Meredith Profits Up on Strong Online, Publishing Growth
April 27, 2007
Des Moines, Iowa-based Meredith Corp. reported a 12 percent jump in third quarter profits, fueled by strong growth in its publishing and online properties.
Net income for the quarter was $45.3 million (92 cents per share), compared to $40.6 million (80 cents per share) in the same period a year ago. Revenues were up 4 percent to $409.8 million versus $394.9 million a year ago. Adjusted earnings were $43.6 million (88 cents per share).
Broadcast revenue from its 14 television stations was up $79.4 million, compared to $75.9 million for the same quarter a year ago and publishing revenues increased to $330.4 million, from $394.9 million last year.
Commenting on the TV revenues, Meredith Corp. President and CEO Stephen M. Lacy said "the results of the February book reflect growth in our local station brands and news programming, which are the keys to attaining higher ratings, increasing market share and generating more revenues. The combination of strong local brand franchises and solid execution of our news content strategies is reflected in the growth we are experiencing in both late and morning news at many of our stations."
In April, the company launched its new broadband initiative, better.tv, featuring more than 20 channels of original video content and programming targeting women's interests.