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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
September 23, 1999
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Date of report (Date of earliest event reported)
ADVO, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-11720 06-0885252
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(State or other jurisdiction (Commission file number) (IRS Employer
of incorporation or organization) Identification No.)
One Univac Lane, P.O. Box 755, Windsor, Connecticut 06095-0755
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (860) 285-6120
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ITEM 5. OTHER EVENTS
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On September 23, 1999, ADVO, Inc. (the "Company") announced that its Board of
Directors has authorized a new stock repurchase program for an additional
1,000,000 shares through September 30, 2000. This program adds a million shares
to the approximately 200,000 shares remaining from the prior buyback program
announced in March 1999, bringing the total authorization to 1,200,000 shares.
Since September 1997, the Company has purchased approximately 4,300,000 shares
of its stock, under its previous repurchase programs. These purchases have been
financed out of borrowings under the Company's loan agreements and cash flow
from operations. Previous stock repurchase limits included in the Company's
Debt Agreement have been amended to increase the Company's total stock buyback
capacity.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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The following exhibits are filed herewith:
Exhibit Description
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No.
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99(a) Press release, dated September 23, 1999, Filed herewith.
issued by the Company.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
ADVO, Inc.
Date: September 27, 1999
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By /s/ DAVID M. STIGLER
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David M. Stigler
Senior Vice President,
Legal and Public Affairs,
General Counsel and Secretary
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EXHIBIT INDEX
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Incorporation by
Exhibit No. Description Reference
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99 (a) Press release dated September 23, Filed herewith.
1999, issued by the Company.
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Exhibit 99(a)
ADVO INCREASES STOCK REPURCHASE PROGRAM
BY A MILLION SHARES
Windsor, CT. - September 23, 1999 - ADVO, Inc. (NYSE: AD) today announced that
its Board of Directors has authorized a new stock repurchase program for an
additional 1,000,000 shares through September 30, 2000. This program adds a
million shares to the approximately 200,000 shares remaining from the prior
buyback program announced in March 1999, bringing the total authorization to
1,200,000 shares.
Since September 1997, ADVO has purchased about 4,300,000 shares of its stock,
under its previous repurchase programs. The purchases have been financed out of
borrowings under the Company's loan agreements and cash flow from operations.
Previous stock repurchase limits included in the Company's Debt Agreement have
been amended to increase the Company's total stock buyback capacity.
Gary Mulloy, ADVO's Chairman and Chief Executive Officer, said: "We are pleased
with the new stock buyback authorization and the increased capability it
provides to take advantage of the attractive buying opportunity resulting from
our currently undervalued share price. This action represents another strong
vote of confidence by our Board in the Company's strength and future
performance."
ADVO is the nation's largest full-service targeted direct mail marketing
services company with annual revenues of over $1 billion. ADVO specializes in
shared and solo direct mail services and provides customized Microtargeting(R)
solutions at an affordable price for its clients' print advertising needs. The
Company's Mailbox Values(R) branded shared mail program is distributed
nationally to approximately 60 million households weekly. An additional 24
million households can be reached on a shared mail basis through ADVO's National
Network Extension (ANNE). ADVO's wholly-owned subsidiary, MailCoups, Inc.,
produces SuperCoups, a cost-effective, direct mail-based advertising solution
for local neighborhood businesses, which utilizes an envelope format. ADVO has
20 mail processing facilities and 65 sales office nationwide. ADVO's corporate
headquarters are located at One Univac Lane, Windsor, Connecticut 06095. The
Company can be visited at its Web site at www.advo.com.
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CONTACT:
Chris Hutter
Vice President, Investor Relations
(860) 285-6330
