The results to the end of December include a one-time $500m pre-tax charge related to the settlement of litigation filed against its Integrated Marketing Services business.

The company reported second quarter net income of $254m compared to a net loss of $6.4bn in the second quarter a year ago.

Excluding the net income effects in both years of one-time items - principally the litigation charge this year and the impairment charge last year - second quarter adjusted earnings per share1 this year are $0.25 as compared to the year ago result of $0.15.

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