Women’s Wear Daily
04.24.2014
fashion-memopad
fashion-memopad

Memo Pad: Meredith Sees Tougher Times... Playboy Reshuffles...

Net earnings for Meredith Corp. were down 65 percent, to $12.5 million, thanks to a special charge of $16 million that included the cost of layoffs.

fashion-memopad/news
MEREDITH SEES TOUGHER TIMES: Meredith Corp., publishers of More and Better Homes and Gardens, on Thursday provided an advertising forecast for the third quarter, noting that publishing ad revenue could be down 15 percent, compared to a decline of nearly 20 percent during the first half of fiscal 2009. In addition, the company said broadcasting ad revenue pacings are currently down approximately 40 percent, thanks to a 70 percent decline in automotive pacings.

As for the recently completed second quarter, net earnings were down 65 percent, to $12.5 million, thanks to a special charge of $16 million that included the cost of layoffs, the closure of Country Home magazine and relocation of staff. Publishing operating profit was $15 million, compared to $45 million a year ago. Revenues were $282 million, versus $309 million during the second quarter of fiscal 2008 and ad revenue was $122 million, compared to $153 million during the prior year.

— Amy Wicks
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