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Meredith Reports 5 Percent Q2 Profit

Jan 24, 2006  •  Post A Comment

Meredith Corp. on Tuesday reported a 5 percent increase in fiscal second-quarter profit of nearly $29.2 million, as advertising gains at the Des Moines, Iowa-based company’s publishing business offset declines at the company’s broadcasting division.

Revenue rose 31 percent to nearly $386 million for the three months ended Dec. 31, driven mainly by last year’s acquisition of several magazines.

The company’s broadcasting division, which includes 14 television stations, reported that operating profit fell to $26.3 million from a year-earlier figure of $32.2 million, while revenue fell 6 percent to $84.5 million, as an increase in some advertising categories, including automotive, failed to offset a decline in political advertising revenue.