1

®

Safe Harbor

This

presentation

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; our ability to comply with or obtain modifications or waivers of the financial covenants contained in our debt documents;

certain

covenants

in

our

debt

documents

could

adversely

restrict

our

financial

and

operating

flexibility;

ongoing

disruptions

in

the

credit

markets

that

make

it

difficult

for

companies

to

secure

financing;

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; court approval of the

settlement agreement among the parties to the pending ADVO securities class action lawsuit; possible governmental regulation or

litigation affecting aspects of our business; the credit and liquidity crisis in the financial markets could continue to affect our results of

operations and financial condition; reductions of our credit ratings may have an adverse impact on our business; counterparties to our

secured credit facility and interest rate swaps may not be able to fulfill their obligations due to disruptions in the global credit markets;

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.

Exhibit 99.1

2

®

Preliminary 12/31/09 financial

information (unaudited)

12/31/2009

($ in millions)

Cash and cash equivalents

129.8

$           

Debt:

8-1/4% Senior Notes due 2015

540.0

$           

Senior Secured Term Loans

471.0

Senior Secured Convertible Notes due 2033

0.1

Total Debt

1,011.1

$        

Revised Full-Year 2009 Adjusted EBITDA

$260.0

million

-

$265.0

million

3

®

Reconciliation of Non-GAAP Financial Measures

Non-GAAP Financial Measures

We define adjusted EBITDA as earnings before net interest expense, other non-cash expenses (income), net, income taxes, depreciation, amortization,

stock-based compensation expense and non-recurring restructuring and severance costs. Adjusted EBITDA is a non-GAAP financial measure commonly

used

by

financial

analysts,

investors,

rating

agencies

and

other

interested

parties

in

evaluating

companies,

including

marketing

services

companies. 

Accordingly, management believes that adjusted EBITDA may be useful in assessing our operating performance and our ability to meet our debt service

requirements.  In addition, adjusted EBITDA is used by management to measure and analyze our operating performance and, along with other data, as

our internal measure for setting annual operating budgets, assessing financial performance of business segments and as a performance criteria for

incentive

compensation.

However,

this

non-GAAP

financial

measure

has

limitations

as

an

analytical

tool

and

should

not

be

considered

in

isolation

from,

or

as

an

alternative

to,

operating

income,

cash

flow

or

other

income

or

cash

flow

data

prepared

in

accordance

with

GAAP.

Some

of

these

limitations

are:

adjusted EBITDA does not reflect our cash expenditures for capital equipment or other contractual commitments;

although

depreciation

and

amortization

are

non-cash

charges,

the

assets

being

depreciated

or

amortized

may

have

to

be

replaced

in

the

future,

and

adjusted

EBITDA

does not reflect cash capital expenditure requirements for such replacements;

adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

adjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on our indebtedness;

adjusted

EBITDA

does

not

reflect

income

tax

expense

or

the

cash

necessary

to

pay

income

taxes;

adjusted EBITDA does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and

other companies, including companies in our industry, may calculate this measure differently and as the number of differences in the way two different companies

calculate

this

measure

increases,

the

degree

of

its

usefulness

as

a

comparative

measure

correspondingly

decreases.

Because of these limitations, adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in

the

growth

of

our

business

or

reduce

indebtedness.

We

compensate

for

these

limitations

by

relying

primarily

on

our

GAAP

results

and

using this non-GAAP financial measure only supplementally.  Further important information regarding reconciliation of this non-GAAP

financial measure to the most comparable GAAP measure can be found below.

4

®

Reconciliation of Revised Full-year 2009 Adjusted

EBITDA Guidance to Full-year 2009 Net Earnings

Guidance

(1)

($ in millions)

(1)  Due

to

the

forward-looking

nature

of

2009

adjusted

EBITDA,

information

necessary

to

reconcile

adjusted EBITDA to cash flow from operating activities is not available without unreasonable effort.  We

believe that the information necessary to reconcile these measures is not reasonably estimable or

predictable.

Low End

High End

Net Earnings

65.0

$          

70.0

$          

plus:

Interest expense, net

86.9

86.1

Income taxes

42.6

45.0

Depreciation and amortization

67.8

66.8

less:

Other non-cash income

(14.3)

(14.5)

EBITDA

248.0

$        

253.4

$        

plus:

Stock-based compensation expense

7.0

7.2

Non-recurring restructuring/severance

5.0

4.4

Company Publicly Disclosed Projected Adjusted EBITDA

260.0

$        

265.0

$        

Full-year 2009 Guidance