Accessibility Statement Skip Navigation
  • Resources
  • Investor Relations
  • Journalists
  • Agencies
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

Meredith Reports Fiscal 2012 First Quarter Results

50 Percent Dividend Increase Reaffirms Strong Free Cash Flow Generation

Authorizes $100 Million Stock Repurchase Program

Meredith introduces an updated market positioning and logo that reflect the strength of Meredith's national and local consumer media brands as well as its expanded portfolio of marketing solutions. (PRNewsFoto/Meredith Corporation) (PRNewsFoto/)

News provided by

Meredith Corporation

Oct 26, 2011, 06:00 ET

Share this article

Share toX

Share this article

Share toX

DES MOINES, Iowa, Oct. 26, 2011 /PRNewswire/ -- Meredith Corporation (NYSE: MDP), the leading media and marketing company serving American women, today reported fiscal 2012 first quarter earnings per share of $0.48, compared to $0.56 in the year-ago period.  Revenues were $328 million, compared to $343 million. Meredith recorded approximately $11 million, or $0.15 per share, less of political advertising revenues in the first quarter of fiscal 2012 than in the year-ago period, which is expected in an off-election year.

(Logo:  http://photos.prnewswire.com/prnh/20090810/CG58830LOGO)

"Fiscal 2012 is off to a solid start," said Meredith Chairman and Chief Executive Officer Stephen M. Lacy.  "We continue to be highly confident in the strength of Meredith's diversified business model, and our ability to generate significant and sustainable free cash flow from our assets by leveraging the strength of our brands.  Our new financial strategy – built on a commitment to Total Shareholder Return (TSR) and prudent capital stewardship – reaffirms this pledge to our shareholders."

Lacy noted that Meredith has executed the following strategic initiatives since the start of fiscal 2012:

  • Increased the dividend on Meredith stock by 50 percent from $1.02 to $1.53 per share annually.  The new dividend corresponds to a yield of 6.1 percent, based on Meredith's closing price of $24.89 on October 25.  It represents a dividend payout ratio of approximately 55 percent.
  • Authorized a new $100 million repurchase program of Meredith common stock.
  • Launched the Meredith Engagement Dividend.  This innovative product guarantees marketers a return on their advertising investment in Meredith magazines by combining The Nielsen Company's Homescan data with Meredith's 85-million name database to prove advertising in Meredith titles increases retail sales.
  • Agreed to acquire the popular and award-winning Every Day with Rachael Ray magazine – which has more than 7 million readers – and its related digital assets.  The agreement extends Meredith's leadership in providing best-in-class food content to consumers and advertisers alike.  
  • Extended its very successful brand licensing arrangement with Walmart Stores Inc. through 2016.  The new contract includes an expansion of the Better Homes and Gardens branded home decor and garden program at Walmart stores across the United States and Canada.
  • Unveiled a new go-to-market positioning for its marketing services arm – now rebranded as Meredith Xcelerated Marketing (MXM) – to reflect the many capabilities developed over the last five years in digital, database, social and mobile media.
  • Invested in Iris, a leading global marketing company, and created the Meredith-Iris Global Network to serve the increasing global needs of MXM's domestic clients, and open the doors to new clients in the European and Asia-Pacific markets.

"Our goal is to deliver attractive organic growth and margin expansion while remaining dedicated to a balanced Total Shareholder Return agenda," Lacy said.  "The actions taken so far in fiscal 2012 reflect this commitment, and demonstrate our ongoing ability to generate strong and sustainable free cash flow, even in the current economic climate."

OPERATING DETAIL

NATIONAL MEDIA GROUP

Fiscal 2012 first quarter National Media Group operating profit was $36 million, compared to $40 million in the prior-year period.  Revenues were $259 million, compared to $267 million.  Expenses decreased 2 percent.

"Print and digital advertising revenues continue to be challenged – primarily the food and beverage and pharmaceutical categories – due to higher commodity cost pressures and fewer pharmaceutical drugs in the marketplace," Lacy said.  "The remainder of our National Media Group activities posted solid performance in the quarter, including circulation, Meredith Xcelerated Marketing and brand licensing."

Total magazine and online advertising revenues were $124 million in the first quarter of fiscal 2012, compared to $136 million in the prior-year period.  Average net advertising revenues per magazine page increased approximately 4 percent.  The food and beverage and pharmaceuticals categories together accounted for the entire net revenue decline in the quarter.  Revenues for Meredith's second-largest category, toiletries and cosmetics, grew 20 percent in the quarter and was Meredith's best-performing category, reflecting concentrated efforts to increase beauty advertising across its women's portfolio.

To improve national media advertising performance, Meredith introduced a new research-driven product that provides marketers a guaranteed return on their advertising investment in Meredith magazines.  An industry first, the Meredith Engagement Dividend proves increased product sales at retail as a result of print advertising in Meredith brands by using The Nielsen Company's highly regarded Homescan data and Meredith's 85 million name database.  

Meredith's brands continued to resonate strongly with American consumers in the first quarter of fiscal 2012, compared to the prior-year period, as demonstrated by:

  • Growth in circulation revenues, driven by gains in both subscription and newsstand revenues.  Additionally, online subscription orders more than doubled to 400,000.
  • An increase in readership of Meredith's magazines, which stood at 111 million according to the most recent data from Mediamark Research and Intelligence.
  • Higher traffic to Meredith's branded websites.  Monthly unique visitors rose 25 percent to 24 million, and page views increased 35 percent to 300 million.  Of note, approximately 5 percent of visitors to Meredith's sites came via mobile devices.
  • Expansion of Meredith's electronic tablet issues and capabilities, including new subscription offerings for the Apple iPad and Barnes & Noble NOOK Color.  

Brand Licensing revenues increased more than 10 percent, led by sales of Better Homes and Gardens-branded products at Walmart.  Meredith recently extended its program at Walmart through 2016, including an expansion of the product line, reaffirming the importance of the Better Homes and Gardens brand to Walmart's retail home business.

Meredith Xcelerated Marketing continued to deliver revenue and operating profit growth in the first quarter of fiscal 2012.  MXM's new market positioning reflects its ability to create comprehensive marketing programs using a data-driven strategic process that significantly builds customer value and loyalty across multiple channels.  "Additionally, our new relationship with Iris now allows us to provide these services on a global scale," Lacy added.

LOCAL MEDIA GROUP

Fiscal 2012 first quarter Local Media Group operating profit was $11 million, compared to $17 million in the prior-year period.  Total revenues were $69 million, compared to $76 million.  Meredith recorded approximately $11 million less of political advertising revenues in the first quarter of fiscal 2012.

Looking more closely at non-political advertising performance in the first quarter of fiscal 2012, compared to the prior-year period:

  • Revenues rose 3 percent to $59 million, the eighth-consecutive quarter of year-over-year improvement.  Performance was strongest at Meredith's stations in Portland, Hartford/Springfield and Las Vegas.
  • Automotive increased 4 percent, on top of 40 percent growth in the prior year quarter.
  • All of Meredith's five-largest categories grew revenues.
  • Digital revenues increased more than 25 percent.
  • Meredith outperformed the industry as a whole, according to Television Bureau of Advertising data.

"We were able to leverage our strong news ratings to drive advertising growth across our largest categories and markets, and once again prove local television's unique power to drive consumers to retail," Lacy said.

The Local Media Group also continued to strengthen Other Revenues – up 40 percent – during the first quarter of fiscal 2012.  The increase reflected Meredith's management of Peachtree TV (WPCH-TV) in Atlanta, which began on March 28, 2011. This strategic partnership provides Meredith access to a larger share of the growing Atlanta advertising marketplace; an expanded lineup of sports programming; and increased inventory.

Additionally, Meredith Video Studios posted solid revenue growth.  During the quarter, the daily Better syndicated television show increased its carriage to approximately 140 markets reaching more than 80 percent of U.S. television households.  In September, Better launched in New York City – the nation's largest television market – and it now airs in nine of the country's Top 10 markets.

OTHER FINANCIAL INFORMATION

For the trailing 12 month period ended Sept. 30, 2011, Meredith:

  • Generated more than $190 million in cash flow from operations.
  • Repurchased approximately 1 million shares.
  • Reduced debt to $250 million.  The weighted average interest rate on Meredith's debt was 4.4 percent, and the debt-to-EBITDA ratio was 1 to 1 at Sept. 30, 2011.

In addition, total Company expenses declined 2 percent in the first quarter of fiscal 2012, the fifth consecutive sequential quarter of year-over-year expense reductions.  

All earnings per share figures in the text of this release are diluted.  Both basic and diluted earnings per share can be found in the attached Condensed Consolidated Statements of Earnings.  

OUTLOOK

With nine weeks remaining in the second quarter of fiscal 2012, compared to the prior year period:

  • Meredith expects second quarter National Media Group advertising revenue performance similar to what it has experienced so far in calendar 2011, which has been down in the 8 to 12 percent range.  Meredith is cycling against its strongest quarter of fiscal 2011 advertising performance (+4 percent).
  • Local Media Group non-political advertising revenues are currently pacing up in the mid single-digit range.    

Meredith currently expects fiscal 2012 second quarter earnings per share to range from $0.65 to $0.70.  Meredith recorded approximately $22 million, or $0.30 per share, in political advertising revenues in the second quarter of fiscal 2011.  

Meredith continues to expect fiscal 2012 earnings per share to range from $2.40 to $2.80.  

A number of uncertainties remain that may affect Meredith's outlook as stated in this press release for the second fiscal quarter and full year of fiscal 2012.  These uncertainties are referenced below under "Safe Harbor" and in certain filings with the U.S. Securities and Exchange Commission.

CONFERENCE CALL WEBCAST

Meredith will host a conference call on October 26, 2011 at 8:00 a.m. EDT to discuss first quarter fiscal 2012 results.  A live webcast will be accessible to the public on the Company's website, www.meredith.com, and a replay will be available for two weeks.  A transcript will be available within 48 hours of the call at www.meredith.com.

RATIONALE FOR USE AND ACCESS TO NON-GAAP RESULTS

Management uses and presents GAAP and non-GAAP results to evaluate and communicate the performance of the Company.  Non-GAAP measures should not be construed as alternatives to GAAP measures.  EBITDA is a common supplemental measure of performance used by investors and financial analysts.  Management believes that EBITDA provides an additional analytical tool to clarify the Company's results from core operations and delineate underlying trends.  Meredith does not use EBITDA as a measure of liquidity or funds available for management's discretionary use because they include certain contractual and non-discretionary expenditures.

Reconciliations of non-GAAP to GAAP measures are included in the attached tables.  The attached condensed consolidated financial statements and reconciliation tables will be made available at www.meredith.com.

SAFE HARBOR

This release contains certain forward-looking statements that are subject to risks and uncertainties.  These statements are based on management's current knowledge and estimates of factors affecting the Company and its operations.  Statements in this announcement that are forward-looking include, but are not limited to, the statements regarding advertising revenues and investment spending, along with the Company's revenue and earnings per share outlook for the second fiscal quarter and full year fiscal 2012.

Actual results may differ materially from those currently anticipated.  Factors that could adversely affect future results include, but are not limited to, downturns in national and/or local economies; a softening of the domestic advertising market; world, national or local events that could disrupt broadcast television; increased consolidation among major advertisers or other events depressing the level of advertising spending; the unexpected loss or insolvency of one or more major clients; the integration of acquired businesses; changes in consumer reading, purchasing and/or television viewing patterns; increases in paper, postage, printing, syndicated programming or other costs; changes in television network affiliation agreements; technological developments affecting products or methods of distribution; changes in government regulations affecting the Company's industries; unexpected changes in interest rates; and the consequences of acquisitions and/or dispositions.  The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

ABOUT MEREDITH CORPORATION

Meredith Corporation (NYSE: MDP; www.meredith.com) is the leading media and marketing company serving American women.  A hallmark of Meredith's business model and financial profile is its ability to consistently generate substantial free cash flow by leveraging the strength of its multi-platform portfolio.  Meredith features multiple well-known national brands – including Better Homes and Gardens, Parents, Family Circle, Ladies' Home Journal, Fitness, More and American Baby – along with local television brands in fast-growing markets.  Meredith is the industry leader in creating content in key consumer interest areas such as home, family, health and wellness and self-development.  Meredith uses multiple distribution platforms – including print, television, online, mobile, tablets, and video – to give consumers content they desire and to deliver the messages of its advertising and marketing partners.  According to the Advertising Industry Reports (AIR) survey of over 1,500 agency and marketing professionals, Meredith is the nation's "Highest Rated Media Company."  Additionally, Meredith uses its many assets to create powerful custom marketing solutions for many of the nation's top brands and companies.  Meredith has significantly added to its marketing solution capabilities in recent years through the acquisition of cutting-edge companies in areas such as digital, mobile, word-of-mouth, social and database marketing.

Meredith Corporation and Subsidiaries




Condensed Consolidated Statements of Earnings (Unaudited)








Three Months Ended September 30,

2011


2010

(In thousands except per share data)




Revenues




Advertising

$ 184,317


$ 204,825

Circulation

66,589


65,940

All other

77,003


71,975

Total revenues

327,909


342,740

Operating expenses




Production, distribution, and editorial

136,885


142,841

Selling, general, and administrative

142,971


141,932

Depreciation and amortization

9,832


9,785

Total operating expenses

289,688


294,558

Earnings from operations

38,221


48,182

Interest expense, net

(2,719)


(3,511)

Earnings from continuing operations before income taxes

35,502


44,671

Income taxes

(13,875)


(18,609)

Earnings from continuing operations

21,627


26,062

Loss from discontinued operations, net of taxes

-


(355)

Net earnings

$   21,627


$   25,707





Basic earnings per share




Earnings from continuing operations

$       0.48


$       0.58

Discontinued operations

-


(0.01)

Basic earnings per share

$       0.48


$       0.57

Basic average shares outstanding

45,009


45,483





Diluted earnings per share




Earnings from continuing operations

$       0.48


$       0.57

Discontinued operations

-


(0.01)

Diluted earnings per share

$       0.48


$       0.56

Diluted average shares outstanding

45,187


45,748





Dividends paid per share

$     0.255


$     0.230

Meredith Corporation and Subsidiaries




Segment Information (Unaudited)









Three Months Ended September 30,

2011


2010

(In thousands)




Revenues




National media group




Advertising

$ 124,457


$ 135,502

Circulation

66,589


65,940

Other revenues

67,566


65,273


Total national media group

258,612


266,715

Local media group




Non-political advertising

59,277


57,748

Political advertising

583


11,575

Other revenues

9,437


6,702


Total local media group

69,297


76,025

Total revenues

$ 327,909


$ 342,740






Operating profit




National media group

$   36,004


$   39,630

Local media group

11,057


16,728

Unallocated corporate

(8,840)


(8,176)

Income from operations

$   38,221


$   48,182






Depreciation and amortization




National media group

$     3,361


$     3,352

Local media group

5,989


5,928

Unallocated corporate

482


505

Total depreciation and amortization

$     9,832


$     9,785






EBITDA1




National media group

$   39,365


$   42,982

Local media group

17,046


22,656

Unallocated corporate

(8,358)


(7,671)

Total EBITDA1

$   48,053


$   57,967






1 EBITDA is earnings from continuing operations before interest, taxes, depreciation, and amortization.

Meredith Corporation and Subsidiaries




Condensed Consolidated Balance Sheets (Unaudited)









September 30,


June 30,

Assets

2011


2011

(In thousands)




Current assets




Cash and cash equivalents

$      18,948


$      27,721

Accounts receivable, net

213,444


212,365

Inventories

23,559


21,529

Current portion of subscription acquisition costs

52,842


54,581

Current portion of broadcast rights

10,104


3,974

Other current assets

21,414


13,568

Total current assets

340,311


333,738

Property, plant, and equipment

454,419


459,257

Less accumulated depreciation

(261,118)


(272,819)

Net property, plant, and equipment

193,301


186,438

Subscription acquisition costs

52,973


54,286

Broadcast rights

2,164


1,292

Other assets

61,849


66,940

Intangible assets, net

550,165


545,101

Goodwill

544,521


525,034

Total assets

$ 1,745,284


$ 1,712,829





Liabilities and Shareholders' Equity




Current liabilities




Current portion of long-term debt

$      50,000


$      50,000

Current portion of long-term broadcast rights payable

14,632


8,548

Accounts payable

67,162


82,878

Accrued expenses and other liabilities

91,258


115,735

Current portion of unearned subscription revenues

148,610


151,831

Total current liabilities

371,662


408,992

Long-term debt

200,000


145,000

Long-term broadcast rights payable

6,641


5,431

Unearned subscription revenues

120,094


120,024

Deferred income taxes

167,473


160,709

Other noncurrent liabilities

99,325


97,688

Total liabilities

965,195


937,844

Shareholders' equity




Common stock

36,194


36,282

Class B stock

8,773


8,776

Additional paid-in capital

53,128


58,274

Retained earnings

697,929


687,816

Accumulated other comprehensive loss

(15,935)


(16,163)

Total shareholders' equity

780,089


774,985

Total liabilities and shareholders' equity

$ 1,745,284


$ 1,712,829

Meredith Corporation and Subsidiaries




Condensed Consolidated Statements of Cash Flows (Unaudited)








Three Months Ended September 30,

2011


2010

(In thousands)




Cash flows from operating activities




Net earnings

$ 21,627


$ 25,707

Adjustments to reconcile net earnings to net cash provided by operating activities




Depreciation

7,316


7,299

Amortization

2,516


2,488

Share-based compensation

4,023


3,167

Deferred income taxes

8,164


7,593

Amortization of broadcast rights

3,429


4,413

Payments for broadcast rights

(3,137)


(4,866)

Excess tax benefits for share-based payments

-


(228)

Changes in assets and liabilities

(40,312)


(18,451)

Net cash provided by operating activities

3,626


27,122





Cash flows from investing activities




Acquisitions of businesses

(30,424)


(25,020)

Additions to property, plant, and equipment

(14,134)


(2,910)

Other

(3,543)


-

Net cash used in investing activities

(48,101)


(27,930)





Cash flows from financing activities




Proceeds from issuance of long-term debt

60,000


12,500

Repayments of long-term debt

(5,000)


(27,500)

Purchases of Company stock

(8,966)


(5,523)

Dividends paid

(11,514)


(10,503)

Proceeds from common stock issued

1,182


4,746

Excess tax benefits from share-based payments

-


228

Other

-


(51)

Net cash provided by (used in) financing activities

35,702


(26,103)

Net decrease in cash and cash equivalents

(8,773)


(26,911)

Cash and cash equivalents at beginning of period

27,721


48,574

Cash and cash equivalents at end of period

$ 18,948


$ 21,663

Meredith Corporation and Subsidiaries




Table 1

Supplemental Disclosures Regarding Non-GAAP Financial Measures








EBITDA





Consolidated EBITDA, which is reconciled to earnings from continuing operations in the following tables, is defined as earnings from continuing operations before interest, taxes, depreciation, and amortization.


Segment EBITDA is a measure of segment earnings before depreciation and amortization.







Three Months Ended September 30, 2011


National
Media

Local
Media

Unallocated
Corporate

Total

(In thousands)





Revenues

$ 258,612

$ 69,297

$                -

$ 327,909






Operating profit

$   36,004

$ 11,057

$       (8,840)

$   38,221

Depreciation and amortization

3,361

5,989

482

9,832

EBITDA

$   39,365

$ 17,046

$       (8,358)

48,053

Less:





Depreciation and amortization




(9,832)

Net interest expense




(2,719)

Income taxes




(13,875)

Earnings from continuing operations




$   21,627






Segment EBITDA margin

15.2%

24.6%









Three Months Ended September 30, 2010


National
Media

Local
Media

Unallocated
Corporate

Total

(In thousands)





Revenues

$ 266,715

$ 76,025

$                -

$ 342,740






Operating profit

$   39,630

$ 16,728

$       (8,176)

$   48,182

Depreciation and amortization

3,352

5,928

505

9,785

EBITDA

$   42,982

$ 22,656

$       (7,671)

57,967

Less:





Depreciation and amortization




(9,785)

Net interest expense




(3,511)

Income taxes




(18,609)

Earnings from continuing operations




$   26,062






Segment EBITDA margin

16.1%

29.8%



SOURCE Meredith Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform Login
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform Login
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.