Meredith Reports Strong First Quarter Earnings Growth
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(Press Release) DES MOINES, Iowa, Oct. 26 — Meredith Corporation, the leading media and marketing company serving American women, today reported that fiscal 2011 first quarter earnings per share increased 40 percent to $0.56, compared to $0.40 in the year-ago period. Revenues rose 4 percent to $344 million.
Fiscal 2011 first quarter highlights included:
- A 7 percent increase in total Company advertising revenues;
- Television spot advertising revenue growth of 27 percent, including $12 million in net political advertising and an 8 percent increase in non-political advertising;
- Higher magazine net advertising revenues per page, and more than 20 percent growth in online revenues across Meredith’s national websites;
- Strong revenue growth from businesses not dependent on advertising including Meredith Integrated Marketing (+7 percent) and Brand Licensing (+17 percent); and
- A decline in total Company expenses, even with increased investment in emerging media platforms, including mobile and eTablets.
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