Meredith reported a 10% rise in earnings per share for the first quarter of fiscal-year 2008 compared with the year-ago quarter. Earnings from continuing operations increased 11% to $33 million for the quarter, and revenues rose 5% to $404 million.
Publishing operating profit increased 16% over the prior year’s quarter, but Meredith’s broadcast business was not so rosy. Operating profit declined 25% and earnings before interest, taxes, depreciation and amortization declined 17%, reflecting the absence of election money. Total broadcast revenues dropped $6 million, or 7%.
The Web corner of the broadcast business was strong, as “broadcasting online revenues” more than doubled. Average monthly page views doubled, as well.
“We posted outstanding advertising performance and market-share gains in our magazine business in the quarter, along with strong results in our custom marketing operations,” president and CEO Stephen M. Lacy said in a statement. “This record start to fiscal 2008 reflects the strength of our content-creation and distribution capabilities and our sales and marketing expertise, and our strategic investments position Meredith for continued profitable growth.”