Meredith Revenues Flat in Fiscal Q3

Broadcasting Revenues Down Slightly, But Broadcasting Online Revenues Up Nearly 50%

Total revenues at Meredith for the fiscal third quarter were $401 million, essentially flat with the same quarter a year ago. Net earnings per share for the quarter were $0.97 compared with $0.92 in the same quarter the year before.

Publishing operating profit was $65 million and revenues $323 million for the fiscal quarter, approximately flat with the same quarter in 2007. Broadcasting operating profit was $19 million versus $21 million in the prior year’s quarter. Broadcasting revenues were $78 million, down slightly, while broadcasting online revenues jumped nearly 50% for the quarter.

For the first nine months of fiscal 2008, broadcasting operating profit was $60 million versus $79 million in the prior year’s nine-month period. Revenues for the three quarters were $240 million compared with $264 million in the same period the year before.

"We were pleased to deliver increased earnings per share in our third quarter and year-to-date periods," Meredith president and CEO Stephen M. Lacy said. "Our strategy to grow non-advertising sources of revenue such as Meredith Integrated Marketing -- along with disciplined expense management -- offset softer advertising demand across our businesses."