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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
March 15, 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 March 15, 1999, ADVO, Inc. (the "Company") announced that its Board of
Directors has authorized a new stock repurchase program for up to 1,420,000
shares through March 30, 2000. This new program adds a million shares to the
approximately 420,000 shares remaining from its previous buyback program.
Since September 1997, the Company had purchased about 3,100,000 shares of its
stock, authorized under its previous repurchase programs. The purchases have
been financed out of borrowings under the Company's loan agreements.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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The following exhibits are filed herewith:
Exhibit No. Description
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99(a) Press release, dated March 15, 1999, issued by Filed herewith.
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: March 29, 1999
-------------- 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 March 15, 1999,
issued by the Company. Filed herewith.
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Exhibit No. 99(a)
ADVO INCREASES STOCK REPURCHASE PROGRAM
BY A MILLION SHARES
Windsor, CT. - March 15, 1999 - ADVO, Inc. (NYSE: AD) today announced that its
Board of Directors has authorized a new stock repurchase program for up to
1,420,000 shares through March 30, 2000. This new program adds a million shares
to the approximately 420,000 shares remaining from the prior buyback program.
Since September 1997, ADVO had purchased about 3,100,000 shares of its stock,
authorized under its previous repurchase programs. The purchases have been
financed out of borrowings under the Company's loan agreements.
Gary Mulloy, ADVO's 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 is a 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 21.5
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 offices 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, Assistant Treasurer and Investor Relations
(860) 285-6330
