(RealTimeTraders.com) - Before the bell Thursday, Valassis Communications Inc. (VCI), a firm engaged in the marketing services industry, reported a lower net income, excluding charges, for the fourth quarter of fiscal 2003, despite rise in total revenues, but beats analysts’ estimates by 2 cents.

Excluding charges related to refinance and write-downs, the company reported a net income for the fourth quarter of $23.5 million, or $0.45 per diluted share, lower than a net income of $31.5 million, or $0.60 per diluted share, reported for the same period last year.

On average, 9 analysts polled by First Call / Thomson Financial expected the company to report a net income of $0.43 per diluted share for the fourth quarter.

Total revenues for the fourth quarter increased by 2.8% to $238.3 million from $231.7 million reported for the corresponding quarter last year.

For the full year 2003, the company reported a net income, excluding charges, of $106.2 million, or $2.03 per diluted share, lower than a net income of $130.6 million, or $2.43 per diluted share, reported for last year.

Total revenues for fiscal 2003 increased by 7.5% to $916.5 million from $852.3 million reported for fiscal 2002.

Looking forward, the company expects to report earnings for the first quarter of fiscal 2004 in the range of $0.44 to $0.50 per diluted share. For the full year 2004, the company expects to report earnings in the range of $1.65 to $1.85 per diluted share.

The stock closed Wednesday’s trading session at $31.36.

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