Meredith Corp., publisher of Better Homes and Gardens and Ladies’ Home Journal, released its first quarter 2010 earnings results this morning, reporting revenues were down to $332 million during the quarter, compared to $364 million last year.
However, the company’s national media group saw profits rise 14 percent to $39 million, although revenues dropped to $272 million during the quarter compared to $294 million during the same period last year. Advertising revenues also dropped five percent to $137 million, although the company was quick to point out that the first quarter was “the third consecutive quarter of advertising performance improvement.”
The company has seen other improvements as well, boasting that it grabbed a 12.2 percent share of the total magazine industry advertising revenues during the quarter, up from 8.7 percent last year, according to the Publishers Information Bureau. “Eleven of Meredith’s 14 measured titles increased share of advertising revenues during the quarter,” Meredith said.
If the national media group’s profit growth is any indication, Meredith seems to be doing alright, while other media companies flounder. The company has undergone a lot of changes in the past few months, rolling out a new marketing approach and logo and announcing new partnerships. And, it was just named Publisher of the Year by Advertising Age.