Meredith Q1 2010: As Revenue, Advertising Slides, Profit Remains Steady

Meredith Corp. (MDP) reported earnings of $18.3 million for its fiscal first quarter 2010, just a bit less than its $18.6 million of Q1 2009. Revenue declined by $32 million to $332 million, hurt by a drop in ad spending—though the magazine publisher says this is its third straight quarter of ad improvement—while the company reduced operating expenses by $25 million, mostly by cutting almost $20 million from its production, distribution, and editorial budgets.