Meredith Posts Positive Results

Excerpts from Meredith release-
Meredith’s national media group reported $39 million in operating profit, a 14 percent increase of the prior-year period, the company said. Revenues dropped, though, from $294 million during the fiscal 2009 first quarter compared to $272 this year. The group’s operating expenses declined 10 percent to $233 million, including a 9 percent drop in paper prices.
According to Meredith president and CEO Stephen M. Lacy, national media advertising revenues are “trending in the right direction, and we continue to outperform our major peers and gain share.” Meredith said its share of overall magazine industry ad revenues increased to 12.2 percent during the fiscal first quarter, compared to 8.7 percent this time last year.
Eleven of Meredith's 14 PIB-tracked titles increased share of advertising revenues during the third quarter, the company said.