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MEREDITH CORPORATION REPORTS SECOND QUARTER EARNINGS

 DES MOINES, Iowa, Jan. 19 /PRNewswire/ -- Meredith Corporation (NYSE: MDP) today announced significant increases in income from operations and improved net earnings for the fiscal 1993 second quarter and six months ended Dec. 31, 1992. Continued strong performance by the company's magazine operations and improved results in its Book Group led the rebound.
 In the fiscal 1993 second quarte prior-year quarter. Excluding the impact of the company's recent cable investments, second quarter net earnings were 44 cents per share, an increase of 57 percent from comparable earnings for the same period a year ago. This figure reflects adjustment for the cable operating loss, lower interest income attributable to the cable investment and higher interest expense.
 "We're extremely pleased with our recent achievements," said Jack D. Rehm, Meredith Corporation chairman, president and chief executive officer. "For the second consecutive quarter, income from operations was up. In fact, we recorded an increase of more than 80 percent. The restructuring efforts which took place in fiscal 1992 have contributed to these improved results.
 "Many of our magazine titles posted especially impressive gains in advertising pages in the second quarter," Rehm continued. "Country America, one of our newest subscription magazines, recorded a 40 percent increase in ad pages. Better Homes and Gardens, Country Home, Golf for Women, Ladies' Home Journal, Midwest Living and WOOD magazines also posted strong advertising page increases. These gains, combined with favorable production costs, resulted in higher profits for the group.
 "Increased revenues and profits from our Retail Marketing operations led to significantly improved results in our Book Group.
 "Although soft national advertising revenues held down profits at some of our television stations, KCTV, our CBS affiliate in Kansas City, posted an impressive profit increase for the quarter.
 "The Real Estate Group realized an improvement in profits as continued low interest rates spurred homebuying activity," Rehm said.
 "Lower cash balances, resulting from our investments in cable television and the repurchase of company shares, yielded less interest income in the current quarter. This, combined with a higher effective tax rate, partially offset our improved earnings performance."
 Revenues for the quarter were $190,120,000, an increase of $12 million from prior year revenues of $177,969,000, primarily reflecting the addition of cable revenues.
 First Six Months
 Net earnings for the six-month period ended Dec. 31, 1992, were $8,150,000, or 53 cent per share, compared with earnings of $7,339,000, or 45 cent per share, before the effect of a change in accounting principle in the prior year. This change resulted in a one-time charge of $7,300,000. Excluding the impact of the company's cable television investments, net earnings were $11,349,000, or 73 cents per share, a gain of nearly 55 percent. As in the second quarter, improved results in Magazine and Book operations led to the earnings increase.
 Earnings in the first six months of the prior year reflected the adoption of Statement of Financial Accounting Standards (SFAS) No. 106 related to postretirement benefits. The adjustment resulted in net earnings of $39,000 for the first half of fiscal 1992.
 Revenues for the first six months of fiscal 1993 increased more than $22 million to $367,569,000. This compares with revenues of $344,848,000 in the prior year. The seven percent increase in fiscal 1993 revenues is a result of the company's recently acquired cable operations and higher Magazine Group advertising revenues.
 Meredith Corporation, headquartered in Des Moines is a Fortune 500 diversified media company involved in magazine and book publishing, television broadcasting, residential real estate marketing and franchising, and investments in cable television systems.
 MEREDITH CORPORATION
 Consolidated Statements of Earnings
 (Subject to fiscal year-end adjustments and audit)
 ($ in 000 except share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 12/31/92 12/31/91(a) 12/31/92 12/31/91(a)
 Revenues (less
 returns and allowances)
 Advertising $79,954 $79,388 $161,133 $152,835
 Circulation 63,994 62,143 120,413 115,222
 Consumer books 20,572 21,060 41,130 44,804
 All other 25,600 15,378 44,893 31,987
 Total revenues 190,120 177,969 367,569 344,848
 Operating costs and expenses:
 Production, distribution
 and editorial 78,953 81,835 158,693 159,809
 Selling, general
 and administrative 91,411 86,119 176,505 168,593
 Depreciation and
 amortization 8,810 3,993 14,870 8,009
 Total operating costs
 and expenses 179,174 171,947 350,068 336,411
 Income from operations 10,946 6,022 17,501 8,437
 Interest income 484 1,626 1,275 3,721
 Interest expense (2,729) (97) (3,791) (268)
 Minority interests 552 210 810 343
 Earnings before income taxes
 and cumulative effect of
 change in accounting
 principle 9,253 7,761 15,795 12,233
 Income tax expense 4,544 3,180 7,645 4,894
 Earnings from continuing
 operations before cumulative
 effect of change in
 accounting principle 4,709 4,581 8,150 7,339
 Cumulative effect of change
 in accounting principle
 SFAS No. 106, net of tax
 benefit of $4,475 -- -- -- (7,300)
 Net earnings $4,709 $4,581 $8,150 $39
 Net earnings (loss) per
 share of common stock:
 Earnings from continuing
 operations before cumulative
 effect of change in
 accounting principle $0.31 $0.28 $0.53 $0.45
 Cumulative effect of change
 in accounting principle -- -- -- (0.45)
 Net earnings per share $0.31 $0.28 $0.53 --
 Dividends paid per share 0.16 0.16 0.32 0.32
 Average number of shares
 outstanding (000s) 15,363 16,345 15,493 16,438
 (a) Fiscal 1992 has been restated to conform with current year presentation.
 -0- 1/19/93
 /CONTACT: Robin Lenocker of Meredith Corporation, 515-284-3386 or (home) 515-279-3744/
 (MDP)


CO: Meredith Corporation ST: Iowa IN: PUB SU: ERN

AL -- MN006 -- 6291 01/19/93 11:34 EST
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Date:Jan 19, 1993
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