Des Moines : Meredith Corporation (NYSE: MDP), the leading media and marketing company serving American women, has reported fiscal 2010 first quarter earnings per share of $0.40, compared to $0.41 in the year-ago period. Revenues were $332 million, compared to $364 million in the prior-year period.
Fiscal 2010 first quarter results included a benefit of $0.06 per share reflecting a favorable adjustment to deferred income tax liabilities as a result of state and local legislation enacted during the quarter. Excluding the tax benefit, first quarter earnings per share were $0.34, in-line with previously stated expectations. In the first quarter of fiscal 2010, Meredith recorded $5 million less ($0.07 per share) in net political advertising revenues when compared to the prior-year period.
“We continued to make meaningful progress on the key elements of our performance improvement plan,” said Meredith President and Chief Executive Officer Stephen M. Lacy. “Advertising revenues across our core businesses outperformed both the magazine and television industries in the quarter. Of note, our two largest-circulation magazines – Better Homes and Gardens and Family Circle – grew advertising revenues 3 percent and 13 percent, respectively, during the quarter compared to the prior-year period.”
Key elements of Meredith’s performance improvement plan – which the company has been executing for the last five quarters – include gaining market share; increasing consumer connections; growing new revenues; and prudently managing expenses and reducing debt.