Meredith Declares Dividend
May 15, 2009
DES MOINES: Meredith Corp. declared a dividend Wednesday of 22.5 cents a share, payable June 15 to shareholders of record May 29. The company said it has paid a dividend for 62 consecutive years and has increased it for 16.
Meredith (NYSE: MDP) posted revenues of $57 million for its 12 TVs and single radio station, down 31 percent from its third fiscal quarter in 2008. Broadcasting ad revenues fell 31 percent in the quarter ending March 31, attributed mostly on the decline in the automotive industry. The final result was better than guidance issued by Meredith in January.
Meredith’s combined broadcast, online and publishing businesses did $338 million in revenue for the quarter, compared to $392 million last year. Meredith Corp. titles include Ladies’ Home Journal, Better Homes and Gardens, Parents, Fitness and others. Shares of Meredith ended the day Thursday at $25.64, down from more than $28 on Monday reflecting a week-long plunge across the main indices. -- Deborah D. McAdams