Earnings: Meredith Posts Modest Profit Gains Of 1.5 Percent In Q1, As Revs Remained Flat
This story was written by David Kaplan.
Magazine publisher and broadcast owner Meredith Corp. posted flat Q1 revenues of $401 million while earnings from continuing operations were up a slight 1.5 percent to $73.2 million from $72.1 million the year before. Interactive revenues were not broken out for its publishing unit, unlike past quarters. Either way, publishing operating profit was $65 million and revenues were $323 million, both flat compared to Q107. The company did claim that under the broadcast division, online revs grew nearly 50 percent during the period. Meredith (NYSE: MDP) also said that average unique visitors rose "four-fold" to 8 million per month.
Earnings release | Webcast (11:00 AM EDT)
By David Kaplan