Meredith Reports Fiscal 2004 Profit Surge

Aug 3, 2004  •  Post A Comment

Publishing and broadcasting company Meredith Corp. on Tuesday reported that fiscal 2004 profit surged to $110.7 million, or $2.14 a share, compared with a year-earlier profit of $2.3 million, or 5 cents a share, driven by improved advertising results at the company’s magazines and 12 network-affiliated television stations.

Revenue climbed 8 percent to $1.2 billion for the 12 months ended June 30.

For the quarter, the company’s profit rose 36 percent to $39.3 million, or 76 cents a share, compared with a year-earlier profit $29 million, or 57 cents a share. Revenue advanced 3 percent to $309.1 million.

The Des Moines, Iowa-based company’s television stations posted a 20 percent increase in operating profit to $71 million for the fiscal year, while revenue rose 6 percent to $288.6 million.

In the fiscal fourth quarter, the TV stations booked $6.1 million in political revenue, while nonpolitical revenue rose 13 percent.