Repurchase Program Authorization
Livonia, Mich., May 9, 2011: Valassis (NYSE: VCI), one of the nations leading media and marketing services companies, announced today that our Board of Directors approved an increase to our stock repurchase program authorization by 6 million shares of our common stock. This new authorization, coupled with the remainder of the prior authorization, brings the total shares that can be repurchased from time to time in open market or privately negotiated transactions under the stock repurchase program to approximately 8.3 million shares as of today.
During the first quarter of 2011, we repurchased $45.5 million, or 1,622,785 shares, of our common stock at an average price of $28.04 per share plus commission under our stock repurchase program. The stock repurchase program does not obligate us to acquire any particular amount of shares of common stock, and may be modified or suspended at any time at our discretion. Our ability to make such stock repurchases, if any, is limited by the documents governing our outstanding indebtedness, and our senior secured credit facility basket for 2011 is $192.7 million. We currently intend to spend the majority of our 2011 basket for stock repurchases under our stock repurchase program. The foregoing is subject to change, and we disclaim any obligation to update or revise this information. The stock repurchases, if any, will be funded from existing cash on hand. As of March 31, 2011, we had approximately $230.2 million of cash and cash equivalents.
About Valassis
Valassis is one of the nations leading media and marketing services companies, offering unparalleled reach and scale to more than 15,000 advertisers. Its RedPlum media portfolio delivers value on a weekly basis to over 100 million shoppers across a multi-media platform in-home, in-store and in-motion. Through its digital offering, including redplum.com and save.com, consumers can find compelling national and local deals online. Headquartered in Livonia, Michigan with approximately 7,000 associates in 28 states and eight countries, Valassis is widely recognized for its associate and corporate citizenship programs, including its Americas Looking for Its Missing Children® program. Valassis companies include Valassis Direct Mail, Inc., Valassis Canada, Promotion Watch, Valassis Relationship Marketing Systems, LLC and NCH Marketing Services, Inc. For more information, visit http://www.valassis.com, http://www.redplum.com and http://www.save.com.
Cautionary Statements Regarding Forward-looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: price competition from our existing competitors; new competitors in any of our businesses; a shift in client preference for different promotional materials, strategies or coupon delivery methods, including, without limitation, as a result of declines in newspaper circulation; an unforeseen increase in paper or postal costs; changes which affect the businesses of our clients and lead to reduced sales promotion spending, including, without limitation, a decrease of marketing budgets which are generally discretionary in nature and easier to reduce in the short-term than other expenses; our substantial indebtedness, and ability to refinance such indebtedness, if necessary, and our ability to incur additional indebtedness, may affect our financial health; the financial condition, including bankruptcies, of our clients, suppliers, senior secured credit facility lenders or other counterparties; certain covenants in our debt documents could adversely restrict our financial and operating flexibility; fluctuations in the amount, timing, pages, weight and kinds of advertising pieces from period to period, due to a change in our clients promotional needs, inventories and other factors; our failure to attract and retain qualified personnel may affect our business and results of operations; a rise in interest rates could increase our borrowing costs; we may be required to recognize additional impairment charges against goodwill and intangible assets in the future; possible governmental regulation or litigation affecting aspects of our business; clients experiencing financial difficulties, or otherwise being unable to meet their obligations as they become due, could affect our results of operations and financial condition; uncertainty in the application and interpretation of applicable state sales tax laws may expose us to additional sales tax liability; and general economic conditions, whether nationally, internationally, or in the market areas in which we conduct our business, including the adverse impact of the ongoing economic downturn on the marketing expenditures and activities of our clients and prospective clients as well as our vendors, with whom we rely on to provide us with quality materials at the right prices and in a timely manner. These and other risks and uncertainties related to our business are described in greater detail in our filings with the United States Securities and Exchange Commission, including our reports on Forms 10-K and 10-Q and the foregoing information should be read in conjunction with these filings. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Mary Broaddus
Director, Investor Relations and Corporate Communications
734-591-7375
broaddusm@valassis.com
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