Meredith Posts Record Earnings

Jul 27, 2005  •  Post A Comment

Meredith Corp., a Des Moines, Iowa-based publisher that owns 14 television stations, said Wednesday that it posted record earnings for the 12 months ended June 30, thanks in part to the strength of its publishing and broadcast operations.

The company recorded a 23 percent increase in full-year profit to $128.1 million, while revenue advanced 5 percent to $1.2 billion. For the fourth quarter, Meredith’s profit climbed 12 percent to $42.2 million, while revenue was up 8 percent to $332.4 million.

A portion of the improvement in quarterly and annual results came on the strength of the company’s television operation, which reported a 25 percent surge in operating profit for the year to $86.7 million. The increase was largely due to $18.8 million in net political advertising during the fiscal year, versus $6.1 million in the previous year.

In the fourth quarter, however, the absence of political spending took its toll, with operating profit falling 6 percent to $24 million and revenue generally flat at $79.5 million.