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Meredith Corp. Reports Record Results

Oct 27, 2004  •  Post A Comment

Meredith Corp., the publishing company that also owns 13 television stations, on Wednesday reported record fiscal 2005 first-quarter results, driven in part by strength at the company’s TV stations.

The Des Moines, Iowa-based company reported a 35 percent surge in profit for the three months ended Sept. 30 to $25.6 million, or 50 cents a share, compared with a profit of $19.1 million, or 37 cents a share, a year ago. Revenue rose 6 percent to $288.9 million.

At the broadcasting group, revenue rose 11 percent to $73.3 million, driven by $6.4 million in net political advertising revenue as well as gains in nonpolitical local and national advertising. Operating profit for the group soared 40 percent to $14.6 million.